|
WATERDOWN, ONTARIO--(Marketwired - May 14, 2014) - Opta Minerals Inc. (OPM.TO) today announced results for the three months ended March 31, 2014. All figures are reported in U.S. dollars and are in accordance with International Financial Reporting Standards (IFRS), except where otherwise noted.
Expressed in Thousands of US Dollars
|
3 months |
|
3 months |
|
|
|
|
|
|
ended |
|
ended |
|
|
|
|
|
|
March 31, |
|
March 31, |
|
Increase |
|
|
|
|
2014 |
|
2013 |
|
(Decrease) |
|
% |
|
|
|
|
(restated) |
|
|
|
|
|
Revenue |
$ |
34,489 |
|
$ |
36,225 |
|
$ |
(1,736 |
) |
-4.8 |
% |
Gross Profit |
|
4,897 |
|
|
7,255 |
|
|
(2,358 |
) |
-32.5 |
% |
|
|
14.2 |
% |
|
20.0 |
% |
|
-5.8 |
% |
|
|
EBITDA(1) |
|
2,270 |
|
|
3,472 |
|
|
(1,202 |
) |
-34.6 |
% |
EBIT(2) |
|
779 |
|
|
2,002 |
|
|
(1,223 |
) |
-61.1 |
% |
Profit (Loss) |
|
(254 |
) |
|
770 |
|
|
(1,024 |
) |
-133.0 |
% |
EPS |
$ |
(0.01 |
) |
$ |
0.04 |
|
$ |
(0.05 |
) |
|
|
(1) |
EBITDA is a non-IFRS measure: refer to Footnotes |
(2) |
EBIT is a non-IFRS measure; refer to Footnotes |
David Kruse, President and CEO of Opta Minerals, noted "Revenues in the first quarter decreased over the comparable period in 2013 due primarily to unusually harsh weather, competitive pricing and general economic conditions. We expect results in future periods to improve based on recently awarded new business commencing in the third quarter of 2014. We also expect some of the business lost due to adverse weather conditions in the first quarter to be recaptured during the remainder of 2014. The key priorities for the year are to remain focused on additional revenue opportunities and cash generation."
Operational and Financial Highlights:
- First quarter revenue in the Steel and Magnesium segment decreased 1.2% from 2013. The Steel and Magnesium segment has primarily been impacted by certain re-pricing in the third and fourth quarter of 2013. The Industrial Minerals segment decreased 9.1% over 2013. The decrease in the quarter was primarily due to harsh weather, especially on the east coast and in southern USA. The Company has not lost any major customers in either segment. The Company is currently focused on a number of opportunities to grow revenue and improve margins.
- Gross profit decreased quarter over quarter due to lower overall gross profit margins of 14.2% compared to 20.0% in 2013. Gross profit margins have declined due to lower volumes affecting facility utilization, change in mix to products with lower inherent margins and certain re-pricing.
- Selling, general and administrative expenses (SGA) as a percent of revenues were 12.6% compared to 15.0% in the prior year quarter. With the integration of WGI completed, the Company has reduced SGA as synergies are being achieved. The Company is targeting 10% SGA as a percent of revenues and expects to achieve this primarily via a growth in revenues with limited growth in SGA.
- Working capital, excluding the reclassification of long-term borrowings of $34.9 million, at March 31, 2014 amounted to $22.8 million and total assets were $126.1 million, as compared to $23.3 million and $130.1 million, respectively, at December 31, 2013. While overall working capital is approximately the same as at December 31, 2013, the current quarter ended March 31, 2014 reflects higher accounts receivable and lower inventories.
- Long-term borrowings of $34.9 million have been reclassified to current borrowings as a result of the default of certain financial covenants stipulated under the Company's credit agreement. Subsequent to March 31, 2014, the Company obtained a waiver in respect of these financial covenant ratios and has reset certain financial covenant ratios through to December 31, 2015. The amended credit agreement also resets pricing related to interest rates and fees.
- The debt to equity ratio at March 31, 2014 was 1.10 to 1.00, and at December 31, 2013 was 1.17 to 1.00.
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 distribution facilities in Ontario, Quebec, Saskatchewan, Louisiana, South Carolina, Virginia, Maryland, Indiana, Michigan, New York, Texas, Florida, Ohio, Idaho, France, Slovakia and Germany. Opta has one of the broadest product lines in the industry.
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.
|
For the three |
|
|
Months Ended |
|
|
March 31 |
|
|
2014 |
|
2013 |
|
|
$ |
|
$ |
|
|
|
|
(restated) |
|
Profit (Loss) for the Period |
(254 |
) |
770 |
|
Finance Expense |
901 |
|
960 |
|
Income Tax Expense |
132 |
|
272 |
|
Depreciation and Amortization |
1,479 |
|
1,544 |
|
Fair Value Adjustments to Contingent Consideration |
12 |
|
(74 |
) |
|
|
|
|
|
EBITDA(1) |
2,270 |
|
3,472 |
|
Subtract: |
|
|
|
|
Depreciation and Amortization |
1,479 |
|
1,544 |
|
Fair Value Adjustments to Contingent Consideration |
12 |
|
(74 |
) |
|
|
|
|
|
EBIT(2) |
779 |
|
2,002 |
|
|
|
|
|
|
Notes
- The term "EBITDA" refers to earnings before deducting finance expense, 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 non-cash asset depreciation and amortization. EBITDA is not a recognized measure under International Finance Reporting Standards (IFRS), and accordingly, investors are cautioned that EBITDA should not be construed as an alternative to net earnings or loss determined in accordance with IFRS 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.
- The term "EBIT" refers to earnings before income taxes and finance 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-IFRS earnings measure that does not have standardized measures prescribed by IFRS, and therefore may not be comparable to similar measures presented by other publicly traded companies.
FORWARD-LOOKING STATEMENTS:
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 expected improved results in future periods from new business commencing in the third quarter of 2014, the recapture of certain business lost in the first quarter due to adverse weather conditions,, its focus on opportunities to grow revenue and improve margins, its targets with respect to SGA as a percent of revenues and further expected benefits resulting from the integration of recent acquisitions, as well as other 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: the impact of general economic conditions; the impact of specific industry conditions; the inability of the Company to successfully integrate recently 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 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.
Opta Minerals Inc. |
|
Interim Condensed Consolidated Balance Sheets |
As At March 31, 2014 |
(Unaudited) |
Expressed in Thousands of US Dollars (except per share amounts and number of shares) |
|
|
March 31,
2014 |
|
December 31,
2013 |
|
Assets |
|
|
|
|
|
|
Current |
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
2,565 |
|
$ |
4,084 |
|
|
Trade receivables, other receivables and prepayments |
|
18,534 |
|
|
14,676 |
|
|
Inventories |
|
35,466 |
|
|
39,525 |
|
|
Income taxes receivable |
|
493 |
|
|
544 |
|
|
|
57,058 |
|
|
58,829 |
|
Property, Plant and Equipment |
|
26,971 |
|
|
28,030 |
|
Intangible Assets |
|
30,252 |
|
|
31,071 |
|
Goodwill |
|
10,424 |
|
|
10,659 |
|
Deferred Income Tax Assets |
|
1,354 |
|
|
1,471 |
|
|
$ |
126,059 |
|
$ |
130,060 |
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
Current |
|
|
|
|
|
|
|
Trade and other payables |
$ |
13,743 |
|
$ |
13,961 |
|
|
Borrowings |
|
54,347 |
|
|
20,721 |
|
|
Provisions |
|
533 |
|
|
520 |
|
|
Other liabilities |
|
553 |
|
|
348 |
|
|
|
69,176 |
|
|
35,550 |
|
Borrowings |
|
310 |
|
|
37,539 |
|
Derivative Financial Instruments |
|
389 |
|
|
311 |
|
Provisions |
|
91 |
|
|
91 |
|
Other Liabilities |
|
162 |
|
|
371 |
|
Deferred Income Tax Liabilities |
|
6,376 |
|
|
6,540 |
|
|
|
76,504 |
|
|
80,402 |
|
Equity Attributable to the Shareholders of the Company |
|
|
|
|
|
|
Capital Stock |
|
|
|
|
|
|
|
Authorized without limit as to number - |
|
|
|
|
|
|
|
|
Preference shares (without par value) |
|
|
|
|
|
|
|
|
Common shares |
|
|
|
|
|
|
|
Issued - |
|
|
|
|
|
|
|
|
18,115,048 common shares (December 31, 2013 - 18,111,247) |
|
17,888 |
|
|
17,882 |
|
Contributed Surplus |
|
4,467 |
|
|
4,358 |
|
Accumulated Other Comprehensive Loss |
|
(826 |
) |
|
(862 |
) |
Retained Earnings |
|
28,026 |
|
|
28,280 |
|
|
|
49,555 |
|
|
49,658 |
|
|
$ |
126,059 |
|
$ |
130,060 |
|
|
Opta Minerals Inc. |
|
Interim Condensed Consolidated Statements of Income (Loss) |
For the Three Months Ended March 31, 2014 and 2013 |
(Unaudited) |
Expressed in Thousands of US Dollars (except per share amounts) |
|
|
March 31,
2014 |
|
March 31,
2013 |
|
|
|
|
(Restated) |
|
Revenue |
$ |
34,489 |
|
$ |
36,225 |
|
|
|
|
|
|
|
|
Cost of Goods Sold |
|
29,592 |
|
|
28,970 |
|
|
|
|
|
|
|
|
Gross Profit |
|
4,897 |
|
|
7,255 |
|
|
|
|
|
|
|
|
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and administrative |
|
4,357 |
|
|
5,441 |
|
|
Fair value adjustments to contingent consideration |
|
12 |
|
|
(74 |
) |
|
Other income |
|
(251 |
) |
|
(114 |
) |
|
|
4,118 |
|
|
5,253 |
|
|
|
|
|
|
|
|
Income Before Finance Expense and Income Taxes |
|
779 |
|
|
2,002 |
|
|
|
|
|
|
|
|
Finance expense |
|
901 |
|
|
960 |
|
|
|
|
|
|
|
|
Income (Loss) Before Income Taxes |
|
(122 |
) |
|
1,042 |
|
|
|
|
|
|
|
|
Income tax expense |
|
132 |
|
|
272 |
|
|
|
|
|
|
|
|
Income (loss) for the Period Attributable to the Shareholders of the Company |
$ |
(254 |
) |
$ |
770 |
|
|
|
|
|
|
|
|
Earnings (loss) per share for the period - basic and diluted |
$ |
(0.01 |
) |
$ |
0.04 |
|
|
Opta Minerals Inc. |
|
Interim Condensed Consolidated Statements of Comprehensive Income (Loss) |
For the Three Months Ended March 31, 2014 and 2013 |
(Unaudited) |
Expressed in Thousands of US Dollars |
|
March 31,
2014 |
|
March 31,
2013 |
|
|
|
|
(Restated) |
|
Income (Loss) for the Period Attributable to the Shareholders of the Company |
$ |
(254 |
) |
$ |
770 |
|
|
|
|
|
|
|
|
Other Comprehensive Income (Loss), net of income taxes |
|
|
|
|
|
|
|
|
|
|
|
|
|
Items that may be reclassified subsequently to profit or loss |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized gain (loss) on translation of foreign operations |
|
94 |
|
|
(344 |
) |
|
Unrealized loss on derivative financial instruments designated as cash flow hedges |
|
(58 |
) |
|
(224 |
) |
|
|
|
|
|
|
|
Comprehensive Income (Loss) Attributable to the Shareholders of the Company |
$ |
(218 |
) |
$ |
202 |
|
|
Opta Minerals Inc. |
|
Interim Condensed Consolidated Statements of Changes in Equity |
For the Three Months Ended March 31, 2014 and 2013 |
(Unaudited) |
Expressed in Thousands of US Dollars (except per share amounts and number of shares) |
|
|
|
Number of
Shares -
Capital
Stock |
|
Capital
Stock |
|
Contributed
Surplus -
Share-based
Payments |
|
AOCI* -
Cash Flow
Hedge |
|
AOCI* -
Foreign
Currency
Translation
Reserve |
|
Retained
Earnings |
|
Total
Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At January 1, 2014 |
|
18,111,247 |
|
$ |
17,882 |
|
$ |
4,358 |
|
$ |
(230 |
) |
$ |
(632 |
) |
$ |
28,280 |
|
$ |
49,658 |
|
Comprehensive Loss |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss for the period |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
(254 |
) |
|
(254 |
) |
|
Unrealized gain on translation of foreign operations |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
94 |
|
|
- |
|
|
94 |
|
|
Unrealized loss on derivative financial instruments designated as cash flow hedges |
|
- |
|
|
- |
|
|
- |
|
|
(58 |
) |
|
- |
|
|
- |
|
|
(58 |
) |
Total Comprehensive Loss |
|
- |
|
|
- |
|
|
- |
|
|
(58 |
) |
|
94 |
|
|
(254 |
) |
|
(218 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transactions with Shareholders |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Employee share purchase plan |
|
3,801 |
|
|
6 |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
6 |
|
|
Share-based payment expense |
|
- |
|
|
- |
|
|
109 |
|
|
- |
|
|
- |
|
|
- |
|
|
109 |
|
Total Transactions with Shareholders |
|
3,801 |
|
|
6 |
|
|
109 |
|
|
- |
|
|
- |
|
|
- |
|
|
115 |
|
At March 31, 2014 |
|
18,115,048 |
|
$ |
17,888 |
|
$ |
4,467 |
|
$ |
(288 |
) |
$ |
(538 |
) |
$ |
28,026 |
|
$ |
49,555 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At January 1, 2013 |
|
18,084,559 |
|
$ |
17,822 |
|
$ |
3,925 |
|
$ |
(293 |
) |
$ |
(1,556 |
) |
$ |
28,461 |
|
$ |
48,359 |
|
Comprehensive Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income for the period |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
770 |
|
|
770 |
|
|
Unrealized loss on translation of foreign operations |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
(344 |
) |
|
- |
|
|
(344 |
) |
|
Unrealized loss on derivative financial instruments designated as cash flow hedges |
|
- |
|
|
- |
|
|
- |
|
|
(224 |
) |
|
- |
|
|
- |
|
|
(224 |
) |
Total Comprehensive Income |
|
- |
|
|
- |
|
|
- |
|
|
(224 |
) |
|
(344 |
) |
|
770 |
|
|
202 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transactions with Shareholders |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Employee share purchase plan |
|
4,039 |
|
|
12 |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
12 |
|
|
Share options exercised |
|
8,077 |
|
|
15 |
|
|
(15 |
) |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
Share-based payment expense |
|
- |
|
|
- |
|
|
123 |
|
|
- |
|
|
- |
|
|
- |
|
|
123 |
|
Total Transactions with Shareholders |
|
12,116 |
|
|
27 |
|
|
108 |
|
|
- |
|
|
- |
|
|
- |
|
|
135 |
|
At March 31, 2013 |
|
18,096,675 |
|
$ |
17,849 |
|
$ |
4,033 |
|
$ |
(517 |
) |
$ |
(1,900 |
) |
$ |
29,231 |
|
$ |
48,696 |
|
*AOCI - Accumulated Other Comprehensive Income
Opta Minerals Inc. |
|
Interim Condensed Consolidated Statements of Cash Flows |
For the Three Months Ended March 31, 2014 and 2013 |
(Unaudited) |
Expressed in Thousands of US Dollars (except per share amounts and number of shares) |
|
March 31,
2014 |
|
March 31,
2013 |
|
|
|
|
(Restated) |
|
Cash Provided by (Used in) - |
|
|
|
|
|
|
|
Operating Activities |
|
|
|
|
|
|
|
|
Income (loss) for the period |
$ |
(254 |
) |
$ |
770 |
|
|
|
|
|
|
|
|
|
|
Items not affecting cash: |
|
|
|
|
|
|
|
|
|
Depreciation of property, plant and equipment |
|
921 |
|
|
889 |
|
|
|
|
Amortization of intangible assets |
|
558 |
|
|
655 |
|
|
|
|
Share-based payment expense |
|
109 |
|
|
108 |
|
|
|
|
Gain on disposal of property, plant and equipment |
|
(6 |
) |
|
(5 |
) |
|
|
|
Fair value adjustments to contingent consideration |
|
12 |
|
|
(74 |
) |
|
|
|
Deferred income taxes |
|
(80 |
) |
|
(388 |
) |
|
|
1,260 |
|
|
1,955 |
|
|
|
Changes in non-cash working capital |
|
|
|
|
|
|
|
|
|
Trade receivables, other receivables and prepayments |
|
(4,027 |
) |
|
(2,235 |
) |
|
|
|
Inventories |
|
3,573 |
|
|
(3,285 |
) |
|
|
|
Trade and other payables |
|
(147 |
) |
|
2,557 |
|
|
|
|
Provisions |
|
13 |
|
|
(10 |
) |
|
|
|
Income taxes receivable |
|
52 |
|
|
(321 |
) |
|
|
724 |
|
|
(1,339 |
) |
|
Financing Activities |
|
|
|
|
|
|
|
|
Proceeds from issuance of common shares - net of issuance costs |
|
6 |
|
|
27 |
|
|
|
Proceeds from borrowings - net of deferred finance charges |
|
- |
|
|
3,560 |
|
|
|
Repayment of borrowings |
|
(1,942 |
) |
|
(1,300 |
) |
|
|
Repayment of finance lease liabilities |
|
(76 |
) |
|
(361 |
) |
|
|
(2,012 |
) |
|
1,926 |
|
|
Investing Activities |
|
|
|
|
|
|
|
|
Additions to property, plant and equipment |
|
(232 |
) |
|
(709 |
) |
|
|
Proceeds on disposal of property, plant and equipment |
|
12 |
|
|
9 |
|
|
|
Additions to intangible assets |
|
(4 |
) |
|
(99 |
) |
|
|
(224 |
) |
|
(799 |
) |
|
|
|
|
|
|
|
Effect of Foreign Exchange Gain on Cash and Cash Equivalents |
|
(7 |
) |
|
(44 |
) |
|
|
|
|
|
|
|
Net Decrease in Cash and Cash Equivalents |
|
(1,519 |
) |
|
(256 |
) |
|
|
|
|
|
|
|
Cash and Cash Equivalents |
|
|
|
|
|
|
|
Beginning of Period |
|
4,084 |
|
|
3,966 |
|
|
End of Period |
$ |
2,565 |
|
$ |
3,710 |
|
|
|
|
|
|
|
|
Additional Cash Flows Information: |
|
|
|
|
|
|
|
Interest paid |
$ |
887 |
|
$ |
730 |
|
|
Income taxes paid |
|
129 |
|
|
965 |
|
|
Opta Minerals Inc. |
|
Interim Segmented Information |
For the Three Months Ended March 31, 2014 and 2013 |
(Unaudited) |
Expressed in Thousands of US Dollars |
|
|
Three Months Ended March 31, 2014 |
|
|
Steel and
Magnesium |
|
Industrial
Minerals |
|
Corporate |
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
External revenue by market |
|
|
|
|
|
|
|
|
|
|
|
|
Canada |
$ |
3,705 |
|
$ |
2,193 |
|
$ |
- |
|
$ |
5,898 |
|
US |
|
12,327 |
|
|
7,605 |
|
|
- |
|
|
19,932 |
|
Europe |
|
3,391 |
|
|
3,311 |
|
|
- |
|
|
6,702 |
|
Other |
|
- |
|
|
1,957 |
|
|
- |
|
|
1,957 |
|
Total revenue from external customers |
|
19,423 |
|
|
15,066 |
|
|
- |
|
|
34,489 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment profit (loss) before corporate expenses, fair value adjustments to contingent consideration, finance expense and income taxes |
|
2,502 |
|
|
(525 |
) |
|
- |
|
|
1,977 |
|
Fair value adjustments to contingent consideration |
|
(12 |
) |
|
- |
|
|
- |
|
|
(12 |
) |
Corporate expenses |
|
- |
|
|
- |
|
|
(1,186 |
) |
|
(1,186 |
) |
Segment profit (loss) before finance expense and income taxes |
|
2,490 |
|
|
(525 |
) |
|
(1,186 |
) |
|
779 |
|
Finance expense |
|
- |
|
|
- |
|
|
- |
|
|
(901 |
) |
Income tax expense |
|
- |
|
|
- |
|
|
- |
|
|
(132 |
) |
Loss for the period |
|
- |
|
|
- |
|
|
- |
|
|
(254 |
) |
Total assets as at March 31, 2014 |
|
66,055 |
|
|
54,221 |
|
|
5,783 |
|
|
126,059 |
|
Depreciation of property, plant and equipment |
|
425 |
|
|
455 |
|
|
41 |
|
|
921 |
|
Amortization of intangible assets |
|
538 |
|
|
- |
|
|
20 |
|
|
558 |
|
Goodwill and intangible assets as at March 31, 2014 |
|
39,927 |
|
|
650 |
|
|
99 |
|
|
40,676 |
|
Expenditures on property, plant and equipment |
$ |
165 |
|
$ |
66 |
|
$ |
1 |
|
$ |
232 |
|
|
Opta Minerals Inc. |
|
Interim Segmented Information |
For the Three Months Ended March 31, 2014 and 2013 |
(Unaudited) |
Expressed in Thousands of US Dollars |
|
|
Three Months Ended March 31, 2013 |
|
|
(Restated) |
|
|
Steel and
Magnesium |
Industrial
Minerals |
|
Corporate |
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
External revenue by market |
|
|
|
|
|
|
|
|
|
|
|
Canada |
$ |
3,439 |
$ |
3,215 |
|
$ |
- |
|
$ |
6,654 |
|
US |
|
12,362 |
|
7,785 |
|
|
- |
|
|
20,147 |
|
Europe |
|
3,851 |
|
3,354 |
|
|
- |
|
|
7,205 |
|
Other |
|
- |
|
2,219 |
|
|
- |
|
|
2,219 |
|
Total revenue from external customers |
|
19,652 |
|
16,573 |
|
|
- |
|
|
36,225 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment profit (loss) before corporate expenses, fair value adjustments to contingent consideration, finance expense and income taxes |
|
3,486 |
|
(32 |
) |
|
- |
|
|
3,454 |
|
Fair value adjustments to contingent consideration |
|
74 |
|
- |
|
|
- |
|
|
74 |
|
Corporate expenses |
|
- |
|
- |
|
|
(1,526 |
) |
|
(1,526 |
) |
Segment profit (loss) before finance expense and income taxes |
|
3,560 |
|
(32 |
) |
|
(1,526 |
) |
|
2,002 |
|
Finance expense |
|
- |
|
- |
|
|
- |
|
|
(960 |
) |
Income tax expense |
|
- |
|
- |
|
|
- |
|
|
(272 |
) |
Profit for the period |
|
- |
|
- |
|
|
- |
|
|
770 |
|
Total assets as at March 31, 2013 |
|
73,863 |
|
60,047 |
|
|
5,158 |
|
|
139,068 |
|
Depreciation of property, plant and equipment |
|
363 |
|
476 |
|
|
50 |
|
|
889 |
|
Amortization of intangible assets |
|
559 |
|
47 |
|
|
49 |
|
|
655 |
|
Goodwill and intangible assets as at March 31, 2013 |
|
42,530 |
|
4,591 |
|
|
228 |
|
|
47,349 |
|
Expenditures on property, plant and equipment |
$ |
164 |
$ |
417 |
|
$ |
128 |
|
$ |
709 |
|
External revenue by market is attributed to countries based on location of the customer.
Included in the steel and magnesium segment is revenue from two customers that individually exceed 10% of the Company's revenue.
|
|