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Highlights of the Quarter and Year Ended June 30, 2024
(Unless otherwise noted, all financial amounts in this news release are expressed in U.S. dollars)

For this period only, IBC is reporting the performance of "discontinued operations" at its Massachusetts facility, "continuing operations" at its Copper Alloy division, and a combination of continued and discontinued operations.^[1]

• IBC combined sales¹ increased 50.9% and 33.4% year-over-year ("Y/Y") for the quarter and year, respectively, on higher product demand. Continuing operations¹ at the Copper Alloys division generated $7.0 million in the quarter, a 28.7% Y/Y increase, and $25.7 million for the year, 19.3% Y/Y increase and a new sales record for the division.

• IBC combined operating income¹ of $2.3 million and $5.6 million in the quarter and year, respectively, showed marked improvement over prior-year period figures.

• IBC combined adjusted earnings before interest, taxes, depreciation, and amortization ("Adjusted EBITDA")¹ of $2.9 million for the quarter and $7.4 million for the year, reversing comparative period losses.

• IBC combined gross margin¹ of 33.9% in the quarter, and 29.0% for the year, also reflect stronger performance than the prior-year periods and a favorable inventory adjustment in the quarterly result.

• IBC combinednet income¹ of $559,000 ($0.01 per share), and $1.7 million ($0.02 per share), for the quarter and year, respectively.

• IBC's working capital improved by $5.6 million in FY2024 over the prior year.

THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT AUTHORIZED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

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