Orbite Aluminae Releases Q3 Results, Provides HPA Construction Update

Orbite Aluminae (TSX:ORT) has filed its third quarter and nine month financial results. The company is anticipating commercial production to begin at its HPA plant in Q1 of 2015.

Some highlights of results included:

• Company has decided to include additional de-risking step in refractory completion to pre-empt potential long-term mechanical stability issues with certain delivered refractory materials. Consequently, management anticipates commercial production for Q2 2015.
• Cash and Short-Term Investments of $11.6 million as at September 30, 2014. Positive Working Capital of $14.2 million.
• Continued financial discipline in cash flows used in operations decreasing by $250,000 to $1.9 million, as compared to the same period in the prior year.
• $6 million in Québec investment tax credits (ITCs) was received, related to investments made in 2012, pledged to secure the Company’s $25 million 2012 debenture.
• $19.7 million in non-current Investment tax credits receivable pledged to secure the $25 million December 2012 debentures.
• Subsequent to the quarter, the second installment of $6.3 million related to the 2012 ITCs was received.
• Property, Plant and Equipment of $74.9 million.
• Quarterly Net loss and Comprehensive loss of $228,000 down by $1.8 million compared to Q3-2013, and down by $4.1 million compared to Q2-2014.
• Cash flows from financing activities of $9.8 million, as compared to cash flows from financing activities of $0.1 million in the same period last year.

Orbite CEO, Glenn Kelly, said:

We are on the cusp of being commercial with a potentially groundbreaking new technology. We are excited about the results from our rigorous testing program on the process, and are confident our plant will produce to specification upon successful commissioning.

Click here to read the Orbite Aluminae (TSX:ORT) press release