From the Wires
Opta Minerals Inc. Reports Third Quarter Results for Fiscal 2012
Nov. 7, 2012 07:30 AM
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):
3 months 3 months
ended ended
September 30, September 30, Increase
2012 2011 (Decrease) %
Revenue $32,980 $24,102 $8,878 36.8%
Gross Profit 6,996 5,179 1,817 35.1%
21.2% 21.5% (0.3%)
EBITDA(1) 4,543 2,569 1,974 76.8%
EBIT(2) 3,084 1,519 1,565 103.0%
Net Earnings 1,450 628 822 130.9%
EPS $0.08 $0.03 $0.05
9 months 9 months
ended ended
September 30, September 30, Increase
2012 2011 (Decrease) %
Revenue $92,526 $70,495 $22,031 31.3%
Gross Profit 20,113 15,833 4,280 27.0%
21.7% 22.5% (0.8%)
EBITDA(1) 11,594 9,121 2,473 27.1%
EBIT(2) 7,459 6,006 1,453 24.2%
Net Earnings 4,282 3,086 1,196 38.8%
EPS $0.23 $0.17 $0.06
(1) EBITDA is a non-IFRS measure; refer to Footnotes.
(2) EBIT is a non-IFRS measure; refer to Footnotes.
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:
-- Net earnings for the third quarter increased 130.9% over the comparable
quarter in 2011 and 38.8% on a year over year basis. These increases
were attributable to the successful integration of Babco Industrial
Corp. (Babco) in the first quarter, the recognition of deferred income
tax assets from previously unrecognized non-capital loss carry forwards
in the second quarter and revenue growth in the steel and abrasives
segments.
-- Revenue in the Mill and Foundry Products and Services (steel) segment
increased 32.2% over the comparable quarter in 2011 due largely to the
demand for lime blends, metallic magnesium, chromite, and the
acquisition of Babco during the first quarter which added petroleum coke
to the product portfolio. Revenue in the Abrasive Products Manufacturing
and Distribution (abrasives) segment increased 48.5% over the comparable
quarter in 2011 due to an increase in demand for metallurgical slags and
the acquisition of WGI which contributed to garnet sales. For the nine
months ended September 30, the revenue increases represented 37.6% and
14.7%, respectively, for the same segments.
-- Gross profit increased quarter over quarter and year over year. Gross
profit as a percentage of revenue declined slightly due to some weakness
in the abrasives segment and product mix.
-- Selling, general and administrative expenses (SGA) were reduced to 12.5%
of revenue for the third quarter of 2012 from 14.0% for the comparable
quarter in 2011. On a year over year basis, SGA were reduced to 13.6% of
revenue in 2012 from 14.3% of revenue in 2011. The Company achieved SGA
reductions in light of a significant bad debt in the second quarter from
the bankruptcy filing of a large American steel producer and customer in
the amount of $0.9 million and costs of acquisitions approximating $0.6
million.
-- The foreign exchange gain was $0.2 million for the quarter as compared
to a foreign exchange loss of $0.3 million for the same quarter in 2011.
The results reflect a year-over-year foreign exchange loss of $0.3
million due to the weakness of the Euro.
-- For the three months ended September 30, 2012, cash flow from operating
activities before changes in working capital generated $3.1 million
versus $1.9 million in the third quarter of 2011. On a year over year
basis, cash flow from continuing operations before changes in working
capital generated $7.4 million versus $6.3 million. The positive cash
flow was used to finance working capital and repay debt.
-- On July 13, 2012, the Company tendered an offer to acquire all of the
outstanding shares of WGI for Cdn $0.60 in cash per share by way of a
take-over bid. On August 29, 2012, the Company acquired 94% of the
outstanding shares of WGI for Cdn $0.60 cash per share and intends to
exercise its rights under compulsory acquisition provisions to purchase
the shares not tendered. The purchase price amounted to $15.0 million
and was funded by bank term debt. The amount payable to acquire the
remaining interest of $0.9 million has been recognized as a financial
liability.
-- The Company's working capital at September 30, 2012 amounted to $25.6
million and total assets were $139.5 million, as compared to $14.7
million and $92.4 million respectively at December 31, 2011.
-- The debt-to-equity ratio at September 30, 2012 was 1.27 to 1.00, versus
0.65 to 1.00 at December 31, 2011. The increased debt-to-equity ratio
results from the acquisitions of Babco and WGI during the first and
third quarters, financed by bank term debt.
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.
For the three For the nine
Months Ended Months Ended
September 30 September 30
2012 2011 2012 2011
$ $ $ $
Net Earnings for the Period 1,450 628 4,282 3,086
Finance Expense 757 423 2,176 1,244
Income Taxes 877 468 1,001 1,676
Depreciation and
Amortization 1,459 1,050 4,135 3,115
EBITDA(1) 4,543 2,569 11,594 9,121
Subtract:
Depreciation and
Amortization 1,459 1,050 4,135 3,115
EBIT(2) 3,084 1,519 7,459 6,006
----------------------------------------------------------------------------
----------------------------------------------------------------------------
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 International
Finance Reporting Standards (IFRS), and accordingly, investors are
cautioned that EBITDA should not be construed as an alternative to net
earnings or loss determined in accordance with IFRS 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-IFRS earnings
measure that does 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 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.
Interim Condensed Consolidated Balance Sheets
As At September 30, 2012
(Unaudited)
Expressed in Thousands of US Dollars (except per share amounts and number
of shares)
September 30, December 31,
2012 2011
(Unaudited) (Audited)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Assets
Current
Cash and cash equivalents $ 2,093 $ 698
Trade and other receivables 22,365 12,515
Inventories 29,332 21,589
----------------------------------------------------------------------------
53,790 34,802
----------------------------------------------------------------------------
Property, Plant and Equipment 29,461 19,848
----------------------------------------------------------------------------
Intangible Assets 35,525 27,319
----------------------------------------------------------------------------
Goodwill 14,198 6,680
----------------------------------------------------------------------------
Deferred Income Tax Assets 6,532 3,793
----------------------------------------------------------------------------
$ 139,506 $ 92,442
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Liabilities
Current
Trade and other payables 12,719 7,123
Borrowings 13,477 11,026
Derivative financial instrument - 256
Provisions 610 1,015
Other liabilities 662 444
Income taxes payable 723 168
Preference shares 47 46
----------------------------------------------------------------------------
28,238 20,078
----------------------------------------------------------------------------
Borrowings 46,343 16,526
----------------------------------------------------------------------------
Derivative Financial Instrument 497 -
----------------------------------------------------------------------------
Other Liabilities 1,916 1,481
----------------------------------------------------------------------------
Deferred Income Tax Liabilities 4,634 3,192
----------------------------------------------------------------------------
Deferred Income Tax Liability on Intangible
Assets 10,852 8,650
----------------------------------------------------------------------------
92,480 49,927
----------------------------------------------------------------------------
Equity Attributable to the Shareholders of
the Company
Capital Stock
Authorized without limit as to number -
Preference shares (without par value)
common shares
Issued - 18,079,617 common shares (December
31, 2011 - 18,061,784) 17,717 17,680
----------------------------------------------------------------------------
Contributed Surplus 3,898 3,429
----------------------------------------------------------------------------
Accumulated Other Comprehensive Loss (2,412) (2,135)
----------------------------------------------------------------------------
Retained Earnings 27,823 23,541
----------------------------------------------------------------------------
Total Equity 47,026 42,515
----------------------------------------------------------------------------
$ 139,506 $ 92,442
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Opta Minerals Inc.
Interim Condensed Consolidated Statements of Income
For the Three Months Ended September 30, 2012 and 2011
(Unaudited)
Expressed in Thousands of US Dollars (except per share amounts)
September 30, September 30,
2012 2011
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Revenue $ 32,980 $ 24,102
Cost of Goods Sold 25,984 18,923
----------------------------------------------------------------------------
Gross Profit 6,996 5,179
----------------------------------------------------------------------------
Expenses
Selling, general and administrative 4,136 3,365
Other expense (income) (224) 295
----------------------------------------------------------------------------
3,912 3,660
----------------------------------------------------------------------------
Operating Profit 3,084 1,519
Finance expense 757 423
----------------------------------------------------------------------------
Profit Before Income Taxes 2,327 1,096
Income taxes 877 468
----------------------------------------------------------------------------
Profit for the Period Attributable to the
Shareholders of the Company $ 1,450 $ 628
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Earnings per share for the period - basic and
diluted 0.08 0.03
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Opta Minerals Inc.
Interim Condensed Consolidated Statements of Income
For the Nine Months Ended September 30, 2012 and 2011
(Unaudited)
Expressed in Thousands of US Dollars (except per share amounts)
September 30, September 30,
2012 2011
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Revenue $ 92,526 $ 70,495
Cost of Goods Sold 72,413 54,662
----------------------------------------------------------------------------
Gross Profit 20,113 15,833
----------------------------------------------------------------------------
Expenses
Selling, general and administrative 12,616 10,106
Other expense (income) 38 (279)
----------------------------------------------------------------------------
12,654 9,827
----------------------------------------------------------------------------
Operating Profit 7,459 6,006
Finance expense 2,176 1,244
----------------------------------------------------------------------------
Profit Before Income Taxes 5,283 4,762
Income taxes 1,001 1,676
----------------------------------------------------------------------------
Profit for the Period Attributable to the
Shareholders of the Company $ 4,282 $ 3,086
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Earnings per share for the period - basic and
diluted 0.23 0.17
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Opta Minerals Inc.
Interim Condensed Consolidated Statements of Comprehensive Income
For the Three Months Ended September 30, 2012 and 2011
(Unaudited)
Expressed in Thousands of US Dollars
September 30, September 30,
2012 2011
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Profit for the Period Attributable to the
Shareholders of the Company $ 1,450 $ 628
Other Comprehensive Income
Unrealized (loss) gain on translation of
foreign operations 106 (243)
Unrealized (loss) gain on derivative
financial instruments (2) 86
----------------------------------------------------------------------------
Other comprehensive (loss) income, net of tax 104 (157)
----------------------------------------------------------------------------
Comprehensive Income Attributable to the
Shareholders of the Company $ 1,554 $ 471
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Opta Minerals Inc.
Interim Condensed Consolidated Statements of Comprehensive Income
For the Nine Months Ended September 30, 2012 and 2011
(Unaudited)
Expressed in Thousands of US Dollars
September 30, September 30,
2012 2011
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Profit for the Period Attributable to the
Shareholders of the Company $ 4,282 $ 3,086
Other Comprehensive Income
Unrealized (loss) gain on translation of
foreign operations (102) 292
Unrealized (loss) gain on derivative
financial instruments (175) 264
----------------------------------------------------------------------------
Other comprehensive (loss) income, net of tax (277) 556
----------------------------------------------------------------------------
Comprehensive Income Attributable to the
Shareholders of the Company $ 4,005 $ 3,642
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Opta Minerals Inc.
Interim Condensed Consolidated Statements of Changes in Equity
For the Nine Months Ended September 30, 2012 and 2011
(Unaudited)
Expressed in Thousands of US Dollars
Contributed
Number of Surplus -
Shares - Capital Share-based
Capital Stock Stock Payments
----------------------------------------------------------------------------
----------------------------------------------------------------------------
At January 1, 2012 18,061,784 $ 17,680 $ 3,429
----------------------------------------------------------------------------
Comprehensive Income
Profit for the
period - - -
Unrealized loss on
translation of
foreign operations - - -
Unrealized loss on
financial
derivative
designated as a
cash flow hedge - - -
----------------------------------------------------------------------------
Total Comprehensive
Income - - -
----------------------------------------------------------------------------
Transactions with
Shareholders
Employee share
purchase plan 9,885 23 -
Stock options
exercised 7,948 14 -
Share-based payment
expense - - 469
----------------------------------------------------------------------------
Total Transactions
with Shareholders 17,833 37 469
----------------------------------------------------------------------------
At September 30, 2012 18,079,617 17,717 3,898
----------------------------------------------------------------------------
At January 1, 2011 18,036,974 17,632 2,781
----------------------------------------------------------------------------
Comprehensive Income
Profit for the
period - - -
Unrealized gain on
translation of
foreign operations - - -
Unrealized gain on
financial
derivative
designated as a
cash flow hedge - - -
----------------------------------------------------------------------------
Total Comprehensive
Income - - -
----------------------------------------------------------------------------
Transactions with
Shareholders
Employee share
purchase plan 7,045 15 -
Stock options
exercised 15,280 28 -
Share-based payment
expense - - 457
----------------------------------------------------------------------------
Total Transactions
with Shareholders 22,325 43 457
----------------------------------------------------------------------------
At September 30, 2011 18,059,299 $ 17,675 $ 3,238
----------------------------------------------------------------------------
----------------------------------------------------------------------------
AOCI(i) -
Foreign
AOCI(i) - Currency
Cash Flow Translation Retained Total
Hedge Reserve Earnings Equity
----------------------------------------------------------------------------
----------------------------------------------------------------------------
At January 1, 2012 $ (193) $ (1,942) $ 23,541 $ 42,515
----------------------------------------------------------------------------
Comprehensive Income
Profit for the
period - - 4,282 4,282
Unrealized loss on
translation of
foreign operations - (102) - (102)
Unrealized loss on
financial
derivative
designated as a
cash flow hedge (175) - - (175)
----------------------------------------------------------------------------
Total Comprehensive
Income (175) (102) 4,282 4,005
----------------------------------------------------------------------------
Transactions with
Shareholders
Employee share
purchase plan - - - 23
Stock options
exercised - - - 14
Share-based payment
expense - - - 469
----------------------------------------------------------------------------
Total Transactions
with Shareholders - - - 506
----------------------------------------------------------------------------
At September 30, 2012 (368) (2,044) 27,823 47,026
----------------------------------------------------------------------------
At January 1, 2011 (596) (1,844) 19,891 37,864
----------------------------------------------------------------------------
Comprehensive Income
Profit for the
period - - 3,086 3,086
Unrealized gain on
translation of
foreign operations - 292 - 292
Unrealized gain on
financial
derivative
designated as a
cash flow hedge 264 - - 264
----------------------------------------------------------------------------
Total Comprehensive
Income 264 292 3,086 3,642
----------------------------------------------------------------------------
Transactions with
Shareholders
Employee share
purchase plan - - - 15
Stock options
exercised - - - 28
Share-based payment
expense - - - 457
----------------------------------------------------------------------------
Total Transactions
with Shareholders - - - 500
----------------------------------------------------------------------------
At September 30, 2011 $ (332) $ (1,552) $ 22,977 $ 42,006
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Opta Minerals Inc.
Interim Condensed Consolidated Statements of Cash Flows
For the Nine Months Ended September 30, 2012 and 2011
(Unaudited)
Expressed in Thousands of US Dollars
September 30, September 30,
2012 2011
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Cash Provided by (Used in) -
Operating Activities
Profit for the period $ 4,282 $ 3,086
Items not affecting cash:
Depreciation of property, plant and
equipment 2,230 1,605
Amortization of intangible assets 1,905 1,510
Share-based payment expense 469 457
Non-cash finance expense - (28)
Deferred income taxes (1,486) (289)
Loss on disposal of property, plant and
equipment - 2
----------------------------------------------------------------------------
7,400 6,343
Changes in non-cash working capital
Trade and other receivables (4,001) (981)
Inventories 307 (1,069)
Trade and other payables (117) (1,346)
Provisions (633) (537)
Income taxes payable 558 (318)
----------------------------------------------------------------------------
3,514 2,092
----------------------------------------------------------------------------
Financing Activities
Proceeds from issuance of common shares -
net of issuance costs 37 43
Proceeds from borrowings, net of deferred
financing costs 32,699 5,975
Repayment of finance lease liability (190) (84)
Repayment of borrowings (3,012) (2,242)
----------------------------------------------------------------------------
29,534 3,692
----------------------------------------------------------------------------
Investing Activities
Proceeds on disposal of property, plant
and equipment - 4
Acquisition of subsidiary (29,988) -
Additions to property, plant and equipment (1,598) (1,572)
Additions to intangible assets (62) (66)
----------------------------------------------------------------------------
(31,648) (1,634)
----------------------------------------------------------------------------
Foreign Exchange Loss on Cash Held in Foreign
Currency (5) (55)
----------------------------------------------------------------------------
Increase in Cash and Cash Equivalents 1,395 4,095
Cash and Cash Equivalents
Beginning of Period 698 495
----------------------------------------------------------------------------
End of Period $ 2,093 $ 4,590
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Additional Cash Flows Information:
Interest paid $ 2,194 $ 1,297
Income taxes paid 1,817 2,291
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Opta Minerals Inc.
Segmented Information
For the Three Months Ended September 30, 2012 and 2011 (Unaudited)
Expressed in Thousands of US Dollars
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.
Three Months Ended September 30, 2012
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Abrasive
Mill and Products Manu-
Foundry facturing and
Products and Distribution
Services Operations Unallocated Total
----------------------------------------------------------------------------
----------------------------------------------------------------------------
External revenue
by market
Canada $ 6,420 $ 1,579 $ - $ 7,999
US 12,874 7,129 - 20,003
Europe 3,474 1,040 - 4,514
Other 4 460 - 464
----------------------------------------------------------------------------
Total revenue
from external
customers 22,772 10,208 - 32,980
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Segment profit
(loss) before
interest expense
and income taxes 3,388 (72) (232) 3,084
Finance expense - - - (757)
Income taxes - - - (877)
Profit for the
period - - - 1,450
----------------------------------------------------------------------------
Depreciation of
property, plant
and equipment 400 368 43 811
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Amortization of
intangible
assets 600 - 48 648
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Expenditures on
property, plant
and equipment $ 261 $ 75 $ 45 $ 381
----------------------------------------------------------------------------
----------------------------------------------------------------------------
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.
Opta Minerals Inc.
Segmented Information
For the Three Months Ended September 30, 2012 and 2011
(Unaudited)
Expressed in Thousands of US Dollars
Three Months Ended September 30, 2011
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Abrasive
Mill and Products Manu-
Foundry facturing and
Products and Distribution
Services Operations Unallocated Total
----------------------------------------------------------------------------
----------------------------------------------------------------------------
External revenue
by market
Canada $ 2,458 $ 1,485 $ - $ 3,943
US 10,996 5,351 - 16,347
Europe 3,772 - - 3,772
Other 3 37 - 40
----------------------------------------------------------------------------
Total revenue
from external
customers 17,229 6,873 - 24,102
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Segment profit
before interest
expense and
income taxes 2,201 (511) (171) 1,519
Finance expense - - - (423)
Income taxes - - - (468)
Profit for the
period - - - 628
----------------------------------------------------------------------------
Total assets as
at September 30,
2011 54,791 31,361 5,727 91,879
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Depreciation of
property, plant
and equipment 230 273 41 544
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Amortization of
intangible
assets 460 6 40 506
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Goodwill and
intangible
assets as at
September 30,
2011 30,214 3,564 366 34,144
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Expenditures on
property, plant
and equipment $ 646 $ 96 $ 18 $ 760
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Opta Minerals Inc.
Segmented Information
For the Nine Months Ended September 30, 2012 and 2011
(Unaudited)
Expressed in Thousands of US Dollars
Nine Months Ended September 30, 2012
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Abrasive
Mill and Products Manu-
Foundry facturing and
Products and Distribution
Services Operations Unallocated Total
----------------------------------------------------------------------------
----------------------------------------------------------------------------
External revenue
by market
Canada $ 18,307 $ 4,457 $ - $ 22,764
US 40,191 16,445 - 56,636
Europe 11,513 1,054 - 12,567
Other 25 534 - 559
----------------------------------------------------------------------------
Total revenue
from external
customers 70,036 22,490 - 92,526
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Segment profit
before interest
expense and
income taxes 9,123 (595) (1,069) 7,459
Finance expense - - - (2,176)
Income taxes - - - (1,001)
Profit for the
period - - - 4,282
----------------------------------------------------------------------------
Total assets as
at September 30,
2012 81,378 55,440 2,688 139,506
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Depreciation of
property, plant
and equipment 1,156 958 116 2,230
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Amortization of
intangible
assets 1,755 6 144 1,905
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Goodwill and
intangible
assets as at
September 30,
2012 45,249 4,202 272 49,723
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Expenditures on
property, plant
and equipment $ 941 $ 493 $ 164 $ 1,598
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Opta Minerals Inc.
Segmented Information
For the Nine Months Ended September 30, 2012 and 2011
(Unaudited)
Expressed in Thousands of US Dollars
Nine Months Ended September 30, 2011
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Abrasive
Mill and Products Manu-
Foundry facturing and
Products and Distribution
Services Operations Unallocated Total
----------------------------------------------------------------------------
----------------------------------------------------------------------------
External revenue
by market
Canada $ 6,774 $ 4,574 $ - $ 11,348
US 32,642 14,970 - 47,612
Europe 11,423 - - 11,423
Other 46 66 - 112
----------------------------------------------------------------------------
Total revenue
from external
customers 50,885 19,610 - 70,495
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Segment profit
before interest
expense and
income taxes 7,478 (1,347) (125) 6,006
Finance expense - - - (1,244)
Income taxes - - - (1,676)
Profit for the
period - - - 3,086
----------------------------------------------------------------------------
Depreciation of
property, plant
and equipment 689 822 94 1,605
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Amortization of
intangible
assets 1,375 19 116 1,510
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Expenditures on
property, plant
and equipment $ 1,140 $ 354 $ 78 $ 1,572
----------------------------------------------------------------------------
----------------------------------------------------------------------------
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