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IBC Advanced Alloys Reports Financial Results for the Quarter Ended December 31, 2022
Highlights of the Quarter As Compared to the Prior-Year Period (Unless otherwise noted, all ...
About this update from Ibc Advanced Alloys Corp.
[{"type":"text","content":"IBC Advanced Alloys Reports Financial Results for the Quarter Ended December 31, 2022Highlights of the Quarter As Compared to the Prior-Year Period(Unless otherwise noted, all financial amounts in this news release are expressed in U.S. dollars.)Consolidated sales strengthened by 5.2% and were higher sequentially by 26.4%.Copper Alloy division sales soared by 76.2%, its 5 th consecutive quarter of rising sales.Engineered Materials division sales were lower in the quarter but improved by 17.1% sequentially.Operating income,[1] gross profit, and gross margin all strengthened for Copper Alloys and for the Company on a consolidated basis.Copper Alloys' adjusted earnings before interest, taxes, depreciation, and amortization (\"Adjusted EBITDA\")1 increased by 1,041.9% and 430.2%, respectively, in the quarter and year to date.IBC swung to a loss of $395,000, or (0.00) per share, from income of $344,000 ($0.00/share) from the quarter ended December 30, 2021.FRANKLIN, IN / ACCESSWIRE / February 28, 2023 / IBC Advanced Alloys Corp. (\"IBC\" or the \"Company\") (TSXV:IB)(OTCQB:IAALF) announces its financial results for the quarter ended December 30, 2022.On a consolidated basis, IBC sales strengthened by 5.2% in the quarter over the prior-year period and were higher sequentially by 26.4% over the quarter ended September 30, 2022.Copper Alloy division sales rose by 76.2% as compared to the prior-year period and were higher by 50% year-to-date over the comparable period of 2022. This marked the fifth consecutive quarter of rising sales for the division.Engineered Materials division sales declined by 54% year-over-year (YoY), driven largely by lower demand for beryllium-aluminum products used to manufacture semiconductor chips. Sales of those products in prior-year periods were at historic highs. However, EM division sales in the quarter ended December 31, 2022, improved sequentially by 17% over the quarter ended September 30, 2022.Operating income1 for Copper swung to a gain in the quarter over the prior year period, as did the Company on a consolidated basis.Gross profit in the quarter soared in Copper by 508% over the prior-year period, and was higher by 27.5% sequentially over the quarter ended September 30, 2022.Copper Alloys' Adjusted EBITDA1 increased by 76.2% and 29.7%, respectively, in the quarter and year to date, but decreased in...