Inter-Rock Announces Third Quarter Financial Results
TORONTO, ON –(November 25, 2016) – Inter-Rock Minerals Inc. (TSX VENTURE: IRO) (“Inter-Rock” or the “Company”) today announces financial results for the third quarter of 2016. All amounts in United States dollars, unless otherwise indicated.
2016 Third Quarter Highlights
- Although the dairy industry still experienced low milk prices in the third quarter, Papillon’s sales volumes of specialty nutritional supplements to the dairy cow feed industry increased 6% over the second quarter of 2016
- Strong MIN-AD sales to the dairy and beef cattle markets, with third quarter tons sold and operating cash flow higher than the prior year third quarter.
- Mill Creek continued making plant improvements and subsequent to quarter end commenced commissioning of a new mobile crushing and screening unit which will allow for increased production and sales of its specialty dolomite products in 2017.
- Consolidated cash flow from operations of $639,000 in the third quarter, up from $248,000 in the year earlier period, driven by improved performance at MIN-AD and the acquisition of Papillon.
Dr. Michael Crombie, CEO commented, “Despite difficult conditions in the dairy market as evidenced by low milk prices for the past year and a half, both Papillon and MIN-AD had a profitable quarter and generated strong operating cash flow from operations. Mill Creek’s dolomite business continued to operate well during a period when we intentionally reduced sales to accommodate a mill optimization program. The mill improvements should enable us to increase sales to the glass industry in 2017.”
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”.
FOR FURTHER INFORMATION PLEASE CONTACT:
Inter-Rock Minerals Inc.
500 – 20 Toronto Street