Imperial Metals Corporation
TSX : III

Imperial Metals Corporation

November 14, 2006 08:30 ET

Imperial Reports Results for the Third Quarter 2006

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 14, 2006) - Imperial Metals Corporation (TSX:III) reports net income of $31.0 million ($1.03 per share) in the September 2006 quarter compared to net income of $5.6 million ($0.20 per share) in the September 2005 quarter.

Mineral sales revenues from the Mount Polley mine were $56.7 million and equity income from the Huckleberry mine was $12 million in the September 2006 quarter, compared to $27.8 million in mineral sales and $7.9 million in equity income in the September 2005 quarter.

Cash flow increased to $36.3 million ($1.21 per share) in the September 2006 quarter compared to $5.7 million ($0.20 per share) in the September 2005 quarter.

During the quarter the Company repaid the $34.8 million short term debt outstanding at June 30, 2006 and added a $2.7 million short term equipment finance loan at a favourable interest rate.

Imperial's comparative financial results for the three and nine months ended September 30, 2006 and 2005 are summarized below and discussed in detail in the Management's Discussion and Analysis, which is contained within the Third Quarter Report, available on the Company's website www.imperialmetals.com and on SEDAR www.sedar.com.



Three Months Ended Nine Months Ended
--------------------------------------------------------------------------
(unaudited) in thousands Sept 30, Sept 30, Sept 30, Sept 30,
except per share amounts 2006 2005 2006 2005
--------------------------------------------------------------------------
(000's) (000's) (000's) (000's)
Revenues $ 57,154 $ 27,860 $165,787 $ 28,040
Operating Income (Loss) $ 29,610 $ 1,290 $ 78,075 $ (1,596)
Net Income $ 30,955 $ 5,584 $ 58,180 $ 11,877
Net Income Per Share $ 1.03 $ 0.20 $ 1.96 $ 0.42
Cash Flow(1) $ 36,341 $ 5,684 $ 51,553 $ 3,448
Cash Flow Per Share(1) $ 1.21 $ 0.20 $ 1.74 $ 0.12
--------------------------------------------------------------------------
(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 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.


Imperial is a mine development and operating mining company based in Vancouver, British Columbia. The Company's main properties are the Mount Polley open pit copper/gold mine (100% interest) in central British Columbia, the Huckleberry open pit copper/molybdenum mine (50% interest) in northern British Columbia, and the development stage Sterling gold mine (100% interest) in southwest Nevada.


Contact Information

  • Imperial Metals Corporation
    Brian Kynoch
    President
    (604) 669-8959
    (604) 687-4030 (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