IBC Advanced Alloys Reports Fiscal Challenges and Promises Future Stability

IBC Advanced Alloys Corp. reported steady sales of $4.9 million within its Copper Alloys Division for the quarter ending September 30, 2024. However, the division saw a slight decline in operating income to $322,000 compared to $338,000 in the previous year. Gross margins remained stable at 17.5%, mirroring results from the same period last year.

The company's consolidated net loss was $1.2 million, or $0.01 per share, attributed mainly to the closing costs of its Engineered Materials (EM) division and increased corporate expenses. The Copper Alloys Division maintained consistent performance despite a softening market demand.

IBC anticipates that as EM division costs decrease, financial stability will improve. The company plans to discuss these results in a live investor webcast on November 29, 2024.