TORONTO, ON--(Marketwired - April 28, 2017) - Inter-Rock Minerals Inc. (TSX VENTURE: IRO) ("Inter-Rock" or the "Company") today announces its full year 2016 operational and financial results. All amounts in United States dollars, unless otherwise indicated.
- Successfully financed and closed the $5.95 million acquisition of Papillon Agricultural Company Inc. at the end of the first quarter of 2016.
- Refinanced existing bank debt and extended the maturity date to five years; arranged a new equipment finance facility.
- Completed plant improvements at Mill Creek and commissioned a new mobile crushing and screening unit which will allow for increased production in 2017.
- Consolidated cash flow from operations before changes in non-cash working capital of $1.89 million in 2016, up from $862,000 in 2015, driven by the acquisition of Papillon and improved performance at MIN-AD.
Dr. Michael Crombie, CEO, commented, "2016 was a transitional year for Inter-Rock with the purchase of Papillon. Papillon will more than triple Inter-Rock's consolidated revenues, which are currently forecast to approach $35 million annually. Our aim is to expand the geographic reach of Papillon's specialty dairy feed products in the United States while continuing with our program of developing new products." Dr. Crombie further stated that, "with the completion of the mill refurbishment program and purchase of new crushing equipment at our Mill Creek operation we are targeting an increase in dolomite sales to the glass industry. Now that our significant capital expenditure program at Mill Creek has been completed and with improving performance at Papillon, our focus will be on debt reduction."
Inter-Rock owns three operating businesses: MIN-AD, Inc. ("MIN-AD"), Mill Creek Dolomite LLC ("Mill Creek") and Papillon Agricultural LLC ("Papillon"). MIN-AD and Mill Creek are engaged in the production and marketing of high purity dolomite, primarily to the animal feed and glass industries in the United States. Papillon is a US based marketer and distributor of toll manufactured premium dairy feed ingredients. Inter-Rock's shares are listed on the TSX Venture Exchange ("TSXV") under the symbol "IRO".