Opta Minerals Incorporated
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Opta Minerals Inc. (OPM) Corporate Event Announcement Notice - Zibb.com
Nov 06, 2009 (Wall Street Horizon via COMTEX) --
Opta Minerals Inc. (OPM)
Expected next earnings release: Announcement date: 11/9/2009 - After Market Earnings Quarter: Q3 Announcement Status: Verified
Expected next investor conference call information: Conference Call Date: 11/10/2009 Conference Call Time (ET): 10:00 AM Conference Call URL:
Tags: conference corporate earnings market
Companies: Opta Minerals Inc (OPM)
Opta Minerals Schedules Third Quarter 2009 Financial Results Release and Conference Call - Zibb.com
WATERDOWN, ONTARIO, Nov 6, 2009 (Marketwire via COMTEX) --
Opta Minerals Inc. (TSX:OPM), announced today that it will issue financial results for the third quarter ended September 30th, 2009 on November 9th, 2009 after the close of the stock market.
Opta Minerals' President and CEO, David Kruse, plans to host a conference call at 10:00 AM Eastern Standard Time, on Tuesday, November 10th, 2009, to discuss third quarter 2009 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- (800) 820-0231 or 1-(416) 640-5926 (local) followed by pass code 2354788. If you are unable to listen live, the conference call will be archived and can be accessed at the following replay numbers between November 10th and November 17th, 2009 with the toll free dial-in number 1-(888) 203-1112 or (647) 436-0148 followed by pass code: 2354788.
About Opta Minerals
Opta Minerals is a vertically integrated provider of custom process optimization solutions and related materials for use primarily in the steel, foundry, loose abrasive cleaning, roof shingle granules and municipal water filtration industries. The Company currently has production and distribution facilities in Ontario, Quebec, Louisiana, South Carolina, Virginia, Maryland, Indiana, Ohio, Michigan, New York, Texas, Florida, Kosice Slovakia, and Romans-sur-Isere, France and one of the broadest product lines in the industry.
SOURCE: Opta Minerals Inc.
Opta Minerals Inc. David Kruse President and Chief Executive Officer 905-689-7361, ext 404 Opta Minerals Inc. David Ascott Corporate Controller and Assistant Secretary 905-689-7361, ext 404 investor_relations@optaminerals.com www.optaminerals.com
Tags: ceo conference corporate financial results florida france indiana local louisiana market maryland michigan new_york ohio ontario president quebec slovakia south carolina texas virginia water
Companies: Opta Minerals Inc (OPM)
Opta Minerals Inc. Reports Third Quarter Results for Fiscal 2009 - Zibb.com
WATERDOWN, ONTARIO, Nov 9, 2009 (Marketwire via COMTEX) --
Opta Minerals Inc. (TSX:OPM), today announced results for the three and nine months ended September 30, 2009. All figures are reported in U.S. dollars and in accordance with Canadian Generally Accepted Accounting Principles (GAAP), except where otherwise noted.
For the three months ended September 30, 2009, the net loss was ($6.4 million) or ($0.36) per diluted common share, versus net earnings of $1.7 million or $0.09 per diluted common share for the third quarter in 2008. Year to date, the net loss for the nine months ended September 30, 2009 was ($6.8 million) or ($0.38) per dilutive common share, versus net earnings of $4.7 million or $0.26 per diluted common share during 2008. These results include a non-cash goodwill impairment charge in the amount of $7.2 million for both the three and nine month periods ended September 30, 2009. Earnings before income taxes, goodwill impairment and non-controlling interest were $1.0 million for the three months ended September 30, 2009, versus $2.3 million for the comparative period in 2008. This highlights the fact that the operating activities have returned to profitability through market improvements related to steel production and the benefit of the cost saving measures put into place over the past four quarters.
Consistent with the first half of the fiscal year, revenues and gross profit for the three months ended September 30, 2009 have declined in comparison to 2008. Revenues have decreased 43% to $16.7 million from $29.4 million in 2008. Gross profit for the quarter decreased by 34% to $4.2 million or 25.0% of revenue, versus $6.4 million or 21.6% of revenue in 2008. The improvement in gross profit as a percentage of revenue over the previous period is a result of the benefit of our previously implemented cost saving measures.
David Kruse, President and CEO of Opta Minerals, noted "During the third quarter, Opta Minerals began to see some initial signs of recovery in our related industries. As a result, we have begun to increase production at some of our facilities. A significant highlight during the third quarter is the earnings before income taxes, goodwill impairment and non-controlling interest in the amount of $1.0 million for the three months ended September 30, 2009. There remains continued uncertainty surrounding steel and abrasive-consuming industries, such as automotive, construction, infrastructure and shipyard activity, which makes it very difficult to forecast beyond a very short horizon. Provided that there are no further unexpected economic deteriorations, we expect to see continued gradual improvement throughout the next 6 months. Market conditions are improving in the steel sector, although a full recovery remains slow and progressive.
During the fourth quarter of 2008 and the first nine months of 2009, we implemented cost-saving measures to realign operations with current customer demand. Included in these measures was a workforce reduction, as well as, an adjustment to the cost sharing of employee health benefits. In addition to previously announced restructuring efforts, further cost-saving measures have been implemented during the past quarter and, in total, all restructuring efforts to date are expected to reduce annual operating costs by approximately $6.0 million compared to the beginning of 2008. During the year we discontinued operations in Attica, New York and sold assets from the operation in exchange for a release of the Company's obligations under an existing lease and service agreement. We consolidated the operations in Quebec into one facility and, during the third quarter, sold one of the warehouses owned by the Company and commenced negotiating a lease termination agreement for another.
Opta Minerals has generated significant cash flow from working capital reductions in the last nine months, including a substantial reduction in inventory. We expect continued positive cash flow from operating activities over the balance of 2009."
For the three months ended September 30, 2009, cash flow from operating activities generated $3.3 million, versus a use of $1.5 million in the third quarter of 2008. The strong cash flow from operating activities has resulted in a decrease in bank indebtedness in the amount of $2.8 million and payments on long-term debt in the amount of $1.4 million. On a year to date basis, cash flows from operations generated $7.6 million versus $0.3 million for the nine months ended September 30, 2008.
Selling, general and administrative expenses decreased $0.5 million during the third quarter, from $2.8 million or 9.5% of revenues for the third quarter of 2008 to $2.3 million or 14.0% of revenues in the third quarter of 2009. Most of the decrease related to reduced professional fees and employee costs resulting from cost reduction measures put in place by management during the past nine months. Year to date, selling, general and administrative expenses have decreased $1.5 million from $8.5 million incurred in the first nine months of 2008 to $7.0 million for the nine months ended September 30, 2009. Taking into account the $0.4 million increase in selling, general and administrative expenses incurred at MCP, which was acquired during the third quarter of 2008, total year over year savings are $1.9 million.
During the third quarter, the Company recorded a goodwill impairment charge in the amount of $7.2 million which is net of a reversal of the contingent consideration accrual previously recorded in Other Long-term Liabilities in the amount of $1.1 million. The Company performed its annual impairment test of goodwill on September 30, 2009. During the third quarter, management determined that there were external market conditions and other circumstances that suggested the carrying value of the goodwill of certain operating units may exceed their fair value. The external market conditions included a decrease in operating results as compared to the prior year and a lower than previously anticipated future operating income growth due to the slow recovery in the global economy.
EBITDA for the quarter decreased 35%, from $3.8 million in 2008 to $2.5 million for the three months ended September 30, 2009. This result reflects the impact of a dramatic slowdown in the steel industry that began in the fourth quarter of 2008. Year to date, the economic slowdown has resulted in a decrease in EBITDA from $11.1 million for the nine months ended September 30, 2008 to $4.2 million in 2009. Included in EBITDA for the nine months ended September 30, 2009 are non-recurring other income and expense items totaling $0.3 million. This amount is substantially comprised of $0.4 million in restructuring severance costs, $0.1 million in lease termination costs related to the consolidation of the operations in Quebec offset by a gain on sale of fixed assets in our Attica facility in the amount of $0.2 million.
The Company's working capital at September 30, 2009 stood at $11.5 million and total assets were $88.5 million. The debt-to-equity ratio at September 30, 2009 was 0.76 to 1.00.
Opta Minerals also announces the resignation of James Wilson as Chief Financial Officer and Secretary effective November 2, 2009. Mr. Wilson will be available to the Company to assist with transitional matters and David Ascott, Corporate Controller, will assume the responsibilities in the interim period until a new Chief Financial Officer is hired. The Company has initiated a search for a new CFO.
Opta Minerals President and CEO, David Kruse, plans to host a conference call at 10:00AM Eastern Standard Time on Tuesday November 10th, 2009 to discuss third quarter 2009 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-(800) 820-0231 or 1-(416) 640-5926; quote confirmation code 2354788. If you are unable to listen live, the conference call will be archived and can be accessed between November 10, 2009 and November 17, 2009, with the toll free dial-in number 1-(888) 203-1112 or (647) 436-0148 followed by pass code 2354788.
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 For the nine
Months Ended Months Ended
September 30 September 30
--------------------------------
2009 2008 2009 2008
$ $ $ $
Net (Loss) Earnings for the Period (6,416) 1,673 (6,821) 4,702
Interest Expense 431 501 1,248 1,561
Provision for (recovery of) Income Taxes 290 642 (248) 1,833
Depreciation and Amortization 964 1,002 2,802 2,986
Goodwill Impairment 7,198 - 7,198 -
EBITDA(1) 2,467 3,818 4,179 11,082
Add (subtract):
Depreciation and Amortization (964) (1,002) (2,802) (2,986)
Goodwill Impairment (7,198) - (7,198) -
Earnings before income taxes and
interest(2) (5,695) 2,816 (5,821) 8,096
Notes
1. The term "EBITDA" refers to earnings before deducting interest expense,
provision for income taxes, depreciation and amortization including
charges for goodwill impairment. 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", "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 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 (Loss)
For the three month periods ended September 30, 2009 and 2008
(Expressed in thousands of U.S. dollars, except per share amounts)
2009 2008
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Revenue $ 16,745 $ 29,440
Cost of Goods Sold 12,564 23,068
----------------------------------------------------------------------------
Gross Profit 4,181 6,372
--------------------------------------------------------------------------
Selling, General and Administrative Expenses 2,347 2,822
----------------------------------------------------------------------------
Earnings Before Undernoted Items, Goodwill Impairment
and Non-controlling Interest 1,834 3,550
----------------------------------------------------------------------------
Interest expense on long-term debt 299 366
Interest expense 132 135
Amortization of intangible assets 469 441
Stock compensation expense 72 91
Other (income) expense 21 59
Foreign exchange (gain) loss (166) 143
----------------------------------------------------------------------------
827 1,235
----------------------------------------------------------------------------
Earnings Before Income Taxes, Goodwill Impairment and
Non-Controlling Interest 1,007 2,315
Provision for income taxes 290 642
----------------------------------------------------------------------------
Earnings Before Goodwill Impairment and Non-controlling
Interest 717 1,673
Goodwill Impairment 7,198 -
----------------------------------------------------------------------------
Earnings (Loss) Before Non-controlling Interest (6,481) 1,673
Non-controlling interest share of net loss (65) -
----------------------------------------------------------------------------
Net Earnings (Loss) (6,416) 1,673
----------------------------------------------------------------------------
Earnings (loss) per share for the period
- Basic and diluted $ (0.36) $ 0.09
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Opta Minerals Inc.
Consolidated Statements of Earnings (Loss)
For the nine month periods ended September 30, 2009 and 2008
(Expressed in thousands of U.S. dollars, except per share amounts)
2009 2008
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Revenue $ 45,810 $ 76,058
Cost of Goods Sold 36,213 57,533
---------------------------------------------------------------------------
Gross Profit 9,597 18,525
---------------------------------------------------------------------------
Selling, General and Administrative Expenses 7,039 8,554
---------------------------------------------------------------------------
Earnings Before Undernoted Items, Goodwill Impairment
and Non-controlling Interest 2,558 9,971
---------------------------------------------------------------------------
Interest expense on long-term debt 854 1,135
Interest expense 394 426
Amortization of intangible assets 1,367 1,306
Stock compensation expense 210 204
Other (income) expense 305 59
Foreign exchange (gain) loss (431) 306
---------------------------------------------------------------------------
2,699 3,436
---------------------------------------------------------------------------
Earnings (Loss) Before Income Taxes, Goodwill
Impairment and Non-controlling Interest (141) 6,535
Provision for (recovery of) income taxes (248) 1,833
---------------------------------------------------------------------------
Earnings Before Goodwill Impairment and
Non-controlling Interest 107 4,702
Goodwill Impairment 7,198 -
---------------------------------------------------------------------------
Earnings (Loss) Before Non-controlling Interest (7,091) 4,702
---------------------------------------------------------------------------
Non-controlling interest share of net loss (270) -
---------------------------------------------------------------------------
Net Earnings (Loss) (6,821) 4,702
---------------------------------------------------------------------------
Earnings (loss) per share for the year
- Basic and diluted $ (0.38) $ 0.26
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Opta Minerals Inc.
Consolidated Balance Sheets
(Expressed in thousands of U.S.
dollars)
September December September
30, 31, 30,
2009 2008 2008
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Assets
Current
Cash and cash equivalents $ 1,161 $ 1,377 $ 3,661
Accounts receivable 9,462 9,133 15,429
Inventories 17,239 22,223 23,994
Prepaid expenses and other current
assets 1,310 1,793 1,048
Assets held for sale - 664 768
Income taxes recoverable 210 362 -
----------------------------------------------------------------------------
29,382 35,552 44,900
----------------------------------------------------------------------------
Due From Affiliates - - 1,022
----------------------------------------------------------------------------
Property, Plant and Equipment 17,717 16,664 17,321
----------------------------------------------------------------------------
Intangible and Other Assets 32,382 32,464 33,182
----------------------------------------------------------------------------
Goodwill 6,019 14,160 12,024
----------------------------------------------------------------------------
Future Income Taxes 3,034 2,406 1,619
----------------------------------------------------------------------------
$ 88,534 $ 101,246 $110,068
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Liabilities
Current
Bank indebtedness 5,517 7,797 11,204
Accounts payable and accrued
liabilities 7,869 7,788 10,211
Income taxes payable - - 534
Current portion of long-term debt 4,452 4,097 4,071
Current portion of preference shares 43 38 44
----------------------------------------------------------------------------
17,881 19,720 26,064
----------------------------------------------------------------------------
Long-term Debt 19,101 20,594 23,132
----------------------------------------------------------------------------
Other Long-term Liabilities 1,503 3,095 1,110
----------------------------------------------------------------------------
Future Income Taxes 2,697 2,849 2,934
----------------------------------------------------------------------------
Future Income Taxes on Intangible
Assets 9,406 9,695 9,781
----------------------------------------------------------------------------
50,588 55,953 63,021
----------------------------------------------------------------------------
Shareholders' Equity
Capital Stock
Authorized unlimited number of
common shares and preference shares
without par value
Issued -
18,018,770 (December 31, 2008 -
18,003,459; September 30, 2008 -
17,996,391)
common shares 17,606 17,587 17,572
Contributed Surplus 1,875 1,665 1,568
Accumulated Other Comprehensive Income 3,894 4,379 4,021
Retained Earnings 14,841 21,662 23,886
----------------------------------------------------------------------------
38,216 45,293 47,047
----------------------------------------------------------------------------
Non-controlling Interest (270) - -
----------------------------------------------------------------------------
$ 88,534 $ 101,246 $110,068
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Opta Minerals Inc.
Consolidated Statements of Cash Flows
For the three month periods ended September 30, 2009 and 2008
(Expressed in thousands of U.S. dollars)
2009 2008
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Cash Provided By (Used in) -
Operating Activities
Net earnings (loss) for the period $(6,416) $ 1,673
Items not affecting cash
Amortization of property, plant and equipment 495 561
Amortization of intangible assets 469 441
Goodwill impairment 7,198 -
Non-controlling interest (65) -
Other expenses (41) -
Stock compensation expense 72 91
Future income taxes (516) 27
Unrealized foreign exchange loss on long-term debt - (34)
Realized foreign exchange gain on foreign operations (157) (217)
Net loss on disposal of property, plant and equipment 80 39
----------------------------------------------------------------------------
1,119 2,581
Changes in non-cash working capital
Accounts receivable (504) (1,233)
Inventories 1,300 (2,169)
Prepaid expenses and other current assets 599 337
Accounts payable and accrued liabilities 235 (1,424)
Income taxes recoverable 551 449
----------------------------------------------------------------------------
3,300 (1,459)
----------------------------------------------------------------------------
Financing Activities
Proceeds from issuance of common shares - net of
issuance costs 5 14
(Decrease) increase in bank indebtedness (2,835) 3,822
Proceeds from long-term debt 31 2,023
Repayment of long-term debt (1,450) (736)
----------------------------------------------------------------------------
(4,249) 5,123
----------------------------------------------------------------------------
Investing Activities
Acquisition of property, plant and equipment (417) (282)
Proceeds on disposal of property, plant and equipment 651 36
Acquisition of company, net of bank indebtedness
assumed - (2,417)
----------------------------------------------------------------------------
234 (2,663)
----------------------------------------------------------------------------
Foreign Exchange Gain (Loss) on Cash Held in Foreign
Currency 4 (172)
----------------------------------------------------------------------------
Increase (Decrease) in Cash and Cash Equivalents (711) 829
Cash and Cash Equivalents
Beginning of Period 1,872 2,832
----------------------------------------------------------------------------
End of Period $ 1,161 $ 3,661
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Additional Cash Flows Information:
Interest paid $ 416 $ 454
Income taxes paid 235 249
Opta Minerals Inc.
Consolidated Statements of Cash Flows
For the nine month periods ended September 30, 2009 and 2008
(Expressed in thousands of U.S. dollars)
2009 2008
----------------------------------------------------------------------------
Cash Provided By (Used in) -
Operating Activities
Net earnings (loss) for the period $(6,821) $ 4,702
Items not affecting cash
Amortization of property, plant and equipment 1,435 1,680
Amortization of intangible assets 1,367 1,306
Goodwill impairment 7,198 -
Non-controlling interest (270) -
Other expenses (96) -
Stock compensation expense 210 204
Future income taxes (1,131) (380)
Unrealized foreign exchange loss on long-term debt - 110
Realized foreign exchange gain on foreign operations (618) (292)
Net loss on disposal of property, plant and equipment 80 35
----------------------------------------------------------------------------
1,354 7,365
Changes in non-cash working capital
Accounts receivable 39 (4,118)
Inventories 5,907 (4,418)
Prepaid expenses and other current assets 540 913
Accounts payable and accrued liabilities (437) (89)
Income taxes recoverable 183 696
----------------------------------------------------------------------------
7,586 349
----------------------------------------------------------------------------
Financing Activities
Proceeds from issuance of common shares - net of
issuance costs 19 44
(Decrease) increase in bank indebtedness (3,141) 5,859
Proceeds from long-term debt 795 5,098
Repayment of long-term debt (4,139) (7,037)
----------------------------------------------------------------------------
(6,466) 3,964
----------------------------------------------------------------------------
Investing Activities
Acquisition of property, plant and equipment (1,997) (597)
Proceeds on disposal of property, plant and equipment 651 54
Additional consideration paid on acquisitions - (11)
Acquisition of company, net of bank indebtedness
assumed - (2,417)
----------------------------------------------------------------------------
(1,346) (2,971)
----------------------------------------------------------------------------
Foreign Exchange Gain (Loss) on Cash Held in Foreign
Currency 10 (17)
----------------------------------------------------------------------------
Increase (Decrease) in Cash and Cash Equivalents (216) 1,325
Cash and Cash Equivalents
Beginning of Period 1,377 2,336
----------------------------------------------------------------------------
End of Period $ 1,161 $ 3,661
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Additional Cash Flows Information:
Interest paid $ 1,352 $ 1,666
Income taxes paid 662 1,617
Opta Minerals Inc.
Segmented Information
For the three months ended September 30, 2009
(Expressed in thousands of U.S. dollars)
Three Month Period Ended September 30, 2009
---------------------------------------------------------------------------
Abrasive
Products Manu-
Mill and Foundry facturing and
Products and Distribution Unallo-
Services Operations cated Total
---------------------------------------------------------------------------
External revenue by market
Canada $ 2,021 $ 1,776 $ - $ 3,797
U.S 6,432 3,886 - 10,318
Europe 2,535 - - 2,535
Other - 95 - 95
---------------------------------------------------------------------------
Total revenue from external
customers 10,988 5,757 - 16,745
---------------------------------------------------------------------------
Segment earnings loss before
interest expense, income taxes and
non-controlling interest (2,700) (2,982) (78) (5,760)
Interest expense on long-term debt (299)
Interest expense (132)
Provision for recovery of income
taxes (290)
Non-controlling interest share of
net loss 65 - - 65
--------
Net loss for the period (6,416)
--------
Total assets as at September 30,
2009 62,148 25,289 1,097 88,534
---------------------------------------------------------------------------
Amortization of property, plant
and equipment 266 210 19 495
---------------------------------------------------------------------------
Amortization of intangible assets 464 5 - 469
---------------------------------------------------------------------------
Goodwill and intangible assets
as at September 30, 2009 34,792 3,609 - 38,401
---------------------------------------------------------------------------
Goodwill impairment 4,101 3,097 - 7,198
---------------------------------------------------------------------------
Expenditures on property, plant
and equipment $ 28 $ 357 $ 32 $ 417
---------------------------------------------------------------------------
Opta Minerals Inc.
Segmented Information
For the nine months ended September 30, 2009
(Expressed in thousands of U.S. dollars)
Nine Month Period Ended September 30, 2009
----------------------------------------------------------------------------
Abrasive
Products Manu-
Mill and Foundry facturing and
Products and Distribution Unallo-
Services Operations cated Total
----------------------------------------------------------------------------
External revenue by market
Canada $ 5,873 $ 4,092 $ - $ 9,965
U.S 17,461 11,679 - 29,140
Europe 6,406 - - 6,406
Other 148 151 - 299
----------------------------------------------------------------------------
Total revenue from external
customers 29,888 15,922 - 45,810
----------------------------------------------------------------------------
Segment loss before interest
expense, income taxes and
non-controlling interest (2,947) (2,933) (211) (6,091)
Interest expense on long-term
debt (854)
Interest expense (394)
Recovery of income taxes 248
Non-controlling interest share
of net loss 270 - - 270
---------
Net loss for the period (6,821)
---------
Amortization of property,
plant and equipment 775 609 51 1,435
----------------------------------------------------------------------------
Amortization of intangible
assets 1,349 18 - 1,367
----------------------------------------------------------------------------
Goodwill impairment 4,101 3,097 - 7,198
----------------------------------------------------------------------------
Expenditures on property,
plant and equipment $ 180 $ 1,751 $ 66 $ 1,997
----------------------------------------------------------------------------
Opta Minerals Inc.
Segmented Information
For the three months ended September 30, 2008
(Expressed in thousands of U.S. dollars)
Three Months Ended September 30, 2008
----------------------------------------------------------------------------
Abrasive
Products Manu-
Mill and Foundry facturing and
Products and Distribution Unallo-
Services Operations cated Total
----------------------------------------------------------------------------
External revenue by market
Canada $ 3,179 $ 1,293 $ - $ 4,472
U.S 14,582 4,963 - 19,545
Europe 5,353 5 - 5,358
Other 49 16 - 65
----------------------------------------------------------------------------
Total revenue from external
customers 23,163 6,277 - 29,440
----------------------------------------------------------------------------
Segment earnings (loss) before
interest expense and income taxes 2,225 1,389 (798) 2,816
Interest expense on long-term
debt (366)
Interest expense (135)
Provision for income taxes (642)
---------
Net earnings for the period 1,673
---------
Total assets as at December
31, 2008 70,806 27,198 3,242 101,246
----------------------------------------------------------------------------
Amortization of property,
plant and equipment 270 257 34 561
----------------------------------------------------------------------------
Amortization of intangible
assets 429 12 - 441
----------------------------------------------------------------------------
Goodwill and intangible assets
as at December 31, 2008 39,859 6,765 - 46,624
----------------------------------------------------------------------------
Expenditures on property,
plant and equipment $ 92 $ 185 $ 5 $ 282
----------------------------------------------------------------------------
Opta Minerals Inc.
Segmented Information
For the nine months ended September 30, 2008
(Expressed in thousands of U.S. dollars)
Nine Months Ended September 30,2008
----------------------------------------------------------------------------
Abrasive
Products Manu-
Mill and Foundry facturing and
Products and Distribution
Services Operations Unallocated Total
----------------------------------------------------------------------------
External revenue by
market
Canada $ 10,606 $ 4,170 $ - $14,776
U.S 37,688 13,461 - 51,149
Europe 10,015 5 - 10,020
Other 79 34 - 113
----------------------------------------------------------------------------
Total revenue from
external customers 58,388 17,670 - 76,058
----------------------------------------------------------------------------
Segment earnings (loss)
before interest
expense and income taxes 7,904 2,777 (2,585) 8,096
Interest expense on
long-term debt (1,135)
Interest expense (426)
Provision for income
taxes (1,833)
--------
Net earnings for the
period 4,702
--------
Amortization of property,
plant and equipment 814 764 102 1,680
----------------------------------------------------------------------------
Amortization of
intangible assets 1,269 37 - 1,306
----------------------------------------------------------------------------
Expenditures on property,
plant and equipment $ 103 $ 433 $ 61 $ 597
----------------------------------------------------------------------------
SOURCE: Opta Minerals Inc.
Opta Minerals Inc. David Kruse President and Chief Executive Officer 905-689-7361, ext 404 Opta Minerals Inc. David Ascott Corporate Controller and Assistant Secretary 905-689-7361, ext 404 investor_relations@optaminerals.com www.optaminerals.com
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Companies: Opta Minerals Inc (OPM)
Opta Minerals Inc. (OPM) Corporate Event Announcement Notice - Zibb.com
Nov 07, 2009 (Wall Street Horizon via COMTEX) --
Opta Minerals Inc. (OPM)
Expected next earnings release: Announcement date: 11/9/2009 - After Market Earnings Quarter: Q3 Announcement Status: Verified
Expected next investor conference call information: Conference Call Date: 11/10/2009 Conference Call Time (ET): 10:00 AM Conference Call URL:
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Companies: Opta Minerals Inc (OPM)
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Opta Minerals, Your One Source for abrasives, foundry, steel, recycling, construction products,
All ships and offshore drilling rigs operating in salt-water environments require blast cleaning and repainting every three to five years, and when operating in higher saline waters, such as the Middle East, may have to be serviced even more often.
Opta Minerals Incorporated Company Details from the Paper Industry
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Opta Minerals Incorporated Refined by: Industry: Paper, Packaging & Printing Web Sites Total : 1 View more » Opta Minerals Inc in PRINTchange.com -- Equipment Directory The on-line directories are provided as a service to our subscribing members. httpwww.printchange.com/equip/aa1053147.html
http://www.zibb.com/paper/theme/cq/Opta+Minerals+Incorporated
SunOpta Ingredients Group
Fibers: Oat fibers, Soy fibers and Stabilized Brans (oat, wheat, corn) and Wheat Germ - All ideal ingredients for fiber-enriched and whole grain foods and beverages
CBRE - Opta Minerals
Opta Minerals The Challenge Opta Minerals needed a heavy industrial building in the Brantford area to warehouse and distribute industrial minerals and abrasives. The Assignment CB Richard Ellis was given the assignment to locate approximately 45,000 SF in the Brantford area.
http://www.cbre.ca/EN/Our+Offices/Ontario/Waterloo+Region/Case+Studies/optaminerals
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Opta Minerals Incorporated Company Details
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Opta Minerals Inc. (OPM) Corporate Event Announcement Notice - Zibb.com. Nov 11, 2009 (Wall Street Horizon via COMTEX) -- Opta Minerals Inc. (OPM)
Building Materials Results from the Construction Industry
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Find Your Next Job. Search Today. $100K+ Jobs. $100K+ Talent. ... Opta Minerals Incorporated (49) Pegasus Gold Incorporated (6) Pentair Incorporated (11)
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Truck stuck in mud stops would be thief | abcactionnews.com
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Tampa Police say Conroy drove truck through the gate at OPTA Minerals Incorporated on East 3rd Avenue in Tampa Wednesday evening. Cops say he loaded up the truck with 30 pallets and ...
Under the Environmental Conservation Law (ECL) IDENTIFICATION ...
www.dec.ny.gov
... Date: No expiration date Permit Issued To:INTERNATIONAL MATERIALS & SUPPLIES INC 56 INDUSTRIAL PARK RD KEESEVILLE, NY 12944 Contact: DAVID RUMBLE OPTA MINERALS INCORPORATED 47 ...
http://www.dec.ny.gov/dardata/boss/afs/permits/956220006700001.pdf
News from Zibb.com
- Opta Minerals Inc. (OPM) Corporate Event Announcement Notice - Zibb.com
- Opta Minerals Schedules Third Quarter 2009 Financial Results Release and Conference Call - Zibb.com
- Opta Minerals Inc. Reports Third Quarter Results for Fiscal 2009 - Zibb.com
- Opta Minerals Inc. (OPM) Corporate Event Announcement Notice - Zibb.com
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SunOpta Ingredients Group Tradeshow Feb. 25-27, '09 Expo Carnes 2009 Monterrey, Mexico www.expocarnes.com SunOpta Ingredients Group March Tradeshow March 1-4, '09 Baking Tech - American Society of Baking Chicago, IL www.asbe.org SunOpta Ingredients Group Tradeshow March 4, '09