IBC Advanced Alloys Announces C$1.0 Million Non-Brokered Private Placement

Highlights

(Unless otherwise noted, all financial amounts in this news release are expressed in U.S. dollars. IBC is reporting the performance of "continuing operations" at its Copper Alloy division, "discontinued operations" at its Massachusetts facility, and a combination of continuing and discontinued operations.¹

• Fiscal year-to-date (YTD) sales of $13.8 million increased by 6.4% over the comparable prior-year period, driven primarily by sharply higher naval defense sector demand.

• YTD gross profit of $2,528,000 increased by 7.8% year-over-year (Y/Y) while gross profit in the quarter of $800,000 declined 13.5% Q/Q due to a one-time supply chain constraint that has since been corrected.

• On a consolidated basis, operating income and adjusted earnings before interest, taxes, depreciation and amortization (Adjusted EBITDA)¹ in the quarter increased Y/Y, largely driven by stronger sales and lower costs in the now-shuttered Engineered Materials (EM) division.

• On a consolidated basis, YTD loss of $2 million was lower compared to the comparable prior-year period largely due to higher sales and reduced costs.