Opta Minerals Inc of Waterdown, ON has announced a first quarter net loss of US$254,000 on revenue of US$34.5 million versus earnings of US$770,000 on revenue of US$36.2 million in the first quarter of 2013. Revenue in the company’s Steel and Magnesium segment decreased 1.2% from 2013. The segment was primarily impacted by certain re-pricing in the third and fourth quarter of 2013. The Industrial Minerals segment revenue decreased 9.1% over 2013. The decrease reflected harsh weather, especially on the east coast and in the southern U.S. David Kruse, Optas CEO, said, Revenues in the first quarter decreased over the comparable period in 2013 due primarily to unusually harsh weather, competitive pricing and general economic conditions. We expect results in future periods to improve based on recently awarded new business commencing in the third quarter of 2014. We also expect some of the business lost due to adverse weather conditions in the first quarter to be recaptured during the remainder of 2014. The key priorities for the year are to remain focused on additional revenue opportunities and cash generation.
Volume 28 issue 11