/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE
UNITED STATES/
Revenue of $5.005 million and EBITDA1 of $1.819 million for the second quarter of fiscal 2013
TORONTO, May 15, 2013 /CNW/ - Almonty Industries Inc. ("Almonty" or the "Company") (TSX-V: AII) today announced the filing of its unaudited consolidated
interim financial statements and management discussion & analysis ("MD&A") for the three and six month periods ended March 31, 2013. Unless
otherwise indicated, all currency amounts contained in this news
release are in thousands of Canadian dollars.
Almonty reported revenue of $5,005, gross profit of $2,565 representing
a gross profit margin of 51.2%, EBITDA1 of $1,819 and net income of $201 for the three month period ended March
31, 2013.
Almonty mined 159,886 tonnes of ore at a weighted average grade of 0.29%
WO3 for the three month period ended March 31, 2013.
Tungsten concentrate recovery for the three month period ended March 31,
2013 averaged 63.8%, (represented by average tungsten recovery rates of
64.7%, 64.8% and 61.5% for the months of January, February and March
2013, respectively). The slight and temporary decrease in the tungsten
recovery rate during the month of March was a direct result of the
Company's opening of a new pit.
The Company shipped 18,556 MTU of high grade concentrate (65.0% or
higher WO3) and 1,840 MTU of low grade concentrate (between 45.0% and 65.0% WO3) during the three months ended March 31, 2013.
Production levels for the three months ended March 31, 2013 totalled
19,129 MTU of WO3 concentrate, an increase of 25.0% over the three months ended March 31,
2012. Cash operating costs for the three months ended March 31, 2013
were US$145/MTU, a decrease of 24.1% over the three months ended March
31, 2012 and a decrease of 20.8% when compared to the year ended
September 30, 2012. Expressed in Euros (to remove the effect of
varying foreign currency exchange rate movement as the Company incurs
100% of its production costs in Spain) costs declined to €110/MTU, a
decrease of 25.2% over the three months ended March 31, 2012 and a
decrease of 3.5% when compared to the average costs for the three
months ended December 31, 2012.
Summary operating information:
|
|
Three Months
Ended March
31, 2013
|
Three Months
Ended March
31, 2012
|
Six Months
Ended March
31, 2013
|
Six Months
Ended March
31, 2012
|
Year Ended
September
30, 2012
|
Year Ended
September
30, 2011
|
|
Ore treated (tonnes)
|
107,798
|
117,849
|
223,949
|
240,522
|
476,591
|
441,976
|
|
WO3 concentrate produced (MTU)
|
19,129
|
15,299
|
38,488
|
32,188
|
65,848
|
61,599
|
|
WO3 concentrate sold (MTU)
|
20,396
|
14,811
|
39,656
|
32,856
|
66,419
|
52,807
|
|
Sales revenue (US$ million)
|
4.9
|
5.0
|
9.9
|
11.3
|
21.5
|
15.0
|
|
Cash operating costs (US$/MTU)
|
145
|
191
|
146
|
191
|
183
|
193
|
|
Ore mined (tonnes)
|
159,886
|
98,525
|
287,814
|
234,082
|
462,221
|
482,968
|
|
Average grade WO3 mined
|
0.29%
|
0.21%
|
0.32%
|
0.26%
|
0.28%
|
0.32%
|
|
Average WO3 recovery rate
|
63.8%
|
57.1%
|
63.6%
|
56.6%
|
57.8%
|
52.3%
|
Lewis Black, Chief Executive Officer of Almonty commented, "Q2 was
another excellent quarter for production and Almonty benefitted from
increasing APT prices during the quarter. Production costs should
continue their downward trend as additional cost saving measures start
to materialize. The short-term market demand for tungsten concentrate
appears to be stabilizing and we anticipate the APT commodity pricing
environment to remain at or near current levels for the balance of Q3
2013."
The following financial information is for the three and six month
periods ended March 31, 2013 and 2012:
|
|
|
Three Months
Ended
March 31,
2013
$'000
|
Three Months
Ended
March 31,
2012
$'000
|
|
Gross Revenue
|
|
5,005
|
4,964
|
|
Cost of sales
|
|
2,440
|
2,612
|
|
Gross profit
|
|
2,565
|
2,352
|
|
General and administrative costs
|
|
(719)
|
(707)
|
|
Other income (loss)
|
|
(12)
|
1
|
Non-cash compensation costs (options issued to
directors, officers and key management)
|
|
(15)
|
(107)
|
|
Earnings (loss) before the undernoted items
|
|
1,819
|
1,539
|
|
Depreciation and amortization
|
|
(1,595)
|
(1,143)
|
|
Interest expense
|
|
(23)
|
(16)
|
|
Deferred income tax (expense) recovery
|
|
-
|
-
|
|
Net income (loss) for the period
|
|
201
|
380
|
|
Income (loss) per share basic
|
|
$0.01
|
$0.01
|
|
Income (loss) per share diluted
|
|
$0.01
|
$0.01
|
|
Dividends
|
|
-
|
-
|
|
|
|
|
|
|
Cash flows provided by (used in) operating activities
|
|
2,850
|
1,331
|
|
Cash flows used in investing activities
|
|
(2,768)
|
(2,129)
|
|
Cash flows provided by financing activities
|
|
(16)
|
(14)
|
|
|
|
|
|
|
|
|
Six Months
Ended
March 31,
2013
$'000
|
Six Months
Ended
March 31,
2012
$'000
|
|
Gross Revenue
|
|
10,037
|
11,449
|
|
Cost of sales
|
|
4,959
|
6,027
|
|
Gross profit
|
|
5,078
|
5,422
|
|
General and administrative costs
|
|
(1,538)
|
(1,441)
|
|
Other income (loss)
|
|
(46)
|
76
|
Non-cash compensation costs (options issued to
directors, officers and key management)
|
|
(30)
|
(152)
|
|
Earnings (loss) before the undernoted items
|
|
3,464
|
3,905
|
|
Depreciation and amortization
|
|
(2,993)
|
(2,751)
|
|
Interest expense
|
|
(41)
|
(28)
|
|
Deferred income tax (expense) recovery
|
|
-
|
-
|
|
Net income (loss) for the period
|
|
430
|
1,126
|
|
Income (loss) per share basic
|
|
$0.01
|
$0.03
|
|
Income (loss) per share diluted
|
|
$0.01
|
$0.03
|
|
Dividends
|
|
-
|
-
|
|
|
|
|
|
|
Cash flows provided by (used in) operating activities
|
|
4,562
|
3,798
|
|
Cash flows used in investing activities
|
|
(5,280)
|
(3,901)
|
|
Cash flows provided by financing activities
|
|
(31)
|
136
|
|
|
|
|
|
|
|
|
March 31, 2013
|
Sept. 30, 2012
|
|
Cash
|
|
322
|
1,052
|
|
Total assets
|
|
30,361
|
27,966
|
|
Long-term trade payables
|
|
596
|
556
|
|
Capital lease obligations
|
|
121
|
148
|
|
Shareholders' equity
|
|
22,766
|
21,649
|
|
|
|
|
|
|
Other
|
|
|
|
|
Outstanding shares ('000)
|
|
37,044
|
37,044
|
|
Weighted average outstanding shares ('000)
|
|
|
|
|
|
Basic
|
|
37,044
|
37,023
|
|
|
Fully diluted (treasury method)
|
|
37,051
|
37,047
|
|
Closing share price
|
|
$1.05
|
$0.94
|
About Almonty
The principal business of Toronto, Canada based Almonty Industries Inc.
(TSX-V: AII) is the mining, processing and shipping of tungsten
concentrate from its tungsten mine at the Los Santos Project. The Los
Santos Project was acquired by Almonty in September 2011. The mine was
originally opened in 2008 and commissioned in July 2010 by its former
owner. The Los Santos Project is located approximately 50 kilometres
from Salamanca in western Spain and produces tungsten concentrate.
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
Disclaimer for Forward-Looking Information
This press release contains forward-looking statements and information
that are based on the beliefs of management and reflect Almonty's
current expectations. When used in this press release, the words
"estimate", "project", "belief", "anticipate", "intend", "expect",
"plan", "predict", "may" or "should" and the negative of these words or
such variations thereon or comparable terminology are intended to
identify forward-looking statements and information.
The forward-looking statements and information in this press release
include information relating to the intentions of management. Such
statements and information reflect the current view of Almonty with
respect to risks and uncertainties that may cause actual results to
differ materially from those contemplated in those forward-looking
statements and information.
By their nature, forward-looking statements involve known and unknown
risks, uncertainties and other factors which may cause actual results,
performance or achievements, or other future events, to be materially
different from any future results, performance or achievements
expressed or implied by such forward-looking statements.
Forward-looking statements are made based on management's beliefs,
estimates and opinions on the date that statements are made and Almonty
undertakes no obligation to update forward-looking statements if these
beliefs, estimates and opinions or other circumstances should change.
Investors are cautioned against attributing undue certainty to
forward-looking statements. Almonty cautions that the foregoing list of
material factors is not exhaustive. When relying on Almonty's
forward-looking statements and information to make decisions, investors
and others should carefully consider the foregoing factors and other
uncertainties and potential events.
Almonty has also assumed that material factors will not cause any
forward-looking statements and information to differ materially from
actual results or events. However, the list of these factors is not
exhaustive and is subject to change and there can be no assurance that
such assumptions will reflect the actual outcome of such items or
factors.
THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS PRESS RELEASE
REPRESENTS THE EXPECTATIONS OF ALMONTY AS OF THE DATE OF THIS PRESS
RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS
SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND
SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE
ALMONTY MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION
AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE
LAWS.
____________________________________
1 EBITDA is a non-GAAP metric of the Company's financial performance
that measures earnings prior to deductions of interest, taxes,
depreciation and amortization.
SOURCE: Almonty Industries Inc.
