WATERDOWN, ONTARIO -- (Marketwire) -- 03/08/11 -- Opta Minerals Inc. (TSX: OPM), today announced results for the three and twelve months ended December 31, 2010. All figures are reported in U.S. dollars and in accordance with Canadian Generally Accepted Accounting Principles (GAAP), except where otherwise noted.
Financial Highlights (presented in $000s USD except per share amounts):
3 months ended 3 months ended Increase Dec 31, 2010 Dec 31, 2009 (Decrease) % Revenue $ 21,376 $ 16,716 $ 4,660 27.9% Gross Profit 4,864 3,484 1,380 39.6% 22.8% 20.8% 2.0% EBITDA(1) 2,200 2,011 189 9.4% EBIT(2) 1,166 962 204 21.2% Net Earnings (Loss) 234 616 (382) (62.0%) EPS(3) $ 0.01 $ 0.04 $ (0.03) 12 months ended 12 months ended Increase Dec 31, 2010 Dec 31, 2009 (Decrease) % Revenue $ 80,868 $ 62,526 $ 18,342 29.3% Gross Profit 20,036 13,081 6,955 53.2% 24.8% 20.9% 3.9% EBITDA(1) 11,761 6,190 5,571 90.0% EBIT(2) 7,662 (4,859) 12,521 257.7% Net Earnings (Loss) 3,751 (6,205) 9,956 160.5% EPS(3) $ 0.21 $ (0.34) $ 0.55 (1) EBITDA is a non-GAAP measure; refer to Footnotes. (2) EBIT is a non-GAAP measure; refer to Footnotes. (3) Earnings Per Share includes the impact of an additional non-tax deductible stock compensation expense relating to the cancellation of stock options during the fourth quarter in the amount of $456 or $0.03 per share plus an additional valuation allowance for the benefit of non- capital losses in the amount of $179 or $0.01 per share.
David Kruse, President and CEO of Opta Minerals, noted "During the fourth quarter, Opta Minerals continued to see a steady but modest increase in demand in our related industries. We have continued to increase production and monitor our cost structure. We are pleased although cautious of the continued direction of the economic environment."
Operational Highlights:
-- Revenue growth for the quarter and year in both operating segments as the Mill and Foundry Products and Services segment increased 28% year- over-year due to demand for magnesium based reagent blends and the Abrasive Products Manufacturing and Distribution segment increased 32% year-over-year due to demand for metallurgical slags. -- Gross profit increase as a result of the strengthening revenues and increased production, combined with the impact of cost reduction measures. -- Selling, general and administrative expenses remained constant at 12.4% of revenue for the fourth quarter of 2009 and 2010. On a year to date basis, selling, general and administrative expenses declined from 14.6% of revenue for 2009 to 13.1% of revenue in 2010. Most of the decrease was a result of the cost reduction initiatives put in place by management during the past few years offset by the strengthening Canadian dollar against the U.S. dollar which impacted the reported value of corporate costs which are largely denominated in Canadian dollars. -- Net earnings in the fourth quarter includes the impact of an additional $456,000 in non-tax deductible stock compensation expense relating to the cancellation of stock options and an increase in the valuation allowance for the benefit of non-capital tax losses in the amount of $179,000. Excluding these items, net earnings would be $869,000 exceeding the results of the fourth quarter of the prior year by $253,000 or $0.01 per share. -- The prior year included a non-cash goodwill impairment charge in the amount of $7.2 million recorded in the third quarter. Excluding the impact of this charge, pre-tax earnings have increased $5.2 million over the prior year. -- For the three months ended December 31, 2010, cash flow from operating activities before changes in working capital generated $2.2 million versus $1.6 million in the fourth quarter of 2009. The strong cash flow was used to finance payments on long-term debt in the amount of $2.1 million. On a year to date basis, cash flows from operating activities before changes in working capital generated $7.9 million versus $3.0 million in 2009. The cash flow was used to finance working capital, repayment of long-term debt in the amount of $4.6 million and an investment in property, plant and equipment in the amount of $1.3 million. The cash flow was also used to pay additional consideration on prior acquisitions in the amount of $0.5 million. -- The Company s working capital at December 31, 2010 amounts to $14.1 million and total assets were $88.0 million, as compared to $12.2 million and $86.9 million respectively for the same period in 2009. -- The debt-to-equity ratio at December 31, 2010 was 0.57 to 1.00, versus 0.70 to 1.00 at December 31, 2009.
Opta Minerals President and CEO, David Kruse, plans to host a conference call at 11:00AM Eastern Standard Time on Thursday, March 10th, 2011 to discuss fourth quarter 2010 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) 321-6651 or 1-(416) 642-5212; quote confirmation code 3511930. If you are unable to listen live, the conference call will be archived and can be accessed between March 11th, 2011 and March 18th, 2011, with the toll free dial-in number 1-(888) 203-1112 or 1-(647) 436-0148 followed by pass code 3511930.
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, Louisiana, South Carolina, Virginia, Maryland, Indiana, Michigan, New York, Texas, Florida, France and Slovakia. 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-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.
For the three Months For the twelve Months Ended December 31 Ended December 31 2010 2009 2010 2009 $ $ $ $ Net Earnings (Loss) for the Period 234 616 3,751 (6,205) Interest Expense 500 340 1,990 1,588 Provision for (recovery of) Income Taxes 432 6 1,921 (242) Depreciation and Amortization 1,034 1,049 4,099 3,851 Goodwill Impairment - - - 7,198 EBITDA(1) 2,200 2,011 11,761 6,190 Add (subtract): Depreciation and Amortization (1,034) (1,049) (4,099) (3,851) Goodwill Impairment - - - (7,198) Earnings (loss) before income taxes and interest(2) 1,166 962 7,662 (4,859) ---------------------------------------------------------------------------- ----------------------------------------------------------------------------
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", "wil", "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.
Opta Minerals Inc. Consolidated Statements of Earnings For the Three Month Periods Ended December 31, 2010 and 2009 Expressed in Thousands of U.S. Dollars (except per share amounts) 2010 2009 ---------------------------------------------------------------------------- Revenue $ 21,376 $ 16,716 Cost of Goods Sold 16,512 13,232 ---------------------------------------------------------------------------- Gross Profit 4,864 3,484 ---------------------------------------------------------------------------- Selling, General and Administrative Expenses 2,657 2,067 ---------------------------------------------------------------------------- Earnings Before Undernoted Items, Income Taxes and Non-controlling Interest 2,207 1,417 ---------------------------------------------------------------------------- Interest expense on long-term debt 418 200 Interest expense 82 140 Amortization of intangible assets 459 477 Stock compensation expense 559 75 Other (income) expense - (68) Foreign exchange loss (gain) 23 (35) ---------------------------------------------------------------------------- 1,541 789 ---------------------------------------------------------------------------- Earnings Before Income Taxes and Non-controlling Interest 666 628 Provision for income taxes 432 6 ---------------------------------------------------------------------------- Net Earnings Before Non-Controlling Interest 234 622 ---------------------------------------------------------------------------- Net earnings attributable to non-controlling interest - 6 ---------------------------------------------------------------------------- Net Earnings Attributable to Opta Minerals Inc. $ 234 $ 616 ---------------------------------------------------------------------------- Earnings per share for the period - Basic and diluted $ 0.01 $ 0.04 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- Opta Minerals Inc. Consolidated Statements of Earnings (Loss) For the Twelve Month Periods Ended December 31, 2010 and 2009 Expressed in Thousands of U.S. Dollars (except per share amounts) 2010 2009 ---------------------------------------------------------------------------- Revenue $ 80,868 $ 62,526 Cost of Goods Sold 60,832 49,445 ---------------------------------------------------------------------------- Gross Profit 20,036 13,081 ---------------------------------------------------------------------------- Selling, General and Administrative Expenses 10,564 9,106 ---------------------------------------------------------------------------- Earnings Before Undernoted Items, Income Taxes, Goodwill Impairment and Non-controlling Interest 9,472 3,975 ---------------------------------------------------------------------------- Interest expense on long-term debt 1,618 1,054 Interest expense 372 534 Amortization of intangible assets 1,834 1,844 Stock compensation expense 777 285 Other (income) expense - 237 Foreign exchange gain (801) (466) ---------------------------------------------------------------------------- 3,800 3,488 ---------------------------------------------------------------------------- Earnings Before Income Taxes, Goodwill Impairment and Non-controlling Interest 5,672 487 Provision for (recovery of) income taxes 1,921 (242) ---------------------------------------------------------------------------- Net Earnings Before Goodwill Impairment and Non- controlling Interest 3,751 729 ---------------------------------------------------------------------------- Goodwill impairment - 7,198 ---------------------------------------------------------------------------- Net Earnings (Loss) Before Non-controlling Interest 3,751 (6,469) ---------------------------------------------------------------------------- Net loss attributable to non-controlling interest - (264) ---------------------------------------------------------------------------- Net Earnings (Loss) Attributable to Opta Minerals Inc. $ 3,751 $ (6,205) ---------------------------------------------------------------------------- Earnings (loss) per share for the period - Basic and diluted $ 0.21 $ (0.34) ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- Opta Minerals Inc. Consolidated Balance Sheets (Expressed in Thousands of U.S. Dollars) 2010 2009 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- Assets Current Cash and cash equivalents $ 495 $ 781 Accounts receivable 11,464 9,422 Inventories 19,259 17,181 Prepaid expenses and other current assets 538 628 Income taxes recoverable - 584 ---------------------------------------------------------------------------- 31,756 28,596 ---------------------------------------------------------------------------- Property, Plant and Equipment 17,273 17,796 ---------------------------------------------------------------------------- Intangible and Other Assets 29,255 31,691 ---------------------------------------------------------------------------- Goodwill 6,496 6,019 ---------------------------------------------------------------------------- Future Income Taxes 3,190 2,779 ---------------------------------------------------------------------------- $ 87,970 $ 86,881 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- Liabilities Current Bank indebtedness $ 3,546 $ 3,355 Accounts payable and accrued liabilities 10,686 8,544 Income taxes payable 250 - Current portion of long-term debt 3,113 4,495 Current portion of preference shares 46 44 ---------------------------------------------------------------------------- 17,641 16,438 ---------------------------------------------------------------------------- Long-term Debt 16,559 18,912 ---------------------------------------------------------------------------- Other Long-term Liabilities 892 1,387 ---------------------------------------------------------------------------- Future Income Taxes 3,409 2,674 ---------------------------------------------------------------------------- Future Income Taxes on Intangible Assets 8,510 9,213 ---------------------------------------------------------------------------- 47,011 48,624 ---------------------------------------------------------------------------- Shareholders' Equity Capital Stock Authorized unlimited number of common shares and preference shares without par value Issued - 18,036,974 (December 31, 2009 - 18,023,193) common shares 17,632 17,612 ---------------------------------------------------------------------------- Contributed Surplus 2,727 1,950 ---------------------------------------------------------------------------- Accumulated Other Comprehensive Income 1,656 3,502 Retained Earnings 18,944 15,193 ---------------------------------------------------------------------------- 20,600 18,695 ---------------------------------------------------------------------------- 40,959 38,257 ---------------------------------------------------------------------------- $ 87,970 $ 86,881 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- Opta Minerals Inc. Consolidated Statements of Cash Flows For the Three Month Periods Ended December 31, 2010 and 2009 Expressed in Thousands of U.S. Dollars 2010 2009 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- Cash Provided By (Used in) - Operating Activities Net earnings for the period $ 234 $ 622 Items not affecting cash: Amortization of property, plant and equipment 575 572 Amortization of intangible assets 459 477 Stock compensation expense 559 75 Future income taxes expense 416 87 Realized foreign exchange gain on foreign operations (71) (180) Net gain on disposal of property, plant and equipment - (12) ---------------------------------------------------------------------------- 2,172 1,641 Changes in non-cash working capital: Accounts receivable 1,074 26 Inventories 1,024 294 Prepaid expenses and other current assets 316 679 Accounts payable and accrued liabilities (1,619) 721 Income taxes recoverable / payable (684) (404) ---------------------------------------------------------------------------- 2,283 2,957 ---------------------------------------------------------------------------- Financing Activities Proceeds from issuance of common shares - net of issuance costs 6 6 Increase (decrease) in bank indebtedness 531 (2,322) Repayment of long-term debt (2,073) (509) ---------------------------------------------------------------------------- (1,536) (2,825) ---------------------------------------------------------------------------- Investing Activity Acquisition of property, plant and equipment (175) (510) Acquisition of other assets (510) - Additional consideration paid on acquisitions (477) - ---------------------------------------------------------------------------- (1,162) (510) ---------------------------------------------------------------------------- Foreign Exchange (Loss) Gain on Cash Held in Foreign Currency 1 (2) ---------------------------------------------------------------------------- Decrease in Cash and Cash Equivalents (414) (380) Cash and Cash Equivalents Beginning of Period 909 1,161 ---------------------------------------------------------------------------- End of Period $ 495 $ 781 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- Additional Cash Flows Information: Interest paid $ 567 $ 325 Income taxes paid 753 324 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- Opta Minerals Inc. Consolidated Statements of Cash Flows For the Twelve Month Periods Ended December 31, 2010 and 2009 Expressed in Thousands of U.S. Dollars 2010 2009 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- Cash Provided By (Used in) - Operating Activities Net earnings (loss) for the period $ 3,751 $ (6,469) Items not affecting cash: Amortization of property, plant and equipment 2,265 2,007 Amortization of intangible assets 1,834 1,844 Goodwill impairment - 7,198 Other (income) expenses - (96) Stock compensation expense 777 285 Future income taxes recovery (345) (1,044) Realized foreign exchange gain on foreign operations (346) (798) Net loss on disposal of property, plant and equipment - 68 ---------------------------------------------------------------------------- 7,936 2,995 Changes in non-cash working capital: Accounts receivable (2,223) 65 Inventories (2,036) 6,201 Prepaid expenses and other current assets 97 1,219 Accounts payable and accrued liabilities 1,947 284 Income taxes recoverable / payable 808 (221) ---------------------------------------------------------------------------- 6,529 10,543 ---------------------------------------------------------------------------- Financing Activities Proceeds from issuance of common shares - net of issuance costs 20 25 Increase (decrease) in bank indebtedness 88 (5,463) Proceeds from long-term debt - 795 Repayment of long-term debt (4,561) (4,648) ---------------------------------------------------------------------------- (4,453) (9,291) ---------------------------------------------------------------------------- Investing Activity Acquisition of property, plant and equipment (1,333) (2,507) Acquisition of other assets (510) - Additional consideration paid on acquisitions (477) - Proceeds on disposal of property, plant and equipment - 651 ---------------------------------------------------------------------------- (2,320) (1,856) ---------------------------------------------------------------------------- Foreign Exchange (Loss) Gain on Cash Held in Foreign Currency (42) 8 ---------------------------------------------------------------------------- Decrease in Cash and Cash Equivalents (286) (596) Cash and Cash Equivalents Beginning of Year 781 1,377 ---------------------------------------------------------------------------- End of Year $ 495 $ 781 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- Additional Cash Flows Information: Interest paid $ 2,098 $ 1,677 Income taxes paid 1,362 986 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- Opta Minerals Inc. Segmented Information For the Three Month Period Ended December 31, 2010 Expressed in Thousands of U.S. Dollars Three Month Period Ended December 31, 2010 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- Abrasive Products Mill and Manufacturing Foundry and Products and Distribution Services Operations Unallocated Total ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- External revenue by market Canada $ 1,807 $ 1,180 $ - $ 2,987 U.S. 9,127 6,376 - 15,503 Europe 2,806 - - 2,806 Other 21 59 - 80 ---------------------------------------------------------------------------- Total revenue from external customers $ 13,761 $ 7,615 - $ 21,376 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- Segment earnings (loss) before interest expense and income taxes 1,265 (304) 205 1,166 Interest expense on long-term debt (418) Interest expense (82) Provision for income taxes (432) ------------ Net earnings for the period 234 ------------ Total assets as at December 31, 2010 53,214 31,650 3,106 87,970 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- Amortization of property, plant and equipment 230 284 61 575 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- Amortization of intangible assets 453 6 - 459 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- Goodwill and intangible assets as at December 31, 2010 31,742 3,583 426 35,751 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- Expenditures on property, plant and equipment 51 90 34 175 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- Expenditures on other assets $ - $ - $ 510 $ 510 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- Opta Minerals Inc. Segmented Information For the Twelve Month Period Ended December 31, 2010 Expressed in Thousands of U.S. Dollars Twelve Month Period Ended December 31, 2010 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- Abrasive Products Mill and Manufacturing Foundry and Products and Distribution Services Operations Unallocated Total ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- External revenue by market Canada $ 9,127 $ 5,740 $ - $ 14,867 U.S. 32,577 22,136 - 54,713 Europe 11,019 11 - 11,030 Other 57 201 - 258 ---------------------------------------------------------------------------- Total revenue from external customers 52,780 28,088 - 80,868 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- Segment earnings (loss) before interest expense and income taxes 7,146 623 (107) 7,662 Interest expense on long-term debt (1,618) Interest expense (372) Provision for income taxes (1,921) ------------ Net earnings for the year 3,751 ------------ Amortization of property, plant and equipment 1,078 1,037 150 2,265 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- Amortization of intangible assets 1,810 24 - 1,834 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- Expenditures on property, plant and equipment 250 992 91 1,333 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- Expenditures on other assets $ - $ - $ 510 $ 510 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- Opta Minerals Inc. Segmented Information For the Three Month Period Ended December 31, 2009 Expressed in Thousands of U.S. Dollars Three Month Period Ended December 31, 2009 ---------------------------------------------------------------------------- Abrasive Products Mill and Manufacturing Foundry and Products and Distribution Services Operations Unallocated Total ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- External revenue by market Canada $ 1,835 $ 1,355 $ - $ 3,190 U.S. 7,021 3,858 - 10,879 Europe 2,468 - - 2,468 Other - 179 - 179 ---------------------------------------------------------------------------- Total revenue from external customers 11,324 5,392 - 16,716 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- Segment earnings loss before interest expense, income taxes and non- controlling interest 1,198 (164) (66) 968 Interest expense on long-term debt (200) Interest expense (140) Provision for recovery of income taxes (6) Non-controlling interest share of net earnings (6) - - (6) ------------ Net earnings for the period 616 ------------ Total assets as at December 31, 2009 56,661 28,121 2,099 86,881 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- Amortization of property, plant and equipment 306 246 20 572 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- Amortization of intangible assets 471 6 - 477 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- Goodwill and intangible assets as at December 31, 2009 34,105 3,605 - 37,710 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- Expenditures on property, plant and equipment $ 24 $ 443 $ 43 $ 510 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- Twelve Month Period Ended December 31, 2009 ---------------------------------------------------------------------------- Abrasive Products Mill and Manufacturing Foundry and Products and Distribution Services Operations Unallocated Total ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- External revenue by market Canada $ 7,708 $ 5,447 $ - $ 13,155 U.S. 24,482 15,537 - 40,019 Europe 8,874 - - 8,874 Other 148 330 - 478 ---------------------------------------------------------------------------- Total revenue from external customers 41,212 21,314 - 62,526 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- Segment loss before interest expense, income taxes and non- controlling interest (1,749) (3,097) (277) (5,123) Interest expense on long-term debt (1,054) Interest expense (534) Recovery of income taxes 242 Non-controlling interest share of net loss 264 - - 264 ------------ Net loss for the year (6,205) ------------ Amortization of property, plant and equipment 1,081 855 71 2,007 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- Amortization of intangible assets 1,820 24 - 1,844 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- Goodwill impairment 4,101 3,097 - 7,198 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- Expenditures on property, plant and equipment $ 204 $ 2,194 $ 109 $ 2,507 ---------------------------------------------------------------------------- ----------------------------------------------------------------------------
Contacts:
Opta Minerals Inc.
David Kruse
President and Chief Executive Officer
905-689-7361, ext 404
Opta Minerals Inc.
David Ascott
Chief Financial Officer and Secretary
905-689-7361, ext 404
investor_relations@optaminerals.com
www.optaminerals.com