IBC Advanced Alloys Announces 2011 Financial Results

IBC Advanced Alloys Corp. (TSXV:IB,OTCQX:IAALF) released its audited financial results for the year ended June 30, 2011.

As quoted in the press release:

Fiscal 2011 Financial Highlights:

• Sales increased to $20.45 million, up 37% compared to fiscal 2010;
• Gross profit increased 87% compared to fiscal 2010 on increased sales and improved operating practices;
• Loss for the year was $4.6 million, up 13% from fiscal 2010 reflecting both business expansion and significant unusual charges such as plant relocation expense; and
• Cash and cash equivalents at June 30, 2011 were $7.51 million.

IB Advanced Alloys Corp. CFO Simon Anderson, said:

“Our fiscal 2011 revenue growth is clear proof that IBC’s vertically integrated model is sound and that the business has a strong foundation. We have successfully integrated our operating facilities, introduced a range of new high performance alloys and begun business development efforts into several new markets. While the company as a whole is not yet profitable, we were very encouraged by our 2011 financial performance and expected the increased costs in fiscal 2011, which relate to the expansion and upgrading of our manufacturing base to support future revenue growth.”

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