NEW YORK Specialty copper alloy producer IBC Advanced Alloys Corp. has seen "steadily improving" performance in both its copper and engineered material divisions in recent months, but challenges remain as some would-be buyers maintain caution, the company said in a year-end report.
The Vancouver, British Columbia-based company said it saw better manufacturing performance for its fiscal fourth quarter ended June 30 than during the third quarter, with both units generating higher revenues in the period compared to the prior quarter.
"Additionally, the Company has experienced incremental improvements in forward visibility reflecting a cautious, but still subdued, customer base," the company wrote in the corporate update.
Nonetheless, the companys outlook remains somewhat tempered.
"While these developments are encouraging, the economic environment is still muted and even with improved quarterly performance, management advises that customers remain conservative," it said July 2.
Earlier this year, chief financial officer Simon Anderson told AMM the copper segment, based in Franklin, Ind., is stable and regularly generates positive revenues (amm.com, Jan. 29).
IBC executives were unavailable July 2 for further comment.
Additionally, the company said it repaid debts to a major creditor in the final month of its fiscal year, allowing the business to consolidate operational borrowing with a single lender.
"Management now has greater flexibility with day-to-day operations as it has fewer limitations on financial and other transactions between the companys manufacturing entities," the company said.
IBC primarily manufactures beryllium-based copper alloys that are used in the aerospace, automotive and telecommunications sectors. In January, the company offered 16.7 million units of company stock at 12 cents a share to raise $2 million to expand beryllium production in Massachusetts.