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IBC Advanced Alloys Reports Continued Profitability in the Quarter Ended March 31, 2022
Highlights of the Quarter (unless otherwise noted, all financial amounts in this news rele...
About this update from Ibc Advanced Alloys Corp.
[{"type":"text","content":"IBC Advanced Alloys Reports Continued Profitability in the Quarter Ended March 31, 2022Highlights of the Quarter(unless otherwise noted, all financial amounts in this news release are expressed in U.S. dollars)IBC achieves another profitable quarter with comprehensive income of $287,000 in the quarter, or $0.00 per share, a 107% increase over comprehensive income of $139,000, or $0.00, in the prior-year period.IBC generates profit for the nine-month period to March 31, 2022 of the current fiscal year, which is the first time the Company has achieved this milestone.Consolidated sales jump by 16.0% and 38.8% in the 3 and 9 months ended March 31, 2022, over the prior-year periods.Copper Alloys division swings to profitability in the quarter as production continues to ramp up at its newly consolidated and expanded foundry in Indiana.Engineered Materials division achieves sixth straight quarter of profitability as sales of beryllium-aluminum products rose by 37.7% and 91.4%, respectively, in the 3 and 9 months ended March 31, 2022, over the prior-year periods.Year-to-date (\"YTD\") gross profit continues to climb steadily over the past 3+ years.Year-to-Date Adjusted EBITDA1 in the quarter jumped by 24.5% over the prior-year period and was 157.4% higher in the nine-months ended March 31, 2022, than in the prior-year period.Company to host live investor webcast at 1 PM Eastern, Tuesday, May 31, 2022. Registration is here: https://attendee.gotowebinar.com/register/1862211381517756687FRANKLIN, IN / ACCESSWIRE / May 30, 2022 / IBC Advanced Alloys Corp. (\"IBC\" or the \"Company\") (TSX-V:IB; OTCQB:IAALF) announces its financial results for the quarter ended March 31, 2022.IBC booked another profitable quarter with comprehensive income of $287,000 in the quarter, or $0.00 per share, a 107% increase over comprehensive income of $139,000, or $0.00, in the prior-year period. This quarter's success marks IBC's second consecutive quarter of profitable operations, and it is the first time in the Company's history that it has remained profitable after three quarters of operations in a fiscal year.Consolidated sales of $6.3 million in the quarter increased by 16.0% over the prior-year period and were higher by 38.8% in the nine months ended March 31, 2022, over the comparable prior-year period.Copper Alloy division sales of $3.3 million in the qua...