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IBC Advanced Alloys Reports Financial Results for the Quarter Ended March 31, 2023
Highlights of the Quarter As Compared to the Prior-Year Period (Unless otherwise noted, all f...
About this update from Ibc Advanced Alloys Corp.
[{"type":"text","content":"IBC Advanced Alloys Reports Financial Results for the Quarter Ended March 31, 2023Highlights 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 of $7.8 million and $21.2 million in the quarter and year-to-date (\"YTD\"), respectively, strengthened by 23.5% and 3.3%.The Copper Alloy division registered its sixth consecutive quarter of rising sales, with revenue jumping by 78.6% in the quarter and by 59.2% YTD.Engineered Materials (\"EM\") division sales were off in the quarter and YTD largely due to lower demand for beryllium-aluminum products used in machines that manufacture semiconductor chips as compared to the prior-year periods, when demand was at a historic high.Consolidated adjusted earnings before interest, taxes, depreciation, and amortization (\"Adjusted EBITDA\")1 were $583,000 and $320,000 in the quarter and YTD, respectively. IBC booked a loss for the quarter of $511,000 ($0.01 / share) and a year-to-date loss of $2.9 million ($0.03).FRANKLIN, IN / ACCESSWIRE / May 30, 2023 / IBC Advanced Alloys Corp. (\"IBC\" or the \"Company\") (TSXV:IB)(OTCQB:IAALF) announces its financial results for the quarter and nine months ended March 31, 2023.Consolidated ResultsSales grew in the quarter and year-to-date compared to the comparative periods. The sales and profitability gains in the Copper Alloys division were offset by weaker performance in the EM division:SELECTED RESULTS: Consolidated Operations ($000s) Quarter Ended 3-31-2023 Quarter Ended3-31-2022 Nine Months Ended 3-31-2023 Nine Months Ended 3-31-2022 Revenue $7,755 $6,279 $21,178 $20,493 Change 23.5% 3.3% Operating income (loss)1 $81 $551 $(1,133) $919 Adjusted EBITDA1 $583 $854 $320 $2,157 Income (loss) for the period $(511) $287 $(2,914) $50 Income (loss) per share (0.01) 0.00 (0.03) 0.00 \"The Copper Alloys division continues to show strong revenue and performance growth across the board, and our new consolidated and vertically integrated foundry in Indiana has a large and growing order book that they continue to work to fulfill,\" said Mark A. Smith, Chairman and CEO of IBC. \"While it was another challenging quarter for our Engineered Materials division, I am pleased to see progress being made toward improving yield recoveries and expanding sales ...