updated 11/6/2007 8:05:00 PM ET 2007-11-07T01:05:00

Opta Minerals Inc. (TSX: OPM), a vertically integrated producer, manufacturer, distributor and recycler of industrial minerals, silica-free loose abrasives, roofing shingle granules, specialty sands and related products, today announced results for the three and nine months ended September 30, 2007. All figures are reported in U.S. dollars and in accordance with Canadian Generally Accepted Accounting Principles (GAAP), except where otherwise noted.

Opta Minerals reported third quarter revenue for fiscal 2007 of $20.5 million, up 22.3% from the third quarter of 2006 bringing year to date revenue to $55.3 million a 15% increase over the first nine months of 2006. Earnings before interest, income taxes, depreciation and amortisation ("EBITDA") for the quarter were $3.0 million, bringing year to date EBITDA to $8.0 million, an 8% increase over the $7.4 million reported in the first nine months of 2006. Year to date results have been positively affected by the inclusion of a full nine months of results from the Bimac and Rossborough divisions that were acquired in 2006, the acquisition of Newco a.s. during the current quarter, the commencement of commercial production of desulfurization products at the Company's Waterdown Ontario facility, and shipments of products to new U.S. based integrated steel mill customers. Results generated from these activities were partially offset by lower than expected sales volumes into the Canadian abrasive and foundry industries, and lower sales volumes of desulfurization products to several of the Company's significant U.S. customers. Revenues for the three months ended September 30, 2006 were $16.7 million and EBITDA was $2.7 million.

Gross profit for the three months ended September 30, 2007 was $5.1 million, bringing year to date gross profit to $13.6 million a 15% increase over the $11.8 million recorded in the first nine months of 2006. Gross profit for the three months ended September 30, 2006 was $4.4 million or 14% lower than in 2007.

Earnings before income taxes and interest ("EBIT") for the three months ended September 30, 2007 were $2.1 million, bringing year to date EBIT to $5.6 million as compared to $5.5 million for the first nine months ended September 30, 2006. For the three months ended September 30, 2006 the Company reported EBIT of $2.0 million.

Net earnings for the three months ended September 30, 2007 were $1.3 million or $0.07 per diluted common share, brining year to date net earnings to $3.1 million or $0.18 per diluted common share, an 8% increase as compared to $2.9 million for first nine months ended September 30, 2006. For the three months ended September 30, 2006 the Company reported net earnings of $1.0 million.

The Company continues to maintain a strong balance sheet, with working capital of $13.8 million and total assets of $99.8 million. The debt to equity ratio as at September 30, 2007 was 0.90 to 1.00. The Company has cash and available credit facilities of a further $18.5 million. It is intended that these resources will be used to generate further shareholder value through strategic acquisitions and investment in the Company's existing operations.

Recent events from the quarter:

- Expansion into Europe. On September 4, 2007 the Company announced that it had acquired 100% of the outstanding common shares of Newco a.s. ("Newco") of Kosice, Slovakia. For fiscal 2006 Newco recorded revenues of approximately U.S. $7.4 million selling its proprietary desulphurization and refractory products. Each product is produced to the specific requirements of the customers that Newco services within the European steel industry. The acquisition expands Opta's business capabilities into Europe and complements existing operations which supply a wide range of desulphurization products in both the United States and Canada from operations in Indiana and Ontario. The addition of Newco further increases Opta's position in the industrial minerals business and further expands its current position as a key service provider to the steel industry.

David Kruse, President and Chief Executive Officer, said "Opta Minerals performed well in light of a number of market related challenges in the third quarter of 2007. Year to date revenues from operations were $55.3 million, and remain 15% higher than the first nine months results in 2006, while EBITDA has grown 8% from $7.4 million in the first nine months of 2006 to $8.0 million in 2007. A significant portion of this growth pertains to a full nine months results being included in consolidated earnings for companies acquired in 2006 and the results of Newco a.s. which was acquired during the current quarter. These results were partially offset by revenue weakness in the Company's Canadian abrasive and foundry products markets and lower sales volumes to several of the Company's significant U.S. based desulfurization products customers. We remain committed to a blended approach to Company growth that includes both acquisition and organic sources. The Newco transaction is a significant step towards the global expansion of Opta Minerals. Newco sells desulfurization products and services to integrated steel mills in Europe in the same manner as our North American operations perform in Waterdown Ontario and Walkerton Indiana. We are very familiar with the desulphurization operations and will continue to provide unparalleled customer service and quality products to existing and new customers within Europe as we position ourselves for growth in both the industrial minerals and abrasive markets in that region".

Opta Mineral's President and CEO, David Kruse, plans to host a conference call at 10:00 AM Eastern Standard Time, on Friday, November 9th, 2007, to discuss third quarter 2007 results and recent corporate developments. After opening remarks, there will be a question and answer period. This conference call can be accessed with the toll free dial-in number 1-(866) 904-6251 or (416) 915-8321. If you are unable to listen live, the conference call will be archived and can be accessed at the following replay numbers between November 9th and November 16th, 2007, with the toll free dial-in number 1-(888) 203-1112 or (647) 436-0148 followed by pass code: 7497453.

Opta Minerals is a vertically integrated producer, manufacturer, distributor and recycler of industrial minerals, silica-free loose abrasives, roofing shingle granules, specialty sands and related products for use primarily in the foundry, steel, marine/bridge cleaning and municipal water filtration industries. The Company currently has production and distribution facilities in Ontario, Quebec, Louisiana, South Carolina, Virginia, Maryland, Indiana, Ohio, Michigan, New York and Kosice Slovakia and one of the broadest product lines in the industry.

FOOTNOTES:

Earnings before income taxes an interest ("EBIT"); and earnings before interest, income taxes, depreciation and amortization ("EBITDA") as defined below, are both non-GAAP earnings measures that do not have standardized measures prescribed by GAAP, and therefore may not be comparable to similar measures presented by other publicly traded companies.

Notes

(1) The term "EBITDA" refers to earnings before deducting interest expense, provision for income taxes, depreciation and amortization. The Company believes that EBITDA is useful supplemental information as it provides an indication of the results generated by the Company's main business activities prior to taking into consideration how those activities are financed and taxed and also prior to taking into consideration asset depreciation. EBITDA is not a recognized measure under Canadian GAAP, and accordingly, investors are cautioned that EBITDA should not be construed as an alternative to net earnings or loss determined in accordance with Canadian GAAP as an indicator of the financial performance of the Company or as a measure of the Company's liquidity and cash flows. The Company's method of calculating EBITDA may differ from other issuers and accordingly, EBITDA may not be comparable to similar measures presented by other issuers.

(2) The term "EBIT" refers to earnings before income taxes and interest expense. The Company believes that EBIT is useful supplemental information as it provides an indication of the results generated by the Company's main business activities prior to taking into consideration how those activities are financed or taxed. EBIT is a non-GAAP earnings measure that does not have standardized measures prescribed by GAAP, and therefore may not be comparable to similar measures presented by other publicly traded companies.

This press release may contain ''forward-looking statements'' which reflect the current expectations of management of the Company regarding the Company's future growth, results of operations, performance, business prospects and 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, cancellations of or the failure to renew purchase orders; production and delivery issues; quality, pricing and availability of raw materials; compliance with environmental regulations; exchange rate fluctuations as well as the other risks identified in the ''Risk Factors'' section of the Company's Annual Information Form and other public filings (copies of which may be obtained at www.sedar.com). 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.

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