Business
Almonty announces the filing of its financial statements and MD&A for the three and nine months ended June 30, 2013
Revenue of $3,574 million and EBITDA 1 of $0.368 million for the third quarter of f...
About this update from Almonty Industries Inc.
[{"type":"text","content":"\n\n\n\n\n\nRevenue of $3,574 million and EBITDA1 of $0.368 million for the third quarter of fiscal 2013 \n\n\n/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE\n UNITED STATES/\n\n\nTORONTO, Aug. 28, 2013 /CNW/ - Almonty Industries Inc. (\"Almonty\" or the \"Company\") (TSX-V: AII) today announced the filing of its unaudited consolidated\n interim financial statements and management discussion & analysis (\"MD&A\") for the three and nine month periods ended June 30, 2013.  Unless\n otherwise indicated, all currency amounts contained in this news\n release are in thousands of Canadian dollars.\n\n\nAlmonty reported revenue of $3,574, gross profit of $1,395 representing\n a gross profit margin of 39.0%, EBITDA1 of $368 and net loss of ($1,656) for the three month period ended June\n 30, 2013. \n\n\nIncluded in the net loss was a write-down of $527 related to the loss of\n equipment from the fire that occurred June 23, 2013 (see press release\n dated June 24, 2013).  Almonty has reached a settlement with its\n insurance carrier for $949, net of deductibles, to cover the\n replacement value of the machinery and equipment as that was destroyed\n as well as a substantial portion of business interuption costs incurred\n as a result of the fire. Almonty expects to recognize a gain from\n insurance of $949 (equivalent to approximately $0.03 per basic share\n outstanding) during Q4 2013 when it expects to receive the insurance\n proceeds.\n\n\nAlmonty mined 113,160 tonnes of ore at a weighted average grade of 0.37%\n WO3 for the three month period ended June, 2013.\n\n\nThe Company produced 12,336 MTUs of tungsten concentrate during the\n three months ended June 30, 2013.  Tungsten concentrate recovery for\n the three month period ended June 30, 2013 averaged 56.9%.  The\n reduction in both MTU production and the tungsten recovery rate, when\n compared to prior periods, was directly attributable to the forced shut\n down due to the fire as well as shutdowns during May to install the\n final components of the mineral processing optimization equipment.\n Subsequent to the restart of mineral processing operations in July and\n the fine-tuning of the newly installed equipment, tungsten recovery\n rates have stabilized at the 65% level.\n\n\nThe Company shipped 12,063 MTU of high grade co...