/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR
DISSEMINATION IN THE UNITED
STATES/
Investor conference call Thursday
February 27 at 8:30am
EST
Revenue of $5.5 million and
EBITDA1 of $2.201 million
and Net Income of $1.042 million for
Q1, 2014
TORONTO, Feb. 26, 2014 /CNW/ - Almonty Industries Inc.
("Almonty" or the "Company") (TSX-V: AII) today
announced the filing of its unaudited consolidated interim
financial statements and management discussion & analysis
("MD&A") for the three months ended December 31, 2013. Unless otherwise
indicated, all currency amounts contained in this news release are
in thousands of Canadian dollars.
Almonty reported revenue of $5,463, gross profit of $2,967 representing a gross profit margin of
54.3%, EBITDA1 of $2,201
and net income of $1,042 for the
three month period ended December 31,
2013.
Summary operating information:
|
Three Months
Ended
December 31,
2013 |
Three Months
Ended
December 31,
2102 |
Three Months
Ended
September 30,
2013 |
Year Ended
September 30,
2013 |
Year Ended
September 30,
2012 |
Ore treated (tonnes) |
130,710 |
116,151 |
117,821 |
456,895 |
476,591 |
WO3 concentrate
produced (MTU) |
17,160 |
19,359 |
15,717 |
67,435 |
65,848 |
WO3 concentrate sold
(MTU) |
16,900 |
19,260 |
14,688 |
66,807 |
66,419 |
Sales revenue (US$ million) |
5.3 |
5.0 |
4.6 |
17.8 |
21.5 |
Cash operating costs (US$/MTU) |
154 |
146 |
172 |
177 |
183 |
Cash operating costs (€/MTU) |
113 |
114 |
130 |
135 |
141 |
Ore mined (tonnes) |
146,514 |
127,928 |
155,887 |
556,861 |
462,221 |
Average grade WO3
mined |
0.37% |
0.37% |
0.31% |
0.33% |
0.28% |
Average WO3 recovery
rate |
50.5% |
63.3% |
51.2% |
55.2% |
57.8% |
Subsequent to the end of Q1 2014, after
discovering the faulty calibration (See press release dated
January 31, 2014) the Company
continued to re-tune its processing circuit. Tungsten
recovery rates increased to 57.0% for the month of January.
The Company is continuing to re-tune its processing circuit and
anticipates returning to a tungsten recovery rate of 65% in the
near-term.
The following financial information is for three
months ended December 31, 2013 and
2012:
|
|
|
|
|
|
Three Months
Ended
December 31,
2013
$'000 |
|
Three Months
Ended
December 31,
2012
$'000 |
Gross Revenue |
|
|
|
|
|
5,463 |
|
5,032 |
Cost of sales |
|
|
|
|
|
2,496 |
|
2,520 |
Gross profit |
|
|
|
|
|
2,967 |
|
2,512 |
General and administrative costs |
|
|
|
|
|
803 |
|
820 |
Other expense (income) |
|
|
|
|
|
(93) |
|
32 |
Non-cash compensation costs (options issued to
directors,
officers and key management) |
|
|
|
|
|
56 |
|
15 |
Earnings (loss) before the undernoted
items |
|
|
|
|
|
2,201 |
|
1,645 |
Depreciation and amortization |
|
|
|
|
|
1,065 |
|
1,399 |
Interest expense |
|
|
|
|
|
90 |
|
17 |
Insurance (gain) loss |
|
|
|
|
|
- |
|
- |
Deferred income tax expense (recovery) |
|
|
|
|
|
- |
|
- |
Net income (loss) for the period |
|
|
|
|
|
1,042 |
|
229 |
Income (loss) per share basic |
|
|
|
|
|
$0.03 |
|
$0.01 |
Income (loss) per share diluted |
|
|
|
|
|
$0.03 |
|
$0.01 |
Dividends |
|
|
|
|
|
- |
|
- |
|
|
|
|
|
|
|
|
|
Cash flows provided by (used in) operating
activities |
|
|
|
|
|
2,605 |
|
1,712 |
Cash flows provided by (used in) investing
activities |
|
|
|
|
|
(2,859) |
|
(2,512) |
Cash flows provided by (used in) financing
activities |
|
|
|
|
|
(588) |
|
(15) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2013 |
|
September 30, 2013 |
Cash |
|
|
|
|
|
297 |
|
1,083 |
Restricted cash |
|
|
|
|
|
249 |
|
237 |
Total assets |
|
|
|
|
|
39,219 |
|
36,676 |
Long-term trade payables |
|
|
|
|
|
650 |
|
617 |
Long-term debt |
|
|
|
|
|
5,679 |
|
5,946 |
Capital lease obligations |
|
|
|
|
|
103 |
|
108 |
Shareholders' equity |
|
|
|
|
|
24,417 |
|
21,857 |
|
|
|
|
|
|
|
|
|
Other |
|
|
|
|
|
|
|
|
Outstanding shares ('000) |
|
|
|
|
|
37,029 |
|
37,044 |
Weighted average outstanding shares ('000) |
|
|
|
|
|
|
|
|
Basic |
|
|
|
|
|
37,036 |
|
37,044 |
Fully diluted (treasury
method) |
|
|
|
|
|
37,044 |
|
37,044 |
Closing share price |
|
|
|
|
|
$0.91 |
|
$0.93 |
Lewis Black,
Chief Executive Officer of Almonty commented, "Despite both a 6%
drop in the APT price during the quarter and the decline in the US
dollar vs. the Euro, the Company is pleased with the operational
results it has achieved. Importantly, the on-going cost reductions
and tungsten recovery gains have continued their momentum into Q2,
with January being the Company's most productive month ever in
terms of MTUs of WO3 produced."
A teleconference to review the first quarter
ended December 31, 2013 will be held
at 8:30 a.m. ET on Thursday, February 27, 2014. Representing
management will be Lewis Black,
chairman, president & chief executive officer, and Dennis Logan, chief financial officer. A
question and answer period will follow brief remarks from
management.
To participate in the teleconference:
- if calling from North
America:
+1-888-390-0546
- if calling from outside North
America: +1-416-764-8688
An archive of the conference call will be
available until March 15, 2014.
To access the archive:
- from North
America: +1 888-390-0541 (pass code:
688098)
- from outside North
America: +1-416-764-8677 (pass code: 688098)
About Almonty
The principal business of Toronto, Canada based Almonty Industries Inc.
(TSX-V: AII) is the mining, processing and shipping of tungsten
concentrate from its tungsten mine at the Los Santos Project.
The Los Santos Project was acquired by Almonty in September 2011. The Los Santos Project is
located approximately 50 kilometres from Salamanca in western
Spain and produces tungsten
concentrate. Almonty also has an option to acquire a 100%
ownership interest in the Valtraxial tin-tungsten project in north
western Spain.
Neither TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
Disclaimer for Forward-Looking
Information
When used in this press release, the words
"estimate", "project", "belief", "anticipate", "intend", "expect",
"plan", "predict", "may" or "should" and the negative of these
words or such variations thereon or comparable terminology are
intended to identify forward-looking statements and information.
This press release contains forward-looking statements and
information including, without limitation, minimal capex, tungsten
recovery rates and future APT prices. These statements and
information are based on management's beliefs, estimates and
opinions on the date that statements are made and reflect Almonty's
current expectations.
The forward-looking statements and
information in this press release include information relating to
the intentions of management. Such statements and information
reflect the current view of Almonty with respect to risks and
uncertainties that may cause actual results to differ materially
from those contemplated in those forward-looking statements and
information. By their nature, forward-looking statements
involve known and unknown risks, uncertainties and other factors
and assumptions which may cause actual results, performance or
achievements, or other future events, to be materially different
from any future results, performance or achievements expressed or
implied by such forward-looking statements.
Investors are cautioned against attributing
undue certainty to forward-looking statements. Almonty cautions
that the foregoing list of material factors is not exhaustive. When
relying on Almonty's forward-looking statements and information to
make decisions, investors and others should carefully consider the
foregoing factors and other uncertainties and potential
events.
Almonty has also assumed that material
factors will not cause any forward-looking statements and
information to differ materially from actual results or events.
However, the list of these factors is not exhaustive and is subject
to change and there can be no assurance that such assumptions will
reflect the actual outcome of such items or factors.
THE FORWARD-LOOKING INFORMATION CONTAINED IN
THIS PRESS RELEASE REPRESENTS THE EXPECTATIONS OF ALMONTY AS OF THE
DATE OF THIS PRESS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE
AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON
FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS
INFORMATION AS OF ANY OTHER DATE. WHILE ALMONTY MAY ELECT TO, IT
DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR
TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS.
___________________________ |
1
|
EBITDA is a non-GAAP metric of the Company's financial
performance that measures earnings prior to deductions of interest,
taxes, depreciation and amortization. |
SOURCE Almonty Industries Inc.