Business
Imperial Metals Reports 2022 Financial Results
VANCOUVER, British Columbia, March 14, 2023 (GLOBE NEWSWIRE) -- Imperial Metals Corporation (the “Company”) (TSX:III) reports financial results for its fiscal y
About this update from Imperial Metals Corporation
[{"type":"text","content":" VANCOUVER, British Columbia, March 14, 2023 (GLOBE NEWSWIRE) -- Imperial Metals Corporation (the “Company”) (TSX:III) reports financial results for its fiscal year ended December 31, 2022. Select Annual Financial Information Years Ended December 31 expressed in thousands, except share and per share amounts 2022 2021 2020 Operations: Total revenues $172,797 $133,591 $148,097 Net loss $(75,975 ) $(26,070 ) $(4,892 ) Net loss per share $(0.51 ) $(0.19 ) $(0.04 ) Diluted loss per share $(0.51 ) $(0.19 ) $(0.04 ) Adjusted net loss (1) $(95,598 ) $(23,181 ) $(5,421 ) Adjusted net loss per share (1) $(0.64 ) $(0.17 ) $(0.04 ) Adjusted EBITDA(1) $(63,131 ) $11,553 $36,034 Cash earnings (1)(2) $(52,873 ) $11,034 $36,909 Cash earnings per share (1)(2) $(0.36 ) $0.08 $0.29 Working capital (deficiency) deficiency $(65,091 ) $(19,060 ) $9,292 Total assets $1,299,702 $1,186,341 $1,091,321 Total debt (including current portion) (3) $197,788 $34,975 $2,422 (1) Refer to table in section Non-IFRS Financial Measures of the December 31, 2022 Management’s Discussion & Analysis for further details. (2) Cash earnings is defined as the cash flow from operations before the net change in non-cash working capital balances, income and mining taxes, and interest paid. Cash earnings per share is defined as cash earnings divided by the weighted average number of common shares outstanding during the year. (3) Total debt consists of banker’s acceptances, debentures, and equipment leases. Select Items Affecting Net Loss (presented on an after-tax basis) Years Ended December 31 expressed in thousands 2022 2021 2020 Net loss before undernoted items $(67,063 ) $(24,337 ) $(3,559 ) Interest expense (8,921 ) (1,497 ) (1,358 ) Foreign exchange gain (loss) on debt 9 (236 ) 25 Net Loss $(75,975 ) $(26,070 ) $(4,892 ) Total revenue increased to $172.8 million in 2022 compared to $133.6 million in 2021, an increase of $39.2 million or 29%. Revenue from the Red Chris mine in 2022 was $129.5 million compared to $132.6 million in 2021, a decrease of $3.1 million. In 202...