Imperial Metals Corporation
TSX : III

Imperial Metals Corporation

March 22, 2007 15:25 ET

Imperial Reports 2006 Financial Results

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 22, 2007) - Imperial Metals Corporation (TSX:III) reports net income of $82.0 million for 2006, compared to net income of $21.6 million for 2005. Cash flow increased to $70.4 million in 2006 compared to $8.2 million in 2005. The $62.2 million improvement is the result of higher copper prices and higher sales volumes at the Mount Polley mine in the 2006 compared to 2005.

Mineral sales revenues were $210.4 million in 2006 compared to $70.7 million in 2005. Revenue is recognized at the point of title transfer, which usually takes place upon loading concentrates into a ship or railcar for delivery to a smelter. Mineral sales revenues were higher in 2006 compared to 2005 primarily due to higher copper prices and a full year of operation of the Mount Polley mine which began milling operations on March 8, 2005.

Operating income for 2006 increased to $96.6 million from $1.5 million in 2005. Equity income from the Huckleberry mine was also higher at $33.7 million compared to $30.0 million in the comparative year.



Year Ended Year Ended
December 31, 2006 December 31, 2005
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(000's) (000's)
Total Revenues $211,447 $71,077
Operating Income $ 96,600 $ 1,504
Net Income $ 82,007 $21,569
Net Income per share $ 2.75 $ 0.77
Diluted Income per share $ 2.69 $ 0.74
Cash Flow (1) $ 70,363 $ 8,200
Cash Flow per share (1) $ 2.36 $ 0.29

(1) Cash flow and cash flow per share are measures used by the Company to
evaluate its performance however, they are not terms recognized under
generally accepted accounting principles. Cash flow is defined as cash
flow from operations before the net change in working capital balances
and cash flow per share is the same measure divided by the weighted
average number of common shares outstanding during the period.
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Detailed financial information is provided in Imperial's 2006 Management's Discussion and Analysis and the Financial Statements for the year ended December 31, 2006 which will be available on the SEDAR website: www.sedar.com. Imperial's 2006 Annual Report will be available on the Company's website: www.imperialmetals.com.

Contact Information

  • Imperial Metals Corporation
    Brian Kynoch
    President
    (604) 669-8959
    (604) 669-8959 (FAX)
    or
    Imperial Metals Corporation
    Andre Deepwell
    Chief Financial Officer
    (604) 488-2666
    or
    Imperial Metals Corporation
    Sabine Goetz
    Investor Relations
    (604) 488-2657
    Email: info@imperialmetals.com
    Website: www.imperialmetals.com