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IBC Advanced Alloys Corp. reports news on its advanced copper alloy manufacturing business, including production of beryllium copper, chrome copper, and aluminum bronze castings and forgings. The company serves industrial end markets that include defense, aerospace, automotive, telecommunications, and precision manufacturing from a vertically integrated production facility in Franklin, Indiana.
Recurring company updates include financial results for the Copper Alloy division, credit facility amendments, convertible security financing, incentive stock option awards, investor presentations, and disclosures tied to discontinued operations at the former Massachusetts Engineered Materials facility.
IBC Advanced Alloys Corp. (TSXV:IB, OTCQB:IAALF) announced it will issue common shares to meet approximately C$152,978.75 in interest obligations for 9.50% and 8.25% debentures due June 6, 2023. This decision is in accordance with existing debenture indentures. The share price will be determined based on a 20-day volume-weighted average prior to the payment date, subject to TSX Venture Exchange approval. This initiative aims to manage cash flow without depleting available cash resources.
IBC Advanced Alloys Corp. (TSX-V:IB; OTCQB:IAALF) reports a profitable quarter with comprehensive income of $287,000, a 107% increase over the previous year. This quarter marks the second consecutive profitable quarter, achieving profitability for three quarters in a row. Consolidated sales rose by 16.0% to $6.3 million, while sales in the Copper Alloys division increased by 1.7%. The Engineered Materials division saw a significant 37.7% sales increase. Adjusted EBITDA jumped by 24.5% to $854,000.