WATERDOWN, ONTARIO — (Marketwire) — 11/07/12 — Opta Minerals Inc. (TSX: OPM), today announced results for the three and nine months ended September 30, 2012. 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):
David Kruse, President and CEO of Opta Minerals, noted „During the third quarter, Opta Minerals experienced solid revenue growth over the comparable period in 2011. Solid earnings in the steel sector were marginally offset by results in the industrial minerals sector. We recently acquired 94% of the shares of WGI Heavy Minerals, Incorporated (WGI) and intend to acquire the remaining shares under compulsory acquisition provisions. This will conclude our third acquisition in twelve months consistent with our strategic plan to build the organization through a combination of internal growth and acquisitions. We will continue to focus our efforts on integrating these new businesses, generating cash flow, and paying down debt. We are optimistic that our business is well positioned to address changes in the economic environment.“
Operational Highlights:
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.
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“, „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, 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 ). 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.
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.
External revenue by market is attributed to countries based on location of the customer.
Included in the mill and foundry products and services segment is revenue from one customer that individually exceeds 10% of the Company-s revenue.
The Company evaluates the performance of its operating segments primarily based on income before interest expense and income tax expense.
Contacts: Opta Minerals Inc. David Kruse President and Chief Executive Officer
Opta Minerals Inc. Peter Fryters Chief Financial Officer and Secretary 905-689-7361, ext 405
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