Opta Minerals Inc. Reports Fourth Quarter and Year End Results for Fiscal 2015
(firmenpresse) - WATERDOWN, ONTARIO -- (Marketwired) -- 03/01/16 -- Opta Minerals Inc. (TSX: OPM) today announced results for the three and twelve months ended December 31, 2015. All figures are reported in U.S. dollars and are in accordance with International Financial Reporting Standards (IFRS), except where otherwise noted.
On February 12, 2016, the Company announced that it had entered into a definitive acquisition agreement (the "Acquisition Agreement") with Speyside Equity Fund I LP ("Speyside") pursuant to which a subsidiary of Speyside will acquire all of the issued and outstanding common shares of Opta (the "Acquisition"). The Acquisition Agreement was entered into following an extensive review and examination of potential strategic alternatives by the board of directors and management of Opta. Further information regarding the Acquisition will be contained in the management information circular to be prepared by Opta and mailed to its shareholders for the purpose of obtaining requisite shareholder approval of the Acquisition.
The Company continues to restructure its business which includes closing unprofitable locations, reducing costs, simplifying operations and improving the balance sheet by reducing inventory thereby improving liquidity. 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 the Company made and include a number of one time and non-cash costs as a result of the restructuring. Further details are provided on these restructuring costs in Management's Discussion and Analysis to be filed with our annual consolidated financial statements available under the Company's profile on SEDAR at .
Fourth quarter revenues were impacted by normal seasonality, depreciation of the Canadian dollar and Euro against the U.S. dollar and softer markets in the Company's business segments.
Earnings include a number of impairment charges related to goodwill and intangible assets of $14,977 and property plant and equipment of $2,366. These non-cash charges reflect the fact that the carrying value of these assets exceeds the estimated recoverable amount based on projected future cash flows within certain cash generating units in the Steel and Magnesium and Infrastructure segments.
Operational and Financial Highlights:
For further details, please refer to the Company's audited consolidated financial statements for the financial year ended December 31, 2015 and related Management's Discussion and Analysis available under the Company's profile on SEDAR at .
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 / or distribution facilities in Ontario, Quebec, Saskatchewan, Louisiana, South Carolina, Virginia, Maryland, Indiana, Michigan, New York, Texas, 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 Acquisition and its completion; the mailing of the management information circular in connection with the Acquisition; the continued restructuring of the Company's business and the Company continuing to explore opportunities to expand and diversify its business into new markets and products with higher growth 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 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: risks associated with the Acquisition and acquisitions generally (such as the failure to satisfy closing conditions contained in the Acquisition Agreement, the absence of material adverse changes or other events which may give the parties a basis on which to terminate the Acquisition Agreement and the ability of the parties to complete and mail the information circular in respect of the meeting and hold the meeting within required time frames),
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 under the Company's SEDAR profile 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.
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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Datum: 01.03.2016 - 13:00 Uhr
Sprache: Deutsch
News-ID 454274
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contact information:
Town:
WATERDOWN, ONTARIO
Kategorie:
Mining & Metals
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