|
WATERDOWN, ONTARIO--(Marketwired - May 8, 2013) - Opta Minerals Inc. (News - Market indicators), today announced results for the three months ended March 31, 2013. All figures are reported in U.S. dollars and are in accordance with International Financial Reporting Standards (IFRS), except where otherwise noted.
Financial Highlights (presented in $000s USD except per share amounts):
|
3 months |
|
3 months |
|
|
|
|
|
|
ended |
|
ended |
|
|
|
|
|
|
March 31, |
|
March 31, |
|
Increase |
|
|
|
|
2013 |
|
2012 |
|
(Decrease) |
|
% |
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
36,225 |
|
$ |
28,332 |
|
$ |
7,893 |
|
27.9 |
% |
Gross Profit |
|
7,255 |
|
|
6,247 |
|
|
1,008 |
|
16.1 |
% |
|
|
20.0 |
% |
|
22.0 |
% |
|
(2.0 |
%) |
|
|
EBIT2 |
|
2,173 |
|
|
2,851 |
|
|
(678 |
) |
(23.8 |
%) |
Net Earnings |
|
935 |
|
|
1,510 |
|
|
(575 |
) |
(38.1 |
%) |
EPS |
|
0.05 |
|
|
0.08 |
|
|
(0.03 |
) |
|
|
EBITDA1 |
|
3,717 |
|
|
4,147 |
|
|
(430 |
) |
(10.4 |
%) |
|
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 "During the first quarter, Opta Minerals experienced strong revenue growth over the comparable period in 2012, largely the result of acquisitions in our two business segments last year. Earnings in the steel sector were marginally improved by results in the industrial minerals sector. As a result of the economic environment, we experienced softer results in our core business segments. However, we are cautiously optimistic this will rebound over the course of the year. We will continue to focus our efforts on completing the European integration of the newest acquisition (WGI Heavy Minerals, Incorporated (WGI)), improving profitability at certain locations, improving our working capital, generating cash flow, and paying down debt."
Operational Highlights:
- Net earnings for the first quarter decreased 38.1% over the comparable quarter in 2012. The decrease was primarily attributable to the erosion of margins, a softer economic environment than the same quarter last year, professional fees associated with completing the requirements of the Company's credit agreement and tax restructurings, and severance costs related to WGI integration.
- Revenue in the Steel and Magnesium segment (formerly Mill and Foundry Products and Services) increased 2.0% over the comparable quarter in 2012 due largely to the acquisition of Babco Industrial Corp. mid-February 2012. Revenue in the Industrial Minerals segment (formerly Abrasive Products Manufacturing and Distribution) increased 82.7% over the comparable quarter in 2012 due to garnet sales from the acquisition of WGI.
- Gross profit increased quarter over quarter largely as a result of revenue growth related to prior year acquisitions. However, gross profit as a percentage of revenue has declined due to weakness in the industrial minerals segment related to, competitive pressures, economic conditions and weather related events and, product mix as a result of acquisitions.
- Selling, general and administrative expenses (SGA) increased to 14.3% of revenue for the first quarter of 2013 from 12.8% for the comparable quarter in 2012. Included in SGA in the first quarter of 2013 were one time costs associated with professional fees for income tax restructuring and severance costs amounting to $0.2 million and $0.1 million, respectively. The Company expects to reduce SGA during 2013 as synergies are achieved from the integration of the WGI acquisition.
- The foreign exchange gain was $0.1 million for the quarter as compared to a foreign exchange gain of $0.2 million for the same quarter in 2012. The results reflect movement between the three currencies we principally do business in; the U.S. dollar, the Canadian dollar and the Euro. The foreign exchange results are included in other income in the interim condensed consolidated statements of income.
- Finance expense increased quarter over quarter largely as a result of professional fees associated with completing the requirements of the credit agreement to finance the prior year acquisitions. These professional fees amounted to $0.2 million for the quarter ended March 31, 2013.
- For the three months ended March 31, 2013, cash flow from operating activities before changes in working capital generated $2.2 million versus $2.7 million in the first quarter of 2012. The positive cash flow was used to repay debt and finance working capital and capital expenditures.
- The Company's working capital, excluding the reclassification of long-term borrowings, is $25.0 million at March 31, 2013 and December 31, 2012. Long-term borrowings of $42.9 million have been reclassified to current borrowings as a result of an event of default of certain financial covenants stipulated under the Company's credit agreement. Subsequent to March 31, 2013, the Company obtained a waiver in respect of these financial covenant ratios and has reset certain financial covenant ratios for the second and third quarters. Total assets were $145.6 million as compared to $142.8 million at December 31, 2012.
- The debt to equity ratio at March 31, 2013 was 1.27 to 1.00, versus 1.27 to 1.00 at December 31, 2012.
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 |
|
2013 |
2012 |
|
$ |
$ |
|
|
|
Net Earnings for the Period |
935 |
1,510 |
Finance Expense |
886 |
656 |
Income Taxes |
352 |
685 |
Depreciation and Amortization |
1,544 |
1,296 |
|
|
|
EBITDA1 |
3,717 |
4,147 |
Subtract: |
|
|
Depreciation and Amortization |
1,544 |
1,296 |
|
|
|
EBIT2 |
2,173 |
2,851 |
|
|
|
Notes
1) 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.
2) 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.
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 the Company's intention to continue to focus on completing the European integration of the newest acquired business, improving profitability at certain locations, improving working capital, generating cash flow and paying down debt, 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, 2013 |
|
(Unaudited) |
|
Expressed in Thousands of US Dollars (except per share amounts and number of shares) |
|
|
|
|
|
|
|
|
March 31, |
|
|
December 31, |
|
|
2013 |
|
|
2012 |
|
|
(Unaudited) |
|
|
(Unaudited) |
|
Assets |
|
|
|
|
|
|
|
Current |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
3,710 |
|
|
$ |
3,966 |
|
|
Trade and other receivables |
|
21,845 |
|
|
|
19,894 |
|
|
Inventories |
|
35,422 |
|
|
|
32,516 |
|
|
|
60,977 |
|
|
|
56,376 |
|
Property, Plant and Equipment |
|
29,233 |
|
|
|
29,770 |
|
Intangible Assets |
|
33,374 |
|
|
|
34,462 |
|
Goodwill |
|
14,149 |
|
|
|
14,311 |
|
Deferred Income Tax Assets |
|
7,886 |
|
|
|
7,846 |
|
|
$ |
145,619 |
|
|
$ |
142,765 |
|
Liabilities |
|
|
|
|
|
|
|
Current |
|
|
|
|
|
|
|
|
Trade and other payables |
|
15,726 |
|
|
|
13,598 |
|
|
Borrowings |
|
62,249 |
|
|
|
16,533 |
|
|
Provisions |
|
239 |
|
|
|
249 |
|
|
Other liabilities |
|
628 |
|
|
|
612 |
|
|
Income taxes payable |
|
39 |
|
|
|
360 |
|
|
|
78,881 |
|
|
|
31,352 |
|
Borrowings |
|
356 |
|
|
|
45,351 |
|
Derivative Financial Instruments |
|
699 |
|
|
|
396 |
|
Provisions |
|
227 |
|
|
|
227 |
|
Other Liabilities |
|
1,172 |
|
|
|
1,274 |
|
Deferred Income Tax Liabilities |
|
4,445 |
|
|
|
4,468 |
|
Deferred Income Tax Liability on Intangible Assets |
|
10,625 |
|
|
|
10,985 |
|
|
|
96,405 |
|
|
|
94,053 |
|
Equity Attributable to the Shareholders of the Company |
|
|
|
|
|
|
|
Capital Stock |
|
|
|
|
|
|
|
|
Authorized without limit as to number - |
|
|
|
|
|
|
|
|
Preference shares (without par value) |
|
|
|
|
|
|
|
|
common shares |
|
|
|
|
|
|
|
|
Issued - |
|
|
|
|
|
|
|
|
18,096,675 common shares (December 31, 2012 - 18,084,559) |
|
17,756 |
|
|
|
17,729 |
|
Contributed Surplus |
|
4,126 |
|
|
|
4,018 |
|
Accumulated Other Comprehensive Loss |
|
(2,417 |
) |
|
|
(1,849 |
) |
Retained Earnings |
|
29,749 |
|
|
|
28,814 |
|
|
|
49,214 |
|
|
|
48,712 |
|
|
$ |
145,619 |
|
|
$ |
142,765 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Opta Minerals Inc. |
|
|
|
Interim Condensed Consolidated Statements of Income |
|
For the Three Months Ended March 31, 2013 and 2012 |
|
(Unaudited) |
|
Expressed in Thousands of US Dollars (except per share amounts) |
|
|
|
|
|
|
|
|
|
|
March 31, |
|
|
March 31, |
|
|
2013 |
|
|
2012 |
|
|
|
|
|
|
|
|
|
Revenue |
$ |
36,225 |
|
|
$ |
28,332 |
|
Cost of Goods Sold |
|
28,970 |
|
|
|
22,085 |
|
|
|
7,255 |
|
|
|
6,247 |
|
|
|
|
|
|
|
|
|
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and administrative |
|
5,196 |
|
|
|
3,618 |
|
|
Other income |
|
(114 |
) |
|
|
(222 |
) |
|
|
5,082 |
|
|
|
3,396 |
|
Profit Before Finance Expense and Income Taxes |
|
2,173 |
|
|
|
2,851 |
|
Finance expense |
|
886 |
|
|
|
656 |
|
Profit Before Income Taxes |
|
1,287 |
|
|
|
2,195 |
|
Income taxes |
|
352 |
|
|
|
685 |
|
Profit for the Period Attributable to the Shareholders of the Company |
$ |
935 |
|
|
$ |
1,510 |
|
Earnings per share for the period - |
|
|
|
|
|
|
|
|
basic and diluted |
|
0.05 |
|
|
|
0.08 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Opta Minerals Inc. |
|
|
|
Interim Condensed Consolidated Statements of Comprehensive Income |
|
For the Three Months Ended March 31, 2013 and 2012 |
|
(Unaudited) |
|
Expressed in Thousands of US Dollars |
|
|
|
|
|
|
|
|
|
|
|
March 31, |
|
|
March 31, |
|
|
|
2013 |
|
|
2012 |
|
|
|
|
|
|
|
|
|
|
Profit for the Period Attributable to the Shareholders of the Company |
|
$ |
935 |
|
|
$ |
1,510 |
|
Other Comprehensive Income, net of tax |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Items that may be reclassified subsequently to profit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized (loss) gain on translation of foreign operations |
|
|
(344 |
) |
|
|
140 |
|
|
Unrealized loss on derivative financial instruments |
|
|
(224 |
) |
|
|
(49 |
) |
Comprehensive Income Attributable to the Shareholders of the Company |
|
$ |
367 |
|
|
$ |
1,601 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Opta Minerals Inc. |
|
|
|
Interim Condensed Consolidated Statements of Changes in Equity |
|
For the Three Months Ended March 31, 2013 and 2012 |
|
(Unaudited) |
|
Expressed in Thousands of US Dollars |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AOCI* - |
|
|
|
|
|
|
|
|
|
|
|
Contributed |
|
|
|
Foreign |
|
|
|
|
|
|
|
Number of |
|
|
|
Surplus - |
AOCI* - |
|
|
Currency |
|
|
|
|
|
|
|
Shares - |
|
Capital |
|
Share-based |
Cash Flow |
|
|
Translation |
|
|
Retained |
|
Total |
|
|
Capital Stock |
|
Stock |
|
Payments |
Hedge |
|
|
Reserve |
|
|
Earnings |
|
Equity |
|
At January 1, 2013 |
18,084,559 |
|
$ |
17,729 |
|
$ |
4,018 |
$ |
(293 |
) |
|
$ |
(1,556 |
) |
|
$ |
28,814 |
|
$ |
48,712 |
|
Comprehensive Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit for the period |
- |
|
|
- |
|
|
- |
|
- |
|
|
|
- |
|
|
|
935 |
|
|
935 |
|
|
Unrealized loss on translation of foreign operations |
- |
|
|
- |
|
|
- |
|
- |
|
|
|
(344 |
) |
|
|
- |
|
|
(344 |
) |
|
Unrealized loss on financial derivative designated as a cash flow hedge |
- |
|
|
- |
|
|
- |
|
(224 |
) |
|
|
- |
|
|
|
- |
|
|
(224 |
) |
Total Comprehensive Income |
- |
|
|
- |
|
|
- |
|
(224 |
) |
|
|
(344 |
) |
|
|
935 |
|
|
367 |
|
Transactions with Shareholders |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Employee share purchase plan |
4,039 |
|
|
12 |
|
|
- |
|
- |
|
|
|
- |
|
|
|
- |
|
|
12 |
|
|
Stock options exercised |
8,077 |
|
|
15 |
|
|
- |
|
- |
|
|
|
- |
|
|
|
- |
|
|
15 |
|
|
Share-based payment expense |
- |
|
|
- |
|
|
108 |
|
- |
|
|
|
- |
|
|
|
- |
|
|
108 |
|
Total Transactions with Shareholders |
12,116 |
|
|
27 |
|
|
108 |
|
- |
|
|
|
- |
|
|
|
- |
|
|
135 |
|
At March 31, 2013 |
18,096,675 |
|
|
17,756 |
|
|
4,126 |
|
(517 |
) |
|
|
(1,900 |
) |
|
|
29,749 |
|
|
49,214 |
|
At January 1, 2012 |
18,061,784 |
|
|
17,680 |
|
|
3,429 |
|
(193 |
) |
|
|
(1,942 |
) |
|
|
23,541 |
|
|
42,515 |
|
Comprehensive Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit for the period |
- |
|
|
- |
|
|
- |
|
- |
|
|
|
- |
|
|
|
1,510 |
|
|
1,510 |
|
|
Unrealized gain on translation of foreign operations |
- |
|
|
- |
|
|
- |
|
- |
|
|
|
140 |
|
|
|
- |
|
|
140 |
|
|
Unrealized gain on financial derivative designated as a cash flow hedge |
- |
|
|
- |
|
|
- |
|
(49 |
) |
|
|
- |
|
|
|
- |
|
|
(49 |
) |
Total Comprehensive Income |
- |
|
|
- |
|
|
- |
|
(49 |
) |
|
|
140 |
|
|
|
1,510 |
|
|
1,601 |
|
Transactions with Shareholders |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Employee share purchase plan |
2,858 |
|
|
6 |
|
|
- |
|
- |
|
|
|
- |
|
|
|
- |
|
|
6 |
|
|
Share-based payment expense |
- |
|
|
- |
|
|
201 |
|
- |
|
|
|
- |
|
|
|
- |
|
|
201 |
|
Total Transactions with Shareholders |
2,858 |
|
|
6 |
|
|
201 |
|
- |
|
|
|
- |
|
|
|
- |
|
|
207 |
|
At March 31, 2012 |
18,064,642 |
|
$ |
17,686 |
|
$ |
3,630 |
$ |
(242 |
) |
|
$ |
(1,802 |
) |
|
$ |
25,051 |
|
$ |
44,323 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Opta Minerals Inc. |
|
|
|
Interim Condensed Consolidated Statements of Cash Flows |
|
For the Three Months Ended March 31, 2013 and 2012 |
|
(Unaudited) |
|
Expressed in Thousands of US Dollars |
|
|
|
|
|
|
March 31, |
|
March 31, |
|
|
2013 |
|
2012 |
|
|
|
|
|
|
|
|
Cash Provided by (Used in) - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit for the period |
$ |
935 |
|
$ |
1,510 |
|
|
|
Items not affecting cash: |
|
|
|
|
|
|
|
|
|
Depreciation of property, plant and equipment |
|
889 |
|
|
688 |
|
|
|
|
Amortization of intangible assets |
|
655 |
|
|
608 |
|
|
|
|
Share-based payment expense |
|
108 |
|
|
201 |
|
|
|
|
Non-cash finance expense |
|
(74 |
) |
|
- |
|
|
|
|
Gain on disposal of property, plant and equipment |
|
(5 |
) |
|
- |
|
|
|
|
Deferred income taxes |
|
(308 |
) |
|
(331 |
) |
|
|
2,200 |
|
|
2,676 |
|
|
|
Changes in non-cash working capital |
|
|
|
|
|
|
|
|
|
Trade and other receivables |
|
(2,235 |
) |
|
(2,547 |
) |
|
|
|
Inventories |
|
(3,285 |
) |
|
(1,046 |
) |
|
|
|
Trade and other payables |
|
2,312 |
|
|
1,314 |
|
|
|
|
Provisions |
|
(10 |
) |
|
(685 |
) |
|
|
|
Income taxes payable |
|
(321 |
) |
|
364 |
|
|
|
(1,339 |
) |
|
76 |
|
|
Financing Activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from issuance of common shares - net of issuance costs |
|
27 |
|
|
6 |
|
|
|
Proceeds from borrowings |
|
3,560 |
|
|
20,682 |
|
|
|
Repayment of finance lease liability |
|
(361 |
) |
|
(48 |
) |
|
|
Repayment of borrowings |
|
(1,300 |
) |
|
(1,836 |
) |
|
|
1,926 |
|
|
18,804 |
|
|
Investing Activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition of subsidiary |
|
- |
|
|
(17,530 |
) |
|
|
Additions to property, plant and equipment |
|
(709 |
) |
|
(611 |
) |
|
|
Proceeds on disposal of property, plant and equipment |
|
9 |
|
|
- |
|
|
|
Additions to intangible assets |
|
(99 |
) |
|
(25 |
) |
|
|
(799 |
) |
|
(18,166 |
) |
Foreign Exchange Gain (Loss) on Cash Held in Foreign Currency |
|
(44 |
) |
|
17 |
|
Increase (Decrease) in Cash and Cash Equivalents |
|
(256 |
) |
|
731 |
|
Cash and Cash Equivalents |
|
|
|
|
|
|
|
Beginning of Period |
|
3,966 |
|
|
698 |
|
|
End of Period |
$ |
3,710 |
|
$ |
1,429 |
|
Additional Cash Flows Information: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest paid |
$ |
730 |
|
$ |
664 |
|
|
Income taxes paid |
|
965 |
|
|
684 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Opta Minerals Inc. |
|
|
|
Segmented Information |
|
For the Three Months Ended March 31, 2013 and 2012 |
|
Expressed in Thousands of US Dollars |
|
|
|
Intersegment revenues are recorded at transaction prices, which approximate cost. The Company's assets, operations and employees are located in Canada, the United States and Europe. |
|
|
|
|
Three Months Ended March 31, 2013 |
|
|
|
|
|
|
|
|
|
|
|
|
Steel and |
|
Industrial |
|
|
|
|
|
|
|
Magnesium |
|
Minerals |
|
Corporate |
|
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
External revenue by market |
|
|
|
|
|
|
|
|
|
|
|
|
|
Canada |
$ |
3,439 |
|
$ |
3,215 |
|
$ |
- |
|
|
$ |
6,654 |
|
U.S |
|
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 before corporate expenses, finance expense and income taxes |
|
3,587 |
|
|
112 |
|
|
- |
|
|
|
3,699 |
|
Corporate expenses |
|
- |
|
|
- |
|
|
(1,526 |
) |
|
|
(1,526 |
) |
Segment profit before finance expense and income taxes |
|
3,587 |
|
|
112 |
|
|
(1,526 |
) |
|
|
2,173 |
|
Finance expense |
|
- |
|
|
- |
|
|
- |
|
|
|
(886 |
) |
Income taxes |
|
- |
|
|
- |
|
|
- |
|
|
|
(352 |
) |
Profit for the period |
|
- |
|
|
- |
|
|
- |
|
|
|
935 |
|
Total assets as at March 31, 2013 |
|
77,987 |
|
|
63,718 |
|
|
3,914 |
|
|
|
145,619 |
|
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 |
|
43,119 |
|
|
4,176 |
|
|
228 |
|
|
|
47,523 |
|
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 (formerly Mill and Foundry Products and Services) is revenue from two customers that individually exceeds 10% of the Company's revenue.
The Company evaluates the performance of its operating segments primarily based on income before corporate expenses, finance expense and income taxes.
Opta Minerals Inc. |
|
|
|
Segmented Information |
|
For the Three Months Ended March 31, 2013 and 2012 |
|
Expressed in Thousands of US Dollars |
|
|
|
|
|
Three Months Ended March 31, 2012 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Steel and |
|
Industrial |
|
|
|
|
|
|
|
|
Magnesium |
|
Minerals |
|
Corporate |
|
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
External revenue by market |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Canada |
|
$ |
2,984 |
|
$ |
3,288 |
|
$ |
- |
|
|
$ |
6,272 |
|
U.S |
|
|
12,300 |
|
|
5,742 |
|
|
- |
|
|
|
18,042 |
|
Europe |
|
|
3,977 |
|
|
- |
|
|
- |
|
|
|
3,977 |
|
Other |
|
|
1 |
|
|
40 |
|
|
- |
|
|
|
41 |
|
Total revenue from external customers |
|
|
19,262 |
|
|
9,070 |
|
|
- |
|
|
|
28,332 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment profit before corporate expenses, finance expense and income taxes |
|
|
4,077 |
|
|
608 |
|
|
- |
|
|
|
4,685 |
|
Corporate expenses |
|
|
- |
|
|
- |
|
|
(1,834 |
) |
|
|
(1,834 |
) |
Segment profit before finance expense and income taxes |
|
|
4,077 |
|
|
608 |
|
|
(1,834 |
) |
|
|
2,851 |
|
Finance expense |
|
|
- |
|
|
- |
|
|
- |
|
|
|
(656 |
) |
Income taxes |
|
|
- |
|
|
- |
|
|
- |
|
|
|
(685 |
) |
Profit for the period |
|
|
- |
|
|
- |
|
|
- |
|
|
|
1,510 |
|
Total assets as at March 31, 2012 |
|
|
77,004 |
|
|
38,493 |
|
|
5,196 |
|
|
|
120,693 |
|
Depreciation of property, plant and equipment |
|
|
330 |
|
|
323 |
|
|
35 |
|
|
|
688 |
|
Amortization of intangible assets |
|
|
507 |
|
|
53 |
|
|
48 |
|
|
|
608 |
|
Goodwill and intangible assets as at March 31, 2012 |
|
|
46,293 |
|
|
4,157 |
|
|
330 |
|
|
|
50,780 |
|
Expenditures on property, plant and equipment |
|
$ |
293 |
|
$ |
262 |
|
$ |
56 |
|
|
$ |
611 |
|
Opta Minerals Inc. David Kruse President and Chief Executive Officer 905-689-7361, ext 405 or Opta Minerals Inc. Peter Fryters Chief Financial Officer and Treasurer 905-689-7361, ext 405 investor_relations@optaminerals.com www.optaminerals.com
| |