Opta Minerals Inc. Reports Fourth Quarter and Year End Results for Fiscal 2014
(firmenpresse) - WATERDOWN, ONTARIO -- (Marketwired) -- 03/03/15 -- Opta Minerals Inc. (TSX: OPM), today announced results for the three and twelve months ended December 31, 2014. All figures are reported in U.S. dollars and are in accordance with International Financial Reporting Standards (IFRS), except where otherwise noted.
David Kruse, President and CEO of Opta Minerals, noted, "We continue to be pleased with results within our Steel and Magnesium group and continue to address the underperformance within our Industrial Minerals group which is experiencing tough economic conditions and fierce competition. To this end we have reorganized a number of functions within Industrial Minerals and Corporate which has led to net headcount reductions of approximately fifteen employees. The reorganization has combined a number of separate departments and is expected to streamline our go to market approach within this segment. Expected savings are estimated at approximately $1.2 million annually. Other initiatives are in process to further address underperforming locations and we continue to also focus on new revenue growth opportunities in both segments. During the quarter we took a number of non-cash impairment charges at a number of locations totalling $4.0 million. Excluding these non cash charges EBIT would be positive on a year to date basis at approximately $2.7 million.
The Company continues to look at strategic alternatives for the business as previously announced."
Operational and Financial Highlights:
Opta Minerals is a vertically integrated provider of custom process solutions and industrial mineral products used primarily in the steel, foundry, loose abrasive cleaning, water-jet cutting and municipal water filtration industries. The Company has production and distribution facilities in Ontario, Quebec, Saskatchewan, Louisiana, South Carolina, Virginia, Maryland, Indiana, Michigan, New York, Texas, Florida, Ohio, Idaho, France, Slovakia and Germany. Opta has one of the broadest product lines in the industry.
FOOTNOTES:
Earnings before income taxes and interest ("EBIT"); and earnings before interest, income taxes, depreciation and amortization ("EBITDA") as defined below, are both non-IFRS earnings measures that do not have standardized measures prescribed by IFRS, and therefore may not be comparable to similar measures presented by other publicly traded companies.
Notes
Certain statements in this release constitute forward-looking statements within the meaning of applicable securities laws. Forward-looking statements in this press release include, without limitation, statements relating to: the anticipated benefits of the Company's recent reorganization within Industrial Minerals and Corporate, including with respect to estimated cost savings; intended initiatives to address the Company's underperforming locations and the Company's focus on new revenue growth and growth opportunities, as well as other statements which reflect the current expectations of management of the Company regarding the Company's future growth, results of operations, performance, business prospects and opportunities. Wherever possible, words such as "may", 'would", "could", "should", "will", "anticipate", "believe", "plan", "expect", "intend", "estimate", "aim", "endeavour", "seek", "predict", "potential" and similar expressions have been used to identify these forward-looking statements. These statements reflect management's current beliefs with respect to future events and are based on information currently available to management of the Company. Forward-looking statements involve significant risks, uncertainties and assumptions. Many factors could cause theCompany's actual results, performance or achievements to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements, including, without limitation: the impact of general economic conditions; the impact of specific industry conditions; the inability of the Company to successfully integrate acquired businesses or to achieve the anticipated benefits from such acquisitions; the risk of unexpected costs or liabilities relating to acquisitions; currency fluctuations and exchange rate risks;
risks associated with foreign operations; governmental and environmental regulation; competition from other industry participants; cancellations of or the failure to renew purchase orders; production and delivery issues; quality, pricing and availability of raw materials; mining risks; and the other risks identified in the Company's Annual Information Form and other public filings (copies of which may be obtained at ). Should one or more of these risks or
uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results, performance or achievements may vary materially from those expressed or implied by this press release. These factors should be considered carefully and reader should not place undue reliance on the forward-looking statements. Although any forward-looking statements contained in this press release are based upon what management currently believes to be reasonable assumptions, the Company cannot assure readers that actual results, performance or achievements will be consistent with these forward-looking statements, and management's assumptions may prove to be incorrect. These forward-looking statements are made as of the date of this press release and, other than as required by law, the Company does not intend, and does not assume any obligation, to update or revise these forward- looking statements, whether as a result of new information, future events or otherwise.
Contacts:
Opta Minerals Inc.
David Kruse
President and Chief Executive Officer
905-689-7361, ext 405
Opta Minerals Inc.
Peter Fryters
Chief Financial Officer and Treasurer
905-689-7361, ext 405
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Datum: 03.03.2015 - 12:30 Uhr
Sprache: Deutsch
News-ID 375647
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contact information:
Town:
WATERDOWN, ONTARIO
Kategorie:
Mining & Metals
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