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IBC Advanced Alloys Corp. (IAALF) is a leading beryllium and copper advanced alloys company serving various industries, including defense, aerospace, automotive, telecommunications, and precision manufacturing. The company's Copper Alloys Division produces and distributes copper alloys like beryllium copper, chrome copper, and aluminum bronze. IBC's Engineered Materials Division manufactures the Beralcast family of alloys, used in defense and aerospace systems such as the F-35 Joint Strike Fighter. With a focus on sustained profitability, IBC has reported strong financial performance, marking record sales revenue, net income, and consolidated Adjusted EBITDA. The company's strategic decisions include closing the Engineered Materials division due to insufficient market demand, while strengthening operations in the profitable Copper Alloys division.
IBC Advanced Alloys Corp. (TSXV:IB, OTCQB:IAALF) announced the issuance of 1,714,284 common shares to its directors as compensation for their service from July 2023 to June 2024. Additionally, 4,982,000 common shares will be issued to CEO Mark Smith as consideration for guaranteeing US$5 million owed under the company's credit facilities. This issuance, priced at C$0.07 per share, awaits TSX Venture Exchange approval. The shares will be subject to a four-month and one-day hold period. The transaction qualifies as a 'related party transaction' under MI 61-101, but exemptions from formal valuation and minority approval requirements are applied.
IBC Advanced Alloys reported record profits for the quarter ended March 31, 2024, with net income at $1.36 million ($0.01 per share) and sales reaching $10.2 million, both the highest in the company's history.
Consolidated sales hit $34.3 million on a trailing 12-month basis, while nine-month sales totaled $27 million.
The Copper Alloys division saw a 11.9% Q/Q increase in sales to $6.6 million, while the Engineered Materials division's sales surged by 97.5% Q/Q.
Consolidated Adjusted EBITDA rose by 325% Q/Q to $2.5 million, and operating income increased by 24.4% Q/Q to $2.1 million.
However, the Engineered Materials division is set to close this summer, and IBC anticipates incurring operational charges related to this closure.
IBC Advanced Alloys Corp. announces the closing of a sale leaseback transaction with Flatbay Properties for $3,850,000. Flatbay purchased a property in Indiana and leased it back to the Company's U.S. subsidiary until 2029. The transaction provided $3,850,000 in funding, with $485,000 expected for working capital after loan repayment.
IBC Advanced Alloys Corp. announces entering into sale leaseback agreements with Flatbay Properties , securing US$3,850,000 in funding. The purchase contract results in working capital after repaying a term loan. Flatbay purchases a property in Franklin, Indiana, leasing it back to the subsidiary for five years with an option to repurchase. The lease payments vary based on the debt service coverage ratio, and the agreement includes customary terms for the manufacturing sector.
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