Inter-Rock Boosted by Papillon Sales Volumes

Inter-Rock Minerals Inc of Toronto, ON has reported a net income of US$669,000 on revenue of US$12.1 million in the three months ended September 30, 2020 versus a net income of US$569,000 on revenue of US$11.1 million in the same period of 2019. The company owns three operating businesses: Papillon Agricultural Co Inc, MIN-AD Inc, and Mill Creek Dolomite LLC.

Inter-Rock says that the higher revenue reflects strong sales at Papillon. The company says it expects to continue to generate free cash flow in the fourth quarter and is well-positioned to fund internal growth initiatives.

Papillon recorded revenue of US$9.99 million in the third quarter of 2020 compared with US$8.70 million in the prior year period. Revenue in the first nine months of 2020 was US$34.49 million, compared with US$25.36 million for the first nine months of 2019. Improved revenue for the third quarter and first nine months of 2020 was attributed to higher sales volumes, particularly protein products.

Overall tons sold in the third quarter and first nine months of 2020 were 17% and 25% higher, respectively, than in the comparable periods in 2019.

Mill Creek’s third quarter revenue declined from US$1.36 million in the third quarter of 2019 to US$1.06 million in the latest period. The company notes that 60% of its sales in the quarter were to glass customers, which typically account for about 75% of sales volume. Year-to-date 2020 sales declined from US$3.96 million in the same period of 2019 to US$3.02 million in the latest period.

MIN-AD recorded revenue of US$1.78 million in the third quarter of 2020 versus US$1.76 million in the same period of 2019. Revenue in the first nine months of 2020 were US$5.73 million versus US$5.71 million in the first nine months of 2019. Sales volumes in the two 2020 periods were mainly unchanged from the corresponding periods in 2019.


Volume 34, Issue 24

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