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)
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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
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Revenue $ 21,376 $ 16,716
Cost of Goods Sold 16,512 13,232
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Gross Profit 4,864 3,484
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Selling, General and Administrative Expenses 2,657 2,067
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Earnings Before Undernoted Items, Income Taxes and
Non-controlling Interest 2,207 1,417
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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)
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1,541 789
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Earnings Before Income Taxes and Non-controlling
Interest 666 628
Provision for income taxes 432 6
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Net Earnings Before Non-Controlling Interest 234 622
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Net earnings attributable to non-controlling
interest - 6
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Net Earnings Attributable to Opta Minerals Inc. $ 234 $ 616
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Earnings per share for the period
- Basic and diluted $ 0.01 $ 0.04
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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
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Gross Profit 20,036 13,081
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Selling, General and Administrative Expenses 10,564 9,106
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Earnings Before Undernoted Items, Income Taxes,
Goodwill Impairment and Non-controlling Interest 9,472 3,975
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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)
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3,800 3,488
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Earnings Before Income Taxes, Goodwill Impairment
and Non-controlling Interest 5,672 487
Provision for (recovery of) income taxes 1,921 (242)
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Net Earnings Before Goodwill Impairment and Non-
controlling Interest 3,751 729
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Goodwill impairment - 7,198
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Net Earnings (Loss) Before Non-controlling
Interest 3,751 (6,469)
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Net loss attributable to non-controlling interest - (264)
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Net Earnings (Loss) Attributable to Opta Minerals
Inc. $ 3,751 $ (6,205)
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Earnings (loss) per share for the period
- Basic and diluted $ 0.21 $ (0.34)
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Opta Minerals Inc.
Consolidated Balance Sheets
(Expressed in Thousands of U.S. Dollars)
2010 2009
----------------------------------------------------------------------------
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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
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31,756 28,596
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Property, Plant and Equipment 17,273 17,796
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Intangible and Other Assets 29,255 31,691
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Goodwill 6,496 6,019
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Future Income Taxes 3,190 2,779
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$ 87,970 $ 86,881
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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
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17,641 16,438
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Long-term Debt 16,559 18,912
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Other Long-term Liabilities 892 1,387
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Future Income Taxes 3,409 2,674
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Future Income Taxes on Intangible Assets 8,510 9,213
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47,011 48,624
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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
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Contributed Surplus 2,727 1,950
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Accumulated Other Comprehensive Income 1,656 3,502
Retained Earnings 18,944 15,193
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20,600 18,695
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40,959 38,257
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$ 87,970 $ 86,881
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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
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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)
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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)
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2,283 2,957
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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)
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(1,536) (2,825)
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Investing Activity
Acquisition of property, plant and equipment (175) (510)
Acquisition of other assets (510) -
Additional consideration paid on acquisitions (477) -
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(1,162) (510)
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Foreign Exchange (Loss) Gain on Cash Held in
Foreign Currency 1 (2)
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Decrease in Cash and Cash Equivalents (414) (380)
Cash and Cash Equivalents
Beginning of Period 909 1,161
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End of Period $ 495 $ 781
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Additional Cash Flows Information:
Interest paid $ 567 $ 325
Income taxes paid 753 324
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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
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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
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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)
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6,529 10,543
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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)
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(4,453) (9,291)
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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
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(2,320) (1,856)
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Foreign Exchange (Loss) Gain on Cash Held in
Foreign Currency (42) 8
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Decrease in Cash and Cash Equivalents (286) (596)
Cash and Cash Equivalents
Beginning of Year 781 1,377
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End of Year $ 495 $ 781
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Additional Cash Flows Information:
Interest paid $ 2,098 $ 1,677
Income taxes paid 1,362 986
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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
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Abrasive
Products
Mill and Manufacturing
Foundry and
Products and Distribution
Services Operations Unallocated Total
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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
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Total revenue from
external customers $ 13,761 $ 7,615 - $ 21,376
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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
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Amortization of
property, plant and
equipment 230 284 61 575
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Amortization of
intangible assets 453 6 - 459
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Goodwill and
intangible assets
as at December 31,
2010 31,742 3,583 426 35,751
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Expenditures on
property, plant and
equipment 51 90 34 175
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Expenditures on
other assets $ - $ - $ 510 $ 510
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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
----------------------------------------------------------------------------
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Abrasive
Products
Mill and Manufacturing
Foundry and
Products and Distribution
Services Operations Unallocated Total
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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
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Total revenue from
external customers 52,780 28,088 - 80,868
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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
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Amortization of
intangible assets 1,810 24 - 1,834
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Expenditures on
property, plant
and equipment 250 992 91 1,333
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Expenditures on
other assets $ - $ - $ 510 $ 510
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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
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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
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Total revenue
from external
customers 11,324 5,392 - 16,716
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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
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Amortization of
property, plant
and equipment 306 246 20 572
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Amortization of
intangible
assets 471 6 - 477
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Goodwill and
intangible
assets as at
December 31,
2009 34,105 3,605 - 37,710
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Expenditures on
property, plant
and equipment $ 24 $ 443 $ 43 $ 510
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Twelve Month Period Ended December 31, 2009
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Abrasive
Products
Mill and Manufacturing
Foundry and
Products and Distribution
Services Operations Unallocated Total
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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
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Total revenue
from external
customers 41,212 21,314 - 62,526
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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
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Amortization of
intangible
assets 1,820 24 - 1,844
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Goodwill
impairment 4,101 3,097 - 7,198
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Expenditures on
property, plant
and equipment $ 204 $ 2,194 $ 109 $ 2,507
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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
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