IBC Advanced Alloys Corp.

IBC Advanced Alloys Corp.

March 02, 2010 09:30 ET

IBC Advanced Alloys Reports Second Quarter 2010 Financial Results

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 2, 2010) - IBC Advanced Alloys Corp. (TSX VENTURE:IB) ("IBC" or the "Company") today reported its financial results for the three- and six-month periods ending December 31, 2010. All currency amounts are expressed in US dollars. For the three-month period ended December 31, 2010 the Company reported revenues of $3.74 million, up 45% from first fiscal quarter sales. The net loss for the period was $479,000, down 40% from the first quarter loss. Operating income plus depreciation and amortization ("EBITDA") for the quarter was $83,000 compared to a loss of $360,000 in the first fiscal quarter.

The increase in revenues and improved financial performance demonstrate a strong recovery in demand for the Company's specialty beryllium and advanced alloy products as well as a convincing return to profitability for both the Company's Freedom and Nonferrous divisions. The Company is also benefiting from the reorganization of its manufacturing operations over the last year as it improves manufacturing practices and realizes cost savings from centralizing its manufacturing administrative functions.

With the completed acquisitions and successful integration of Freedom Alloys, Inc., Nonferrous Products, Inc. and Specialloy Copper Alloys, LLC the Company has completed the first step in building a solid manufacturing and distribution platform as a part of its global strategy of becoming a vertically integrated beryllium and advanced alloys supplier. This platform will allow IBC to take advantage of additional acquisition possibilities as well as evaluate complementary rare metal and advanced materials opportunities, both in North America and overseas.

"I am very pleased with the pace of the economic recovery and positive outlook in our business, particularly in our bulk products division. We have emerged from the economic downturn a stronger and more focused company and are well positioned to take advantage of the many opportunities being presented to us," said Anthony Dutton, President & CEO of IBC Advanced Alloys Corp. "IBC's manufacturing operations have seen improved margins as a result of our integration initiatives," continued Anthony Dutton, "and with a steadily improving order book and a stronger market presence we are confident of continuing stronger financial and operational performance."

About IBC Advanced Alloys Corp.

IBC is an integrated manufacturer and distributor of rare metals (beryllium) based alloys and related products serving a variety of industries including nuclear energy, automotive, telecommunications and a range of industrial applications. IBC has 60 employees and is headquartered in Vancouver, Canada with production facilities in Pennsylvania, Indiana and Missouri. Additionally, IBC owns prospective beryllium properties in the Western US and Brazil covering approximately 9,500 hectares. IBC is creating a dynamic global beryllium and advanced alloys company. IBC's common shares are traded on the TSX Venture Exchange under the symbol "IB".

This news release was prepared by management of IBC, which takes full responsibility for its contents.

Legal Notice Regarding Forward Looking Statements

This news release contains "forward-looking statements", as that term is defined in Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities Exchange Act of 1934, as amended. Statements in this news release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among others, the expectations and claims that we are creating a dynamic global beryllium and advanced alloys company.

Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others: (i) the risk that IBC does not execute its business plan; (ii) the inability of IBC to keep pace with market requirements; (iii) IBC's inability to maintain key relationships with suppliers and customers; (iv) IBC not being able to retain key employees; (v) competitors providing better or cheaper products; (vi) markets for IBC's products not developing as expected; (vii) IBC's inability to finance its operations or growth; (viii) the inability to effectively market IBC's products, including the establishment of viable relationships with third parties; and (ix) fluctuating beryllium prices may negatively impact IBC's business plans and strategies. These forward-looking statements are made as of the date of this news release and IBC assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although IBC believes that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance those beliefs, plans, expectations, or intentions will prove to be accurate.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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