IBC ADVANCED ALLOYS CORP. Consolidated sales grew in the quarter and year compared to the comparative periods. The sales and profitability gains in the Copper Alloys division were offset by weaker performance in the EM division.
'The Copper Alloys division continues to show strong revenue and performance growth, which helped to drive the division's higher gross margin and profitability for the year,' said
'Demand for beryllium-aluminum products in defense markets remains robust, as evidenced by IBC's recent purchase order from
Copper Alloys Division
The Copper Alloy division revenue was driven primarily by increased demand from customers in the electronics sector that are manufacturing products related to the rapidly growing network connectivity of consumer goods and the transition to 5G networks. The division's gross margin also strengthened in the year to 23.1%, from 14.9% in the prior year. Operating performance has remained strong as the division continues to take advantage of lower costs and greater efficiencies resulting from its consolidated foundry and forge operations.
NON-IFRS MEASURES
To supplement its consolidated financial statements, which are prepared and presented in accordance with IFRS, IBC uses 'operating income (loss)' and 'Adjusted EBITDA', which are non-IFRS financial measures. IBC believes that operating income (loss) helps identify underlying trends in the business that could otherwise be distorted by the effect of certain income or expenses that the Company includes in loss for the period, and provides useful information about core operating results, enhances the overall understanding of past performance and future prospects, and allows for greater visibility with respect to key metrics used by management in financial and operational decision-making. The Company believes that Adjusted EBITDA is a useful indicator for cash flow generated by the business that is independent of IBC's capital structure.
Operating income (loss) and Adjusted EBITDA should not be considered in isolation or construed as an alternative to loss for the period or any other measure of performance or as an indicator of our operating performance. Operating income (loss) and Adjusted EBITDA presented here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures to IBC's data.
Contact:
Tel: +1 (303) 503-6203
Email: jim.sims@ibcadvancedalloys.com
Web: www.ibcadvancedalloys.com
ABOUT
IBC is a leading beryllium and copper advanced alloys company serving a variety of industries such as defense, aerospace, automotive, telecommunications, precision manufacturing, and others. IBC's Copper Alloys Division manufactures and distributes a variety of copper alloys as castings and forgings, including beryllium copper, chrome copper, and aluminum bronze. IBC's Engineered Materials Division makes the Beralcast family of alloys, which can be precision cast and are used in an increasing number of defense, aerospace, and other systems, including the F-35 Joint Strike Fighter. IBC's has production facilities in
CAUTIONARY STATEMENTS REGARDING FORWARD-LOOKING STATEMENTS
The
Certain information contained in this news release may be forward-looking information or forward-looking statements as defined under applicable securities laws. Forward-looking information and forward-looking statements are often, but not always identified by the use of words such as 'expect', 'anticipate', 'believe', 'foresee', 'could', 'estimate', 'goal', 'intend', 'plan', 'seek', 'will', 'may' and 'should' and similar expressions or words suggesting future outcomes. This news release includes forward-looking information and statements pertaining to, among other things, the Company's expectation of further growth in revenue and market demand, and the ability of the Copper Alloy division to increase its production capacity, reduce unit costs of production, expand its product portfolio and expand into new markets and the Company's efforts to explore strategic options for its Engineered Materials Division. Forward-looking statements involve substantial known and unknown risks and uncertainties, certain of which are beyond the Company's control including: the impact of general economic conditions in the areas in which the Company or its customers operate, including the semiconductor manufacturing and oil and gas industries, risks associated with manufacturing activities, changes in laws and regulations including the adoption of new environmental laws and regulations and changes in how they are interpreted and enforced, increased competition, the lack of availability of qualified personnel or management, limited availability of raw materials, fluctuations in commodity prices, foreign exchange or interest rates, stock market volatility and obtaining required approvals of regulatory authorities. As a result of these risks and uncertainties, the Company's future results, performance or achievements could differ materially from those expressed in these forward-looking statements. All statements included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. These statements are based on assumptions made by the Company based on its experience, perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances.
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