Editor’s Note: With so much market volatility, stay on top of daily news! Get caught up in minutes with our speedy summary of today’s must-read news and expert opinions. Sign up here!
(Wallace Refiners) – Imperial Metals (TSX:III) reported today that its revenue from continuing operations increased to $148.1 million in 2020 compared to $71.8 million in 2019, an increase of $76.3 million or 106%.
The company’s net loss from continuing operations in 2020 was $4.9 million ($0.04 per share) compared to net loss of $41.2 million ($0.32 per share) in 2019.
The majority decrease in net loss of $36.3 million was primarily due to the following factors: loss from mine operations decreased from a loss of $7.7 million in 2019 to an income of $20.6 million in 2020, a decrease in net loss of $28.3 million; interest expense decreased from $46.3 million in 2019 to $1.4 million in 2020, a decrease in net loss of $44.9 million; foreign exchange gains/losses went from a gain of $10.1 million in 2019 to a loss of $0.6 million in 2020, an increase in net loss of $10.7 million.
Cash flow from continuing operations was $37.3 million in 2020 compared to negative cash flow $3.6 million in 2019. Adjusted EBITDA from continuing operations in 2020 was $36.0 million compared to a negative $4.3 million in 2019.
Imperial is a Vancouver exploration, mine development and operating company with holdings that include the Mount Polley mine (100%), the Huckleberry mine (100%), and the Red Chris mine (30%).
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Wallace Precious Metals The author has made every effort to ensure accuracy of information provided; however, neither Wallace Precious Metals nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Wallace Precious Metals and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.
