IBC Advanced Alloys’ Record-Setting Shipments Power the Company to Profitability
IBC Advanced Alloys reported strong financial results for FY2024, with combined sales increasing 50.9% to $11.7 million in Q4 and 33.4% to $38.1 million for the full year. The Copper Alloys division achieved record sales of $25.7 million, up 19.3% year-over-year. The company reported combined net income of $559,000 ($0.01 per share) for Q4 and $1.7 million ($0.02 per share) for the year, reversing prior-year losses. Working capital improved by $5.6 million, while Adjusted EBITDA reached $2.9 million for Q4 and $7.4 million for the year. The company discontinued its beryllium-aluminum operations in Massachusetts due to insufficient long-term demand.
IBC Advanced Alloys ha riportato risultati finanziari solidi per l'anno fiscale 2024, con un aumento delle vendite combinato del 50,9% a $11,7 milioni nel quarto trimestre e del 33,4% a $38,1 milioni per l'intero anno. La divisione delle leghe di rame ha raggiunto vendite record di $25,7 milioni, in crescita del 19,3% rispetto all'anno precedente. L'azienda ha registrato un reddito netto combinato di $559.000 ($0,01 per azione) per il quarto trimestre e $1,7 milioni ($0,02 per azione) per l'anno, invertendo le perdite dell'anno precedente. Il capitale circolante è migliorato di $5,6 milioni, mentre l'EBITDA rettificato ha raggiunto $2,9 milioni per il quarto trimestre e $7,4 milioni per l'anno. L'azienda ha interrotto le sue operazioni di berillio-alluminio nel Massachusetts a causa di una domanda insufficiente a lungo termine.
IBC Advanced Alloys reportó resultados financieros sólidos para el año fiscal 2024, con un aumento de ventas combinadas del 50,9% a $11,7 millones en el cuarto trimestre y del 33,4% a $38,1 millones para el año completo. La división de aleaciones de cobre logró ventas récord de $25,7 millones, un aumento del 19,3% interanual. La compañía reportó un ingreso neto combinado de $559,000 ($0,01 por acción) para el cuarto trimestre y $1,7 millones ($0,02 por acción) para el año, invirtiendo las pérdidas del año anterior. El capital de trabajo mejoró en $5,6 millones, mientras que el EBITDA ajustado alcanzó $2,9 millones para el cuarto trimestre y $7,4 millones para el año. La empresa interrumpió sus operaciones de berilio-aluminio en Massachusetts debido a una demanda a largo plazo insuficiente.
IBC Advanced Alloys는 2024 회계연도에 대한 강력한 재무 실적을 보고했으며, 4분기 결합 매출이 50.9% 증가하여 $11.7백만에 달했고, 전체 연간 매출도 33.4% 증가하여 $38.1백만에 이르렀습니다. 구리 합금 부문은 $25.7백만의 기록적인 매출을 달성하며 전년 대비 19.3% 성장했습니다. 회사는 4분기에 대해 $559,000 ($0.01 per 주식)의 결합 순 소득을 보고했으며, 연간으로는 $1.7백만 ($0.02 per 주식)으로, 이전 연도의 손실을 회복했습니다. 운전 자본은 $5.6백만 증가했으며, 4분기 조정 EBITDA는 $2.9백만, 연간으로는 $7.4백만에 도달했습니다. 회사는 장기적인 수요 부족으로 인해 매사추세츠의 베릴륨-알루미늄 운영을 중단했습니다.
IBC Advanced Alloys a rapporté des résultats financiers solides pour l'exercice 2024, avec une augmentation des ventes combinées de 50,9 % à 11,7 millions de dollars au quatrième trimestre et de 33,4 % à 38,1 millions de dollars pour l'année complète. La division des alliages de cuivre a atteint des ventes records de 25,7 millions de dollars, soit une hausse de 19,3 % par rapport à l'année précédente. L'entreprise a enregistré un revenu net combiné de 559 000 dollars (0,01 $ par action) pour le quatrième trimestre et 1,7 million de dollars (0,02 $ par action) pour l'année, inversant ainsi les pertes de l'année précédente. Le fonds de roulement s'est amélioré de 5,6 millions de dollars, tandis que l'EBITDA ajusté a atteint 2,9 millions de dollars pour le quatrième trimestre et 7,4 millions de dollars pour l'année. L'entreprise a interrompu ses opérations de béryllium-aluminium dans le Massachusetts en raison d'une demande à long terme insuffisante.
IBC Advanced Alloys berichtete über starke Finanzergebnisse für das Geschäftsjahr 2024, mit einem Anstieg der kombinierten Verkaufszahlen um 50,9% auf $11,7 Millionen im vierten Quartal und um 33,4% auf $38,1 Millionen für das gesamte Jahr. Die Kupferlegierungsabteilung erzielte Rekordverkäufe von $25,7 Millionen, was einem Anstieg von 19,3% im Jahresvergleich entspricht. Das Unternehmen meldete ein kombiniertes Nettoeinkommen von $559.000 ($0,01 pro Aktie) für das vierte Quartal und $1,7 Millionen ($0,02 pro Aktie) für das Jahr und wendete damit die Verluste des Vorjahres um. Das Umlaufvermögen verbesserte sich um $5,6 Millionen, während das bereinigte EBITDA $2,9 Millionen für das vierte Quartal und $7,4 Millionen für das Jahr erreichte. Das Unternehmen stellte seine Beryllium-Aluminium-Betriebe in Massachusetts aufgrund unzureichender langfristiger Nachfrage ein.
- Record sales in Copper Alloys division reaching $25.7M, up 19.3% YoY
- Combined sales growth of 50.9% in Q4 and 33.4% for full year
- Achieved profitability with $1.7M net income for the year
- Improved working capital by $5.6M
- Strong Adjusted EBITDA of $7.4M for the year, reversing prior year losses
- Increased gross margins to 33.9% in Q4 and 29.0% for the year
- Discontinuation of beryllium-aluminum operations due to insufficient demand
- Expected charges related to discontinuation of Engineered Materials division
- Remaining working capital deficiency of $1.6M as of June 30, 2024
Company Sets Several Financial Performance Records in FY 2024 as it Now Focuses on Expanding its Copper Alloys Business
Highlights of the Quarter and Year Ended June 30, 2024
(Unless otherwise noted, all financial amounts in this news release are expressed in U.S. dollars)
For this period only, IBC is reporting the performance of "discontinued operations" at its Massachusetts facility, "continuing operations" at its Copper Alloy division, and a combination of continued and discontinued operations.[1]
IBC combined sales1 increased
50.9% and33.4% year-over-year ("Y/Y") for the quarter and year, respectively, on higher product demand. Continuing operations1 at the Copper Alloys division generated$7.0 million in the quarter, a28.7% Y/Y increase, and$25.7 million for the year,19.3% Y/Y increase and a new sales record for the division.IBC combined operating income1 of
$2.3 million and$5.6 million in the quarter and year, respectively, showed marked improvement over prior-year period figures.IBC combined adjusted earnings before interest, taxes, depreciation, and amortization ("Adjusted EBITDA")1 of
$2.9 million for the quarter and$7.4 million for the year, reversing comparative period losses.IBC combined gross margin1 of
33.9% in the quarter, and29.0% for the year, also reflect stronger performance than the prior-year periods and a favorable inventory adjustment in the quarterly result.IBC combinednet income1 of
$559,000 ($0.01 per share), and$1.7 million ($0.02 per share), for the quarter and year, respectively.IBC's working capital improved by
$5.6 million in FY2024 over the prior year.
FRANKLIN, IN / ACCESSWIRE / October 28, 2024 / IBC Advanced Alloys Corp. ("IBC" or the "Company") (TSX-V:IB)(OTCQB:IAALF) announces its financial results for the quarter ended June 30, 2024. The Company will host a live investor webcast to discuss results on Monday, October 28 at 12 Noon Eastern. To register, go here.
Sales by IBC's combined operations1 were
Continuing operations1 at the Copper Alloys division were
IBC's discontinued operations1 at the Massachusetts-based beryllium-aluminum division generated revenue of
The Company's combined adjusted EBITDA1 in the quarter and year ended June 30, 2024 was
IBC's combined net income1 in the quarter of
The Company's working capital improved by
"I am very proud of the IBC team's ability to perform under challenging economic and operational conditions and to set new performance records in doing so," said Mark A. Smith, Chairman and CEO of IBC. "While we have discontinued our beryllium-aluminum operations, our continuing operations at Copper Alloys have performed very well and I'm excited about potential growth opportunities for IBC."
IBC expects to incur a charge to operations in respect to the discontinuation of the Engineered Materials division's operations and is negotiating the building landlord to minimize such costs.
Selected Results
Except as noted, all financial amounts are determined in accordance with IFRS.1
SELECTED RESULTS: Combined Continuing and Discontinued Operations ( |
| |||||||||||||||
| Quarter Ended 6-30-2024 |
|
| Quarter Ended 6-30-2023 |
|
| Year Ended 6-30-2024 |
|
| Year Ended 6-30-2023 |
| |||||
Continuing Operations1 |
|
|
| |||||||||||||
Revenue, continuing operations |
| $ | 7,050 |
|
| $ | 5,476 |
|
| $ | 25,664 |
|
| $ | 21,511 |
|
Operating income from continuing operations |
| $ | 493 |
|
| $ | 317 |
|
| $ | 2,118 |
|
| $ | 991 |
|
Income for the year from continuing operations |
| $ | 18 |
|
| $ | 1,303 |
|
| $ | 56 |
|
| $ | 450 |
|
Adjusted EBITDA continuing operations |
| $ | 831 |
|
| $ | 1,931 |
|
| $ | 3,106 |
|
| $ | 3,242 |
|
Discontinued Operations1 |
| |||||||||||||||
Revenue, discontinued operations |
| $ | 4,067 |
|
| $ | 1,893 |
|
| $ | 12,411 |
|
| $ | 7,036 |
|
Operating income (loss) from discontinued operations |
| $ | 1,864 |
|
| $ | -2,601 |
|
| $ | 3,482 |
|
| $ | -4,413 |
|
Income (loss) for the year from discontinued operations |
| $ | 541 |
|
| $ | -4,316 |
|
| $ | 1,642 |
|
| $ | -6,382 |
|
Adjusted EBITDA discontinued operations |
| $ | 2,097 |
|
| $ | -2,335 |
|
| $ | 4,329 |
|
| $ | -3,331 |
|
Combined Continuing and Discontinued Operations1 |
| |||||||||||||||
Revenue |
| $ | 11,117 |
|
| $ | 7,369 |
|
| $ | 38,075 |
|
| $ | 28,547 |
|
Operating income (loss) |
| $ | 2,357 |
|
| $ | -2,284 |
|
| $ | 5,600 |
|
| $ | -3,422 |
|
Income (loss) for the year |
| $ | 559 |
|
| $ | -3,013 |
|
| $ | 1,698 |
|
| $ | -5,932 |
|
Adjusted EBITDA |
| $ | 2,928 |
|
| $ | -404 |
|
| $ | 7,435 |
|
| $ | -89 |
|
Full results can be seen in the Company's financial statements and management's discussion and analysis ("MD&A"), available at sedarplus.ca and on the Company's website at https://ibcadvancedalloys.com/investors-center/.
INVESTOR WEBCAST SCHEDULED FOR MONDAY, October 28, 2024 at 12 Noon Eastern
IBC will host a live investor webcast on Monday, October 28, 2024 at 12 noon Eastern featuring Mark A. Smith, CEO and Board Chairman, and Toni Wendel, Chief Financial Officer. They will discuss the Company's financial results for the quarter and year ended June 30, 2024. Participants can register to participate by going here: https://events.gov.teams.microsoft.us/event/a5e9cd70-8218-4149-aa92-0c2f6fc9d099@a7c6e2dc-c188-46da-80af-dd3453bd7361
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.
OPERATING INCOME (LOSS)
Operating income (loss) represents income or loss for the quarter, and year-to-date, excluding foreign exchange loss, interest expense, interest income, other income (expense) and income taxes that the Company does not believe are reflective of its core operating performance during the periods presented. A reconciliation of the quarter and year-to-date loss to operating income (loss) follows:
Quarter ended June 30 |
| 2024 |
|
| 2023 |
| ||
| ( |
|
| ( |
| |||
Income (loss) for the period |
|
| 559 |
|
|
| (3,013 | ) |
Foreign exchange (gain) loss |
|
| (109 | ) |
|
| (8 | ) |
Interest expense |
|
| 529 |
|
|
| 565 |
|
Impairment loss |
|
| 1,191 |
|
|
| 1,575 |
|
Loss on disposal of assets |
|
| (204 | ) |
|
| -- |
|
(Gain) loss on revaluation of derivative |
|
| (2 | ) |
|
| (3 | ) |
Other income |
|
| (1,798 | ) |
|
| (729 | ) |
Income tax expense (recovery) |
|
| (21 | ) |
|
| (5 | ) |
Operating income |
|
| 2,357 |
|
|
| (2,284 | ) |
Year ended June 30 |
| 2024 |
|
| 2023 |
| ||
| ( |
|
| ( |
| |||
Income (loss) for the period |
|
| 1,698 |
|
|
| (5,932 | ) |
Foreign exchange (gain) loss |
|
| (116 | ) |
|
| (13 | ) |
Interest expense |
|
| 2,659 |
|
|
| 2,427 |
|
Impairment loss |
|
| 1,191 |
|
|
| 1,575 |
|
Loss on disposal of assets |
|
| (233 | ) |
|
| -- |
|
(Gain) loss on revaluation of derivative |
|
| (1 | ) |
|
| (72 | ) |
Other income |
|
| (3.486 | ) |
|
| (1,408 | ) |
Income tax expense (recovery) |
|
| (14 | ) |
|
| 1 |
|
Operating income (loss) |
|
| 5,600 |
|
|
| (3,422 | ) |
ADJUSTED EBITDA
Adjusted EBITDA represents the Company's income (loss) for the period, and year-to-date, before interest, income taxes, depreciation, amortization, and share-based compensation. A reconciliation of the quarter and year-to-date loss to Adjusted EBITDA follows:
Quarter ended June 30 |
| 2024 |
|
| 2023 |
| ||
| ( |
|
| ( |
| |||
Income (loss) for the period |
|
| 559 |
|
|
| (3,013 | ) |
Income tax expense (recovery) |
|
| (21 | ) |
|
| (5 | ) |
Interest expense |
|
| 529 |
|
|
| 565 |
|
(Gain) loss on revaluation of derivative |
|
| (2 | ) |
|
| (3 | ) |
Impairment loss |
|
| 1191 |
|
|
| 1,575 |
|
Depreciation, & amortization, |
|
| 380 |
|
|
| 416 |
|
Stock-based compensation expense (non-cash) |
|
| 291 |
|
|
| 61 |
|
Adjusted EBITDA |
|
| 2,928 |
|
|
| (404 | ) |
Year ended June 30 |
| 2024 |
|
| 2023 |
| ||
| ( |
|
| ( |
| |||
Income (loss) for the period |
|
| 1,698 |
|
|
| (5,932 | ) |
Income tax expense (recovery) |
|
| (14 | ) |
|
| 1 |
|
Interest expense |
|
| 2,659 |
|
|
| 2,427 |
|
(Gain) loss on revaluation of derivative |
|
| (1 | ) |
|
| (72 | ) |
Impairment loss |
|
| 1,191 |
|
|
| 1,575 |
|
Depreciation, & amortization |
|
| 1,500 |
|
|
| 1,648 |
|
Stock-based compensation expense (non-cash) |
|
| 402 |
|
|
| 264 |
|
Adjusted EBITDA |
|
| 7,435 |
|
|
| (89 | ) |
For more information on IBC and its innovative alloy products, go here.
On Behalf of the Board of Directors:
"Mark A. Smith"
Mark A. Smith, CEO & Chairman of the Board
# # #
CONTACTS:
Mark A. Smith, Chairman of the Board
Jim Sims, Director of Investor and Public Relations
+1 (303) 503-6203
Email: jim.sims@ibcadvancedalloys.com
Website: www.ibcadvancedalloys.com
ABOUT IBC ADVANCED ALLOYS CORP.
IBC is a leading advanced copper alloys manufacturer serving a variety of industries such as defense, aerospace, automotive, telecommunications, precision manufacturing, and others. At its vertically integrated production facility in Franklin, Indiana, IBC manufactures and distributes a variety of copper alloys as castings and forgings, including beryllium copper, chrome copper, and aluminum bronze. The Company's common shares are traded on the TSX Venture Exchange under the symbol "IB" and the OTCQB under the symbol "IAALF".
CAUTIONARY STATEMENTS REGARDING FORWARD LOOKING STATEMENTS
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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, the closure of the Engineered Materials division and the expected charge to operations in connection therewith, and the completion of existing contracts by the 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 risk that the Company may not be able to make sufficient payments to retire its debt, 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.
Please see "Risks Factors" in our Annual Information Form available under the Company's profile at www.sedarplus.ca, for information on the risks and uncertainties associated with our business. Readers should not place undue reliance on forward-looking information and statements, which speak only as of the date made. The forward-looking information and statements contained in this release represent our expectations as of the date of this release. We disclaim any intention or obligation or undertaking to update or revise any forward-looking information or statements whether as a result of new information, future events or otherwise, except as required under applicable securities laws.
[1]IBC reports non-IFRS measures such as "Adjusted EBITDA", "Operating Income," "Continuing Operations," "Discontinued Operations" and "'Combined Continuing and Discontinued Operations." Please see information on this and other non-IFRS measures in the "Non-IFRS Measures" section of this news release and in IBC's MD&A, available on sedarplus.ca.
SOURCE: IBC Advanced Alloys Corp.
View the original press release on accesswire.com
FAQ
What was IBC Advanced Alloys (IAALF) revenue growth in FY2024?
Why did IBC Advanced Alloys (IAALF) discontinue its Massachusetts operations in June 2024?
What was IBC Advanced Alloys' (IAALF) net income for FY2024?
How much did IBC Advanced Alloys' (IAALF) Copper Alloys division grow in FY2024?
