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IBC Advanced Alloys Reports Financial Results for the Quarter ended September 30, 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 September 30, 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 $6.7 million were 12.5% higher than the prior-year period, with Copper Alloys division sales rising by 11.4% quarter-over-quarter (\"Q/Q\") and Engineered Materials (\"EM\") division sales higher by 15.5% Q/Q.Gross profit and gross margins improved Q/Q across both divisions largely due to stronger sales.Consolidated adjusted earnings before interest, taxes, depreciation, and amortization (\"Adjusted EBITDA\") [1] in the quarter swung to a positive adjusted EBITDA as compared to the prior-year period. Adjusted EBITDA increased sharply in the quarter for Copper Alloys.On a consolidated basis, IBC incurred a loss in the quarter of $934,000 ($0.01 per share), as compared to a loss of $2 million ($0.02) in the quarter ended September 30, 2022.FRANKLIN, IN / ACCESSWIRE / November 29, 2023 / IBC Advanced Alloys Corp. (\" IBC \" or the \" Company \") ( TSXV:IB);(OTCQB:IAALF ) announces its financial results for the quarter ended September 30, 2023.Consolidated sales rose to $6.7 million in the quarter, with both operating divisions booking higher revenue. Gross profit and gross margins also improved across both divisions, as did operating income and Adjusted EBITDA.\"I was very pleased to see stronger financial and operating performance over the prior-year quarter across both of our operating divisions,\" said Mark A. Smith, Chairman and CEO of IBC. \"Demand remained strong in the quarter for our copper alloy products, and our Engineered Materials division improved largely due to more favorable pricing in commercial and defense markets for our products. The entire IBC team is working very hard to put the company on the path to sustained profitability, and I look forward to helping deliver that to both our shareholders and our employees.\"Consolidated Results SELECTED RESULTS: Consolidated Operations ($000s) Quarter Ended9-30-2023 Quarter Ended9-30-2022 Revenue $6,667 $5,928 Change 12.5% Operating (loss) 1 $(334) $(1,422) Adjusted EBITDA 1 $119 $(942) Income (loss) for the period $(934) $(2,014) Income (loss) per share $(0.01) $(0.02) Copper Alloys DivisionSales have incre...