Orbite Aluminae Announces Second Quarter 2013 Results

Orbite Aluminae Inc. (TSX:ORT,OTCQX:EORBF) filed its unaudited financial and operating results for the quarter ended June 30, 2013, reporting a net loss of $3.4 million ($0.02 per share) for the second quarter of 2013 compared to $6.1 million ($0.03 per share) for the second quarter of 2012.

As quoted in the press release:

Second Quarter Highlights:

• Mr. Glenn R. Kelly joined Orbite as its Executive Vice President and Chief Operating Officer
• Mr. Denis Arguin joined as VP operations
• Appointments of Mr. Peter Crossgrove, Mr. Pascal Decary and Mr. Claude Lamoureux to the Board of Directors and the resignations of Mr. Toby Gilsig, Mr. Charles Chevrette and Mr. Michael Hanley
• Provided updated capital cost estimates for completing the HPA plant to a capacity of 3 tonnes per day
• Concluded an agreement resolving the billing dispute with its principal suppliers
• Concluded a binding offtake agreement with Glencore International AG for the purchase of 100% of the smelter-grade alumina from the Corporation’s proposed SGA plant
• Initiated the implementation of measures with the objective of reducing its operating capital requirements including abolishment of 2 positions at management level
• Cash and Short-Term Investments of $8.8 million
• Other Current Assets of $5.2 million
• Non-current Investment tax credits receivable of $24.7 million
• Property, Plant and Equipment of $61.3 million
• Accounts Payable and Accrued Liabilities of $5.4 million
• Comprehensive loss of $3.4 million or $0.02 per share
• Cash flows used in operating activities of $4.8 million
• Cash flows used for investing activities of $6.7 million

Orbite Aluminae President and CEO Richard Boudreault said:

We instituted important changes since the beginning of the second quarter and initiated a cost reduction program adapted to our short term priority which is to complete the high-purity alumina plant within the new timetable which remains subject to securing sufficient funding.

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