Opta Minerals Inc. Reports Second Quarter Results for Fiscal 2015
(firmenpresse) - WATERDOWN, ONTARIO -- (Marketwired) -- 08/14/15 -- Opta Minerals Inc. (TSX: OPM), today announced results for the three and six months ended June 30, 2015. All figures are reported in U.S. dollars and are in accordance with International Financial Reporting Standards (IFRS), except where otherwise noted.
Bernhard Rumbold, Interim President and CEO of Opta Minerals, noted "The Company is in the middle of restructuring its business which includes closing unprofitable locations, reducing costs, simplifying operations and improving the balance sheet by reducing inventory thereby improving liquidity. We have made significant progress in the second quarter and expect to complete most of our restructuring activities by the end of the year. The restructuring impact is isolated to the Industrial Minerals Group and Corporate office, with limited impact on the Steel and Magnesium Group. The financial results reflect the changes we are making and include a number of one time and non-cash costs as a result of the restructuring. Excluding these restructuring costs EBIT would be $1,091 for the quarter and EBITDA would be $2,180. Further details are provided below. We are very pleased with the efforts to improve the balance sheet and free up resources.
We have seen markets and sales improve in the latter half of the second quarter within the Steel and Magnesium Group and expect this momentum to continue for the balance of the year. We will continue to invest in people and capital within Steel and Magnesium and within segments of Industrial Minerals, such as garnet, where we believe we have a competitive advantage and can earn superior returns.
We continue to pursue strategic alternatives for the Company."
Operational and Financial Highlights:
For further details, please refer to the Company's interim consolidated financial statements and related Management's Discussion and Analysis.
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.
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 Company's restructuring activities and the anticipated benefits to be derived therefrom, the expected timing for the completion of the Company's restructuring activities; anticipated improvements within the Steel and Magnesium Group; and proposed investments in people and capital within the Steel and Magnesium Group and certain segments of the Infrastructure Group. 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 the Company'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 recently 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.
(i)AOCI - Accumulated Other Comprehensive Income
Contacts:
Opta Minerals Inc.
Bernhard Rumbold
Interim 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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Unternehmensinformation / Kurzprofil:
Datum: 14.08.2015 - 16:35 Uhr
Sprache: Deutsch
News-ID 413831
Anzahl Zeichen: 0
contact information:
Town:
WATERDOWN, ONTARIO
Kategorie:
Mining & Metals
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