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Almonty Announces the Filing of its Financial Statements and MD&A for the Year Ended September 30, 2014

29.01.2015  |  CNW

/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES/

INVESTOR CONFERENCE CALL Thursday January 29 9:00am EST

Revenue of $8.4million and Earnings from mining operations of $2.7million for the fourth quarter and Revenue of $26.9 million and Earnings from mining operations of $14.7million for the Year

TORONTO, Jan. 29, 2015 /CNW/ - Almonty Industries Inc. ("Almonty" or the "Company") (TSX-V: AII) today announced the filing of its audited consolidated financial statements and management discussion & analysis ("MD&A") for the year ended September 30, 2014.  Unless otherwise indicated, all currency amounts contained in this news release are in thousands of Canadian dollars.

The following financial information is for the three months and years ended September 30, 2014, and 2013:

Historical periods have been restated.  Readers are referred to Note 2 and Note 25 of the Company's audited consolidated financial statements for the year ended September 30, 2014 for further details.



Three Months

Restated 



Ended

Three Months



September 30,

Ended



2014

September 30,



$'000

2013




$'000

Gross Revenue


8,451

4,730

Mine operating costs


3,815

3,304

Depreciation and amortization


1,972

1,378

Earnings from mining operations


2,664

48

General and administrative costs


846

737

Net other expense (income)


708

(61)

Non-cash compensation costs


-

14

Earnings (loss) before the undernoted items


1,110

(642)





Interest expense


139

97

Loss due to fire


-


Gain from insurance settlement


-

(928)

Deferred tax provision


(502)

(1,840)

Net income (loss) for the period


1,473

2,029

Income (loss) per share basic


$0.03

$0.05

Income (loss) per share diluted


$0.03

$0.05

Dividends


$0.0272

-





Cash flows provided by (used in) operating activities


2,227

(56)

Cash flows provided by (used in) investing activities


(1,207)

(1,792)

Cash flows provided by (used in)financing activities


9,591

(551)











Year

Restated Year



Ended

Ended



September 30,

September 30,



2014

2013



$'000

$'000

Gross Revenue


29,609

18,341

Production costs


10,287

11,400

Depreciation and amortization


4,610

3,447

Earnings from mining operations


14,712

3,494





General and administrative costs


3,213

2,803

Net other expense


1,107

66

Non-cash compensation costs


56

210

Earnings (loss) before the undernoted items


10,336

4155





Interest expense


443

214

Loss due to fire


-

527

Gain from insurance settlement


-

(928)

Earnings before taxes


9,983

602

Income tax provision- deferred


(502)

(1,840)

Net income (loss) for the period


10,395

2,442

Income (loss) per share basic


$0.24

$0.07

Income (loss) per share diluted


$0.24

$0.07





Cash flows provided by (used in) operating activities


8,661

378

Cash flows provided by (used in) investing activities


(7,252)

(6,078)

Cash flows provided by (used in) financing activities


12,355

5,648







September 30,

September 30,



2014

2013

Cash


14,847

1,083

Restricted cash


956

237

Total assets


88,047

42,123

Long-term trade payables


675

617

Long-term debt


21,336

5,946

Capital lease obligations


296

108

Convertible debenture


7,292

-

Shareholders' equity


47,096

27,304





Other




Outstanding shares ('000)


48,987

37,044

Weighted average outstanding shares ('000)





Basic


43,149

37,044


Fully diluted (treasury method)


43,149

37,044

Closing share price


$0.70

$0.93

A teleconference to review the fourth quarter and year ended September 30, 2014 will be held at 9:00 a.m. ET on Thursday, January 29, 2015. Representing management will be Lewis Black, chairman, president & chief executive officer, and Dennis Logan, chief financial officer. A question and answer period will follow brief remarks from management.

To participate in the teleconference:

  • if calling from North America: +1- 888-390-0546
  • if calling from outside North America: +1- 416-764-8688

An archive of the conference call will be available until March 1st, 2015.

To access the archive:

  • from North America: +1 888-390-0541 (pass code: 660546 #)
  • from outside North America: +1-416-764-8677 (pass code: 660546 #)

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 Los Santos Mine in western Spain and its Wolfram Camp Mine in north Queensland, Australia. The Los Santos Mine was acquired by Almonty in September 2011 and is located approximately 50 kilometres from Salamanca in western Spain and produces tungsten concentrate. The Wolfram Camp Mine was acquired by Almonty in September 2014 and is located approximately 110 km west of Cairns in northern Queensland, Australia and produces tungsten and molybdenum concentrate. Almonty also has an option to acquire a 100% ownership interest in the Valtreixal tin-tungsten project in north western Spain. Management and certain members of Almonty's Board of Directors led the turnaround and eventual sale of Primary Metals Inc., the operator of the Panasqueira Tungsten Mine in Portugal from 2003 to 2007. Further information about the Company's activities may be found at www.almonty.com and under the Company's profile at www.sedar.com.

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

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. This press release contains forward-looking statements and information including, without limitation, the intention of the Company to release Q4 2014 financial results on January 28th 2015. These statements and information are based on management's beliefs, estimates and opinions on the date that statements are made and reflect Almonty's current expectations.

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 and assumptions 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.

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.

SOURCE Almonty Industries Inc.



Contact
Lewis Black, Chairman, President & CEO, Telephone: (647) 438-9766, Email: Info@almonty.com; Dennis Logan, Director & Chief Financial Officer, Telephone: (647) 438-9766, Email: Info@almonty.com
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