(Unless otherwise noted, all financial amounts in this news release are expressed in U.S. dollars.)
Consolidated 2022 sales increased by 23.4% over 2021, with Engineered Materials ("EM") division sales improving 53.7% and Copper Alloy division sales rising by 3.7%. 2022 sales growth marked the fourth year in a row of revenue growth for IBC.
Engineered Materials division achieves fourth straight year of higher revenue and adjusted earnings before interest, taxes, depreciation, and amortization ("Adjusted EBITDA")[1] and third straight year of profitability.
Gross profit and gross margin for the Copper Alloys division improved in 2022 for the fourth straight year, as did consolidated IBC gross profit and gross margin.
Consolidated Adjusted EBITDA1 in 2022 rose by 82.4% above the prior year. IBC continued to narrow its consolidated loss in 2022 as compared to the previous three years.
IBC to host live investor webcast at 12:30 PM Eastern on Friday, October 28, 2022. Pre-registration is required and can be done here: https://us06web.zoom.us/meeting/register/tZUtcO2orz8qHdwiyfZ8XYB-d8JO_CyyM5eN
FRANKLIN, IN / ACCESSWIRE / October 28, 2022 / IBC Advanced Alloys Corp. ("IBC" or the "Company") (TSXV:IB)(OTCQB:IAALF) announces its financial results for the fourth quarter and year ended June 30, 2022.

IBC's sales rose 23.4% in the year ended June 30, 2022 to $26.9 million. Copper Alloy division sales edged 3.7% higher in 2022 to $13.7 million, despite the temporary shutdown of its foundries for consolidation into and expansion of the Company's Franklin, Ind. plant. Engineered Materials ("EM") division sales in 2022 rose 53.7% to $13.2 million.

In the quarter ended June 30, 2022, consolidated sales declined 8.8% to $6.4 million. Copper Alloy sales were adversely affected by raw materials supply issues, with the result that sales decreased 6.8% in the quarter to $3.6 million. If materials had been available, the sales performance would have been significantly stronger. EM sales declined to $2.8 million in the quarter, compared to $3.2 million in the quarter ended June 30, 2021, being adversely affected by declines in the cyclical demand for chip-making equipment and by a decline in yield, which the EMC division is addressing.

Consolidated gross profit and gross margin improved for the fourth consecutive year to $5.5 million and 20.6%, respectively. The favorable consolidated performance was supported by Copper Alloys recording its fourth straight year of steadily improving gross profit and gross margin. In the EM division, gross profit increased in 2022 to $3.5 million from $2.4 million in 2021. EM's gross margin declined slightly in 2022 to 26.5% from 28.4% in 2021.

Consolidated Adjusted EBITDA1for the 12 months ended June 30, 2022, was $2.2 million, an 82.4% increase over Adjusted EBITDA1 of $1.2 million in 2021.

"2022 marked the fourth year in a row that IBC was able to expand sales and improve our gross margins, putting us on a solid path to profitability and continued growth," said IBC CEO and Chairman Mark A. Smith. "I am especially proud of the Copper Alloys team, which grew their sales while they completed an intensive two-year facility consolidation and expansion of our foundry facility in Indiana. The expanded capacity and capabilities this facility provides is already driving order bookings to new levels so far in the current quarter. EM continues to work with customers and prospective customers to develop new applications for Beralcast®, and the Board and I are also looking forward to seeing that business continue to expand in both the defense and commercial sectors."

Full results can be seen in the Company's financial statements and management's discussion and analysis ("MD&A"), available at Sedar.ca and on the Company's website at https://ibcadvancedalloys.com/investors-center/.

SELECTED RESULTS: Consolidated Operations ($000s) 1
see & read more onhttps://www.accesswire.com/722748/IBCAdvancedAlloysReportsFinancialResultsfortheYearEndedJune302c2022