IBC Advanced Alloys' Reports Record Quarterly Profits

Company Sets Several Financial Performance Records as it Releases its Financial Results for the Quarter Ended March 31, 2024

Highlights of the Quarter and Trailing 12 Months
(Unless otherwise noted, all financial amounts in this news release are expressed in U.S. dollars.)

• Net income of $1.36 million, or $0.01 per share, in the quarter on sales of $10.2 million - a new quarterly record. Sales of $34.3 million on a trailing 12-month ("TTM") basis and sales of $27.0 million in the nine-month period ended March 31, 2024, also were the highest ever recorded.
• Copper Alloys division sales of $6.6 million were higher by 11.9% quarter over quarter ("Q/Q"), and Engineered Materials division sales were higher by 97.5% Q/Q. On a TTM basis, Copper Alloys sales of $24 million set a record for a 12-month period for the division.
• Consolidated adjusted earnings before interest, taxes, depreciation, and amortization ("Adjusted EBITDA")¹ rose to $2.5 million, a Q/Q increase of 325%. Year-to-date Adjusted EBITDA rose to $4.5 million.
• Consolidated operating income of $2.1 million was 24.4% higher Q/Q and flipped to a positive $3.2 million year-over-year ("YOY").
• Company to host live investor webinar to discuss results on Monday, May 20, 2024 at 11 AM EDT.

FRANKLIN, IN / ACCESSWIRE / May 16, 2024 / IBC Advanced Alloys Corp. ("IBC" or the "Company") (TSX-V:IB)(OTCQB:IAALF) announces its financial results for the quarter ended March 31, 2024.

Foto: Accesswire

IBC recorded its highest ever quarterly net income in the quarter of $1.36 million, or $0.01 per share, on sales of $10.2 million. Both net income and sales revenue set new quarterly records for the Company. Consolidated sales of $34.3 million on a TTM basis and sales of $27.0 million in the nine-month period ended March 31, 2024 also were the highest ever recorded.

Consolidated Adjusted EBITDA¹ rose to $2.5 million, a Q/Q increase of 325%, while YTD Adjusted EBITDA rose to $4.5 million. Consolidated operating income¹ of $2.1 million was 24.4% higher Q/Q and flipped to a positive $3.2 million YOY.

Net income for the nine months ended March 31, 2024 was $1.14 million ($0.01 per share) on sales of $27.0 million compared to a loss of $2.92 million ($0.03 per share) on sales of $21.2 million in the comparative period, representing a marked turnaround.

This record performance was driven largely by increased sales and stronger gross margin performance in IBC's Copper Alloys division, coupled with higher sales revenue from the Engineered Materials division of beryllium-aluminum products used in defense markets, and the recovery of an onerous contracts provision booked in the prior year.