{"id":13096,"date":"2019-11-14T07:00:31","date_gmt":"2019-11-14T12:00:31","guid":{"rendered":"http:\/\/www.neomaterials.com\/?p=13096"},"modified":"2022-03-21T18:25:51","modified_gmt":"2022-03-21T22:25:51","slug":"neo-performance-materials-reports-third-quarter-2019-results","status":"publish","type":"post","link":"https:\/\/www.neomaterials.com\/neo-performance-materials-reports-third-quarter-2019-results\/","title":{"rendered":"Neo Performance Materials Reports Third Quarter 2019 Results"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"13096\" class=\"elementor elementor-13096\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-15eb3bc0 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"15eb3bc0\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-10448632\" data-id=\"10448632\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-4fed2fe3 elementor-widget elementor-widget-text-editor\" data-id=\"4fed2fe3\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p style=\"text-align: center;\"><strong><span style=\"font-size: 14pt;\">Q3 2019 Highlights<\/span>\n<\/strong><em>(unless other noted, all financial amounts in this news release are expressed in U.S. dollars)<\/em><\/p>\n\n<ul>\n \t<li>$102.6 million in revenue<\/li>\n \t<li>Net income of $4.1 million, or $0.10 per share<\/li>\n \t<li>Adjusted Net Income<sup>(1)<\/sup> of $4.6 million, or $0.12 per share<\/li>\n \t<li>Adjusted EBITDA<sup>(1)<\/sup> of $12.8 million<\/li>\n \t<li>Quarter-end closes with $74.9 million of net cash after paying $2.9 million in dividends to the shareholders and following the Company&#8217;s $9.7 million acquisition, of Anhui Asia Magnets Co., Ltd (&#8220;<strong>SAMAG<\/strong>&#8220;) in August 2019<\/li>\n \t<li>A quarterly dividend to Cdn$0.10 per common share was declared on November 12, 2019 for shareholders of record at December 20, 2019, with a payment date of December 30, 2019.<\/li>\n<\/ul>\n<div><\/div>\n<div><\/div>\n<strong>TORONTO, Canada<\/strong>, November 14, 2019 \u2013 Neo Performance Materials Inc. (&#8220;<strong>Neo<\/strong>&#8220;, the &#8220;<strong>Company<\/strong>&#8220;) (<strong>TSX:NEO<\/strong>), a global leader in the innovation and manufacturing of rare earth and rare metal-based functional materials, today released its third quarter 2019 financial results. The financial statements and management&#8217;s discussion and analysis (&#8220;<strong>MD&amp;A<\/strong>&#8220;) of these results can be viewed on Neo&#8217;s web site at <a href=\"https:\/\/www.neomaterials.com\">www.neomaterials.com<\/a> and on SEDAR at <a href=\"https:\/\/www.sedar.com\">www.sedar.com<\/a>.\n\n<span style=\"font-size: 14pt;\"><strong>HIGHLIGHTS OF Q3 2019 CONSOLIDATED PERFORMANCE<\/strong><\/span>\n\nIn the third quarter of 2019, Neo generated $102.6 million in revenue, compared to $114.2 million in Q3 2018; a decrease of $11.6 million or 10.1%.\u00a0 Net income totaled $4.1 million, or $0.10 per share.\u00a0 Adjusted Net Income<sup>(1)<\/sup> totaled $4.6 million, or $0.12 per share.\n\nFor the nine months ended September 30, 2019, consolidated revenue was $312.9 million compared to $344.8 million for the same period in the prior year; a decrease of $31.9 million or 9.3%.\u00a0 Net income totaled $18.6 million, or $0.47 per share.\u00a0 Adjusted Net Income <sup>(1)<\/sup> totaled $18.0 million, or $0.45 per share.\n\nIn the third quarter, Neo further strengthened its financial position, reporting cash and cash equivalents of $74.9 million as of September 30, 2019, compared to $71.0 million as at December 31, 2018, after paying $8.6 million in dividends to its shareholders in the nine months ended September 30, 2019, re-purchasing $13.2 million of stock under its Normal Course Issuer Bid Program, and completing a $9.7 million acquisition of SAMAG in August 2019. \u00a0Neo has approximately $6.0 million available under its credit facilities with no amount drawn from the revolving line of credit.\n\n<span style=\"font-size: 14pt;\"><strong>SELECTED FINANCIAL RESULTS<\/strong><\/span>\n\n<strong>\u00a0<\/strong>\n<table width=\"624\">\n<tbody>\n<tr>\n<td colspan=\"9\" width=\"624\"><strong>TABLE 1: Selected Consolidated Results<\/strong><\/td>\n<\/tr>\n<tr>\n<td width=\"304\"><\/td>\n<td style=\"text-align: center;\" colspan=\"4\" width=\"160\"><strong><em>Quarter-over-Quarter Comparison<\/em><\/strong><\/td>\n<td style=\"text-align: center;\" colspan=\"4\" width=\"160\"><strong><em>Year-over-Year (&#8220;YoY&#8221;) Comparison<\/em><\/strong><\/td>\n<\/tr>\n<tr>\n<td width=\"304\"><\/td>\n<td style=\"text-align: right;\" colspan=\"2\" width=\"80\"><strong>Q3 2019<\/strong><\/td>\n<td style=\"text-align: right;\" colspan=\"2\" width=\"80\"><strong>Q3 2018<\/strong><\/td>\n<td style=\"text-align: right;\" colspan=\"2\" width=\"80\"><strong>Q3 2019<\/strong><\/td>\n<td style=\"text-align: right;\" colspan=\"2\" width=\"80\"><strong>Q3 2018<\/strong><\/td>\n<\/tr>\n<tr>\n<td width=\"304\">Volume (tonnes)<\/td>\n<td style=\"text-align: right;\" colspan=\"2\" width=\"80\">3,131<\/td>\n<td style=\"text-align: right;\" colspan=\"2\" width=\"80\">3,649<\/td>\n<td style=\"text-align: right;\" colspan=\"2\" width=\"80\">10,228<\/td>\n<td style=\"text-align: right;\" colspan=\"2\" width=\"80\">10,644<\/td>\n<\/tr>\n<tr>\n<td width=\"304\"><span style=\"text-decoration: underline;\"><em>($000s)<\/em><\/span><\/td>\n<td colspan=\"2\" width=\"80\"><\/td>\n<td colspan=\"2\" width=\"80\"><\/td>\n<td colspan=\"2\" width=\"80\"><\/td>\n<td colspan=\"2\" width=\"80\"><\/td>\n<\/tr>\n<tr>\n<td width=\"304\">Revenue<\/td>\n<td style=\"text-align: right;\" colspan=\"2\" width=\"80\">$102,645<\/td>\n<td style=\"text-align: right;\" colspan=\"2\" width=\"80\">$114,216<\/td>\n<td style=\"text-align: right;\" colspan=\"2\" width=\"80\">$312,911<\/td>\n<td style=\"text-align: right;\" colspan=\"2\" width=\"80\">$344,834<\/td>\n<\/tr>\n<tr>\n<td width=\"304\">Operating income<\/td>\n<td style=\"text-align: right;\" colspan=\"2\" width=\"80\">$8,399<\/td>\n<td style=\"text-align: right;\" colspan=\"2\" width=\"80\">$10,890<\/td>\n<td style=\"text-align: right;\" colspan=\"2\" width=\"80\">$30,488<\/td>\n<td style=\"text-align: right;\" colspan=\"2\" width=\"80\">$36,664<\/td>\n<\/tr>\n<tr>\n<td width=\"304\">EBITDA<sup>(1)<\/sup><\/td>\n<td style=\"text-align: right;\" colspan=\"2\" width=\"80\">$12,554<\/td>\n<td style=\"text-align: right;\" colspan=\"2\" width=\"80\">$16,677<\/td>\n<td style=\"text-align: right;\" colspan=\"2\" width=\"80\">$42,722<\/td>\n<td style=\"text-align: right;\" colspan=\"2\" width=\"80\">$58,332<\/td>\n<\/tr>\n<tr>\n<td width=\"304\">Adjusted EBITDA<sup>(1)<\/sup><\/td>\n<td style=\"text-align: right;\" colspan=\"2\" width=\"80\">$12,786<\/td>\n<td style=\"text-align: right;\" colspan=\"2\" width=\"80\">$16,732<\/td>\n<td style=\"text-align: right;\" colspan=\"2\" width=\"80\">$41,276<\/td>\n<td style=\"text-align: right;\" colspan=\"2\" width=\"80\">$53,878<\/td>\n<\/tr>\n<tr>\n<td width=\"304\">Adjusted EBITDA %<sup>(1)<\/sup><\/td>\n<td style=\"text-align: right;\" colspan=\"2\" width=\"68\">12.5%<\/td>\n<td style=\"text-align: right;\" colspan=\"2\" width=\"68\">14.6%<\/td>\n<td style=\"text-align: right;\" colspan=\"2\" width=\"68\">13.2%<\/td>\n<td style=\"text-align: right;\" colspan=\"2\" width=\"68\">15.6%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<strong>_________________________<\/strong>\n\n<span style=\"font-size: 8pt;\"><em><sup>(1)<\/sup><\/em><em><span style=\"font-size: 8pt;\">N<\/span>eo reports non-IFRS measures such as &#8220;Adjusted Net Income&#8221;, &#8220;Adjusted Earnings per Share&#8221;, &#8220;Adjusted EBITDA&#8221;, &#8220;Adjusted EBITDA Margin&#8221; and &#8220;EBITDA&#8221;. Please see information on this and other non-IFRS measures in the &#8220;Non-IFRS Measures&#8221; section of this news release and in the MD&amp;A.<\/em><\/span>\n\n<strong>\u00a0<\/strong>\n\nFor the three and nine months ended September 30, 2019, revenues were 10.1% and 9.3% lower, respectively, than the corresponding periods of 2018.\u00a0 The Magnequench segment led the decline in revenues in these periods as volumes were adversely affected by slower economic activity in various regions globally, including in the automotive industry, and by lower rare earth material input costs, which are passed through to customers.\n\nOperating income for the three and nine months ended September 30, 2019, was $8.4 million and $30.5 million, a decline of $2.5 million and $6.2 million, respectively, as compared to same periods last year.\u00a0 Net income for these periods also declined YoY.\n\nAdjusted EBITDA for the three and nine months ended September 30, 2019 was $12.8 million and $41.3 million, a decrease of $3.9 million and $12.6 million from corresponding periods last year.\u00a0 This was driven largely by lower volumes and the timing effect of the input cost pass-through mechanic in the Magnequench segment, lower tantalum selling prices with higher inventoried costs in the Rare Metals segment, partially offset by increased spot sales and lower premium freight costs in the C&amp;O segment.\n\nNeo continues to forecast longer-term growth in demand for many of its key products driven by several global macro trends, including increased electrification of automobiles, which increases the need for Neo&#8217;s functional materials on a per-vehicle basis; greater demand for precision and efficient motors across multiple sectors, which encourages higher utilization of Neo&#8217;s magnetic materials; growth in hybrid and electric vehicles; more stringent government regulation with respect to air and water emissions; and trends toward greater utilization of lighter-weight materials in industries such as aerospace and consumer electronics.\u00a0 Neo&#8217;s functional materials are integral to technologies in all these end markets.\n\n<span style=\"font-size: 14pt;\"><strong>MAGNEQUENCH SEGMENT RESULTS<\/strong><\/span>\n<table width=\"624\">\n<tbody>\n<tr>\n<td colspan=\"5\" width=\"624\"><strong>TABLE 2: Selected Magnequench Results<\/strong><\/td>\n<\/tr>\n<tr>\n<td width=\"304\"><\/td>\n<td style=\"text-align: right;\" colspan=\"2\" width=\"160\"><strong><em>Quarter-over-Quarter Comparison<\/em><\/strong><\/td>\n<td style=\"text-align: right;\" colspan=\"2\" width=\"160\"><strong><em>Year-over-Year Comparison<\/em><\/strong><\/td>\n<\/tr>\n<tr>\n<td width=\"304\"><\/td>\n<td style=\"text-align: right;\" width=\"80\"><strong>Q3 2019<\/strong><\/td>\n<td style=\"text-align: right;\" width=\"80\"><strong>Q3 2018<\/strong><\/td>\n<td style=\"text-align: right;\" width=\"80\"><strong>Q3 2019<\/strong><\/td>\n<td style=\"text-align: right;\" width=\"80\"><strong>Q3 2018<\/strong><\/td>\n<\/tr>\n<tr>\n<td width=\"304\">Volume (tonnes)<\/td>\n<td style=\"text-align: right;\" width=\"80\">1,385<\/td>\n<td style=\"text-align: right;\" width=\"80\">1,601<\/td>\n<td style=\"text-align: right;\" width=\"80\">4,197<\/td>\n<td style=\"text-align: right;\" width=\"80\">4,682<\/td>\n<\/tr>\n<tr>\n<td width=\"304\"><em>($000s)<\/em><\/td>\n<td style=\"text-align: right;\" width=\"80\"><\/td>\n<td style=\"text-align: right;\" width=\"80\"><\/td>\n<td style=\"text-align: right;\" width=\"80\"><\/td>\n<td style=\"text-align: right;\" width=\"80\"><\/td>\n<\/tr>\n<tr>\n<td width=\"304\">Revenue<\/td>\n<td style=\"text-align: right;\" width=\"80\">$42,024<\/td>\n<td style=\"text-align: right;\" width=\"80\">$54,539<\/td>\n<td style=\"text-align: right;\" width=\"80\">$131,052<\/td>\n<td style=\"text-align: right;\" width=\"80\">$166,502<\/td>\n<\/tr>\n<tr>\n<td width=\"304\">Operating income<\/td>\n<td style=\"text-align: right;\" width=\"80\">$6,135<\/td>\n<td style=\"text-align: right;\" width=\"80\">$10,514<\/td>\n<td style=\"text-align: right;\" width=\"80\">$21,780<\/td>\n<td style=\"text-align: right;\" width=\"80\">$35,287<\/td>\n<\/tr>\n<tr>\n<td width=\"304\">EBITDA<sup>(1)<\/sup><\/td>\n<td style=\"text-align: right;\" width=\"80\">$8,109<\/td>\n<td style=\"text-align: right;\" width=\"80\">$12,265<\/td>\n<td style=\"text-align: right;\" width=\"80\">$27,653<\/td>\n<td style=\"text-align: right;\" width=\"80\">$40,854<\/td>\n<\/tr>\n<tr>\n<td width=\"304\">Adjusted EBITDA<sup>(1)<\/sup><\/td>\n<td style=\"text-align: right;\" width=\"80\">$8,324<\/td>\n<td style=\"text-align: right;\" width=\"80\">$12,549<\/td>\n<td style=\"text-align: right;\" width=\"80\">$27,508<\/td>\n<td style=\"text-align: right;\" width=\"80\">$41,432<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<strong>_________________________<\/strong>\n\n<span style=\"font-size: 8pt;\"><em><sup>(1)<\/sup><\/em><em>Neo reports non-IFRS measures such as &#8220;Adjusted Net Income&#8221;, &#8220;Adjusted Earnings per Share&#8221;, &#8220;Adjusted EBITDA&#8221;, &#8220;Adjusted EBITDA Margin&#8221; and &#8220;EBITDA&#8221;. Please see information on this and other non-IFRS measures in the &#8220;Non-IFRS Measures&#8221; section of this news release and in the MD&amp;A.<\/em><\/span>\n\n<strong>\u00a0<\/strong>\n\nFor the three and nine months ended September 30, 2019, volumes decreased by 13.5% and 10.4%, respectively, compared to the same periods in the prior year.\u00a0 Revenues were down $12.5 million and $35.5 million compared to the corresponding periods in 2018 due to lower volumes and lower rare earth commodity prices in 2019.\u00a0 Neo passes through these material input cost changes to most of its customers on a lagged basis.\n\nVolumes in the Magnequench segment decreased YoY, mostly in its legacy and longer running programs, due to the slowdown in auto sales, slower economic performance in certain sectors, and anticipated customer inventory adjustments.\u00a0 Magnequench is experiencing growth-related to newer products such as traction motors for hybrid and electric vehicles, and anticipates growth in other programs that are still ramping up volumes to full production levels.\u00a0 Magnequench is benefiting from growth in the precision and efficient motors and the increased utilization of its magnetic materials on a per-vehicle basis, a continuing growth trend driven by a larger global macro trend toward increasing electrification of various vehicle systems.\n\nAdjusted EBITDA was $8.3 million and $27.5 million for the three and nine months ended September 30, 2019, compared to $12.5 million and $41.4 million in the corresponding periods last year.\u00a0 Adjusted EBITDA was affected by lower volumes (both in margin and overhead absorption), changes in foreign exchange rates, as well as timing impacts from Neo&#8217;s input cost pass-through mechanics. This pass-through mechanic, which updates selling prices on a lagged basis, generally monthly and quarterly, is a key feature of Neo&#8217;s strategic focus on value-add margins.\u00a0 Higher rare earth selling prices were passed through to customers in late 2017 and into 1H of 2018, while pass-through pricing was relatively stable in 2H 2018 and generally declined through 2019.\n\nOn August 26, 2019, Neo announced that it had completed the previously announced acquisition of the assets of SAMAG, a privately-owned manufacturer of compression molded neodymium-iron-boron bonded magnets.\u00a0 Among the assets acquired is a new production facility in Chuzhou, China (west of Shanghai), built in 2016 and recently enhanced by a US$2.9 million capacity expansion, including the installation of new manufacturing equipment and additional production footprint.\u00a0 This acquisition will allow Neo\u2019s Magnequench business unit to accelerate its strategy to expand into compression molded magnet production.\n\nOn October 16, 2019, Neo Magnequench\u2019s facility in Tianjin, China was named as a \u201cTop 100\u201d manufacturing enterprise in Tianjin by the Tianjin Enterprise Association because of the plant\u2019s sustained net profitability, cutting-edge research and development programs, and continuous improvements made to operational efficiency and employee development.\n\n<span style=\"font-size: 14pt;\"><strong>CHEMICALS AND OXIDES (&#8220;C&amp;O&#8221;) SEGMENT RESULTS<\/strong><\/span>\n<table width=\"624\">\n<tbody>\n<tr>\n<td colspan=\"5\" width=\"624\"><strong>TABLE 3: Selected C&amp;O Results<\/strong><\/td>\n<\/tr>\n<tr>\n<td width=\"304\"><\/td>\n<td style=\"text-align: right;\" colspan=\"2\" width=\"160\"><strong><em>Quarter-over-Quarter Comparison<\/em><\/strong><\/td>\n<td style=\"text-align: right;\" colspan=\"2\" width=\"160\"><strong><em>Year-over-Year Comparison<\/em><\/strong><\/td>\n<\/tr>\n<tr>\n<td width=\"304\"><\/td>\n<td style=\"text-align: right;\" width=\"80\"><strong>Q3 2019<\/strong><\/td>\n<td style=\"text-align: right;\" width=\"80\"><strong>Q3 2018<\/strong><\/td>\n<td style=\"text-align: right;\" width=\"80\"><strong>Q3 2019<\/strong><\/td>\n<td style=\"text-align: right;\" width=\"80\"><strong>Q3 2018<\/strong><\/td>\n<\/tr>\n<tr>\n<td width=\"304\">Volume (tonnes)<\/td>\n<td style=\"text-align: right;\" width=\"80\">1,713<\/td>\n<td style=\"text-align: right;\" width=\"80\">1,985<\/td>\n<td style=\"text-align: right;\" width=\"80\">5,901<\/td>\n<td style=\"text-align: right;\" width=\"80\">5,768<\/td>\n<\/tr>\n<tr>\n<td width=\"304\"><em>($000s)<\/em><\/td>\n<td style=\"text-align: right;\" width=\"80\"><\/td>\n<td style=\"text-align: right;\" width=\"80\"><\/td>\n<td style=\"text-align: right;\" width=\"80\"><\/td>\n<td style=\"text-align: right;\" width=\"80\"><\/td>\n<\/tr>\n<tr>\n<td width=\"304\">Revenue<\/td>\n<td style=\"text-align: right;\" width=\"80\">$42,469<\/td>\n<td style=\"text-align: right;\" width=\"80\">$41,361<\/td>\n<td style=\"text-align: right;\" width=\"80\">$124,576<\/td>\n<td style=\"text-align: right;\" width=\"80\">$123,215<\/td>\n<\/tr>\n<tr>\n<td width=\"304\">Operating income<\/td>\n<td style=\"text-align: right;\" width=\"80\">$5,134<\/td>\n<td style=\"text-align: right;\" width=\"80\">$3,908<\/td>\n<td style=\"text-align: right;\" width=\"80\">$15,456<\/td>\n<td style=\"text-align: right;\" width=\"80\">$9,833<\/td>\n<\/tr>\n<tr>\n<td width=\"304\">EBITDA<sup>(1)<\/sup><\/td>\n<td style=\"text-align: right;\" width=\"80\">$6,492<\/td>\n<td style=\"text-align: right;\" width=\"80\">$4,995<\/td>\n<td style=\"text-align: right;\" width=\"80\">$19,152<\/td>\n<td style=\"text-align: right;\" width=\"80\">$13,209<\/td>\n<\/tr>\n<tr>\n<td width=\"304\">Adjusted EBITDA<sup>(1)<\/sup><\/td>\n<td style=\"text-align: right;\" width=\"80\">$6,543<\/td>\n<td style=\"text-align: right;\" width=\"80\">$5,214<\/td>\n<td style=\"text-align: right;\" width=\"80\">$18,455<\/td>\n<td style=\"text-align: right;\" width=\"80\">$13,914<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<strong>_________________________<\/strong>\n\n<span style=\"font-size: 8pt;\"><em><sup>(1)<\/sup><\/em><em>Neo reports non-IFRS measures such as &#8220;Adjusted Net Income&#8221;, &#8220;Adjusted Earnings per Share&#8221;, &#8220;Adjusted EBITDA&#8221;, &#8220;Adjusted EBITDA Margin&#8221; and &#8220;EBITDA&#8221;. Please see information on this and other non-IFRS measures in the &#8220;Non-IFRS Measures&#8221; section of this news release and in the MD&amp;A.<\/em><\/span>\n\nFor the three months ended September 30, 2019, volumes decreased YoY by 13.7%, while year-to-date volumes increased 2.3% compared to the same period in the prior year.\u00a0 Q3 2019 revenue increased to $42.5 million, from $41.4 million in Q3 2018, and rose to $124.6 million in the nine months ended September 30, 2019 from $123.2 million in the corresponding period of 2018.\n\nIn the nine months ended September 30, 2019, three-way auto catalyst volumes have continued to show incremental YoY growth despite a general slowdown in automotive markets throughout the year.\u00a0 However, this was offset by a decline in diesel catalyst products.\u00a0 With declining diesel volumes in the past several quarters, overall product mix between three-way and diesel catalysts for Neo is now more reflective of market mix considerations.\u00a0 The C&amp;O segment did not incur premium freight costs in 2019, as opposed to $4.2 million of premium freight costs incurred in 2018.\n\nIn C&amp;O\u2019s rare earth separation business, the continuing decline of many of the rare earth commodity prices have led to a lagging impact of higher-cost inventory relative to current selling prices, and this has had a negative impact of margins for rare earth separation in the three and nine months ending September 30, 2019.\u00a0 This was partially mitigated by a strong increase in prices for certain heavy rare earth elements primarily Dysprosium and Terbium, which led to stronger margins for the heavy rare earth separation business in the three months ended September 30, 2019.\u00a0 In addition, C&amp;O has benefited from increased spot sales in the three and nine months ended September 30, 2019 compared to 2018.\n\n<span style=\"font-size: 14pt;\"><strong>RARE METALS SEGMENT RESULTS<\/strong><\/span>\n<table width=\"624\">\n<tbody>\n<tr>\n<td colspan=\"5\" width=\"624\"><strong>TABLE 4: Selected Rare Metals Results<\/strong><\/td>\n<\/tr>\n<tr>\n<td width=\"304\"><\/td>\n<td style=\"text-align: right;\" colspan=\"2\" width=\"160\"><strong><em>Quarter-over-Quarter Comparison<\/em><\/strong><\/td>\n<td style=\"text-align: right;\" colspan=\"2\" width=\"160\"><strong><em>Year-over-Year Comparison<\/em><\/strong><\/td>\n<\/tr>\n<tr>\n<td width=\"304\"><\/td>\n<td style=\"text-align: right;\" width=\"80\"><strong>Q3 2019<\/strong><\/td>\n<td style=\"text-align: right;\" width=\"80\"><strong>Q3 2018<\/strong><\/td>\n<td style=\"text-align: right;\" width=\"80\"><strong>Q3 2019<\/strong><\/td>\n<td style=\"text-align: right;\" width=\"80\"><strong>Q3 2018<\/strong><\/td>\n<\/tr>\n<tr>\n<td width=\"304\">Volume (tonnes)<\/td>\n<td style=\"text-align: right;\" width=\"80\">134<\/td>\n<td style=\"text-align: right;\" width=\"80\">149<\/td>\n<td style=\"text-align: right;\" width=\"80\">406<\/td>\n<td style=\"text-align: right;\" width=\"80\">423<\/td>\n<\/tr>\n<tr>\n<td width=\"304\"><em>($000s)<\/em><\/td>\n<td style=\"text-align: right;\" width=\"80\"><\/td>\n<td style=\"text-align: right;\" width=\"80\"><\/td>\n<td style=\"text-align: right;\" width=\"80\"><\/td>\n<td style=\"text-align: right;\" width=\"80\"><\/td>\n<\/tr>\n<tr>\n<td width=\"304\">Revenue<\/td>\n<td style=\"text-align: right;\" width=\"80\">$22,500<\/td>\n<td style=\"text-align: right;\" width=\"80\">$22,388<\/td>\n<td style=\"text-align: right;\" width=\"80\">$69,058<\/td>\n<td style=\"text-align: right;\" width=\"80\">$66,480<\/td>\n<\/tr>\n<tr>\n<td width=\"304\">Operating (loss) income<\/td>\n<td style=\"text-align: right;\" width=\"80\">$(155)<\/td>\n<td style=\"text-align: right;\" width=\"80\">$501<\/td>\n<td style=\"text-align: right;\" width=\"80\">$(369)<\/td>\n<td style=\"text-align: right;\" width=\"80\">$4,140<\/td>\n<\/tr>\n<tr>\n<td width=\"304\">EBITDA<sup>(1)<\/sup><\/td>\n<td style=\"text-align: right;\" width=\"80\">$946<\/td>\n<td style=\"text-align: right;\" width=\"80\">$1,710<\/td>\n<td style=\"text-align: right;\" width=\"80\">$3,088<\/td>\n<td style=\"text-align: right;\" width=\"80\">$7,803<\/td>\n<\/tr>\n<tr>\n<td width=\"304\">Adjusted EBITDA<sup>(1)<\/sup><\/td>\n<td style=\"text-align: right;\" width=\"80\">$963<\/td>\n<td style=\"text-align: right;\" width=\"80\">$1,784<\/td>\n<td style=\"text-align: right;\" width=\"80\">$3,951<\/td>\n<td style=\"text-align: right;\" width=\"80\">$8,052<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<strong>_________________________<\/strong>\n\n<span style=\"font-size: 8pt;\"><em><sup>(1)<\/sup><\/em><em>Neo reports non-IFRS measures such as &#8220;Adjusted Net Income&#8221;, &#8220;Adjusted Earnings per Share&#8221;, &#8220;Adjusted EBITDA&#8221;, &#8220;Adjusted EBITDA Margin&#8221; and &#8220;EBITDA&#8221;. Please see information on this and other non-IFRS measures in the &#8220;Non-IFRS Measures&#8221; section of this news release and in the MD&amp;A.<\/em><\/span>\n\n<strong>\u00a0<\/strong>\n\nFor the three and nine months ended September 30, 2019, Rare Metals increased revenues by 0.5% and 3.9%, respectively, driven primarily by increases in hafnium product sales as the business continues to generate additional demand from both new and existing customers.\u00a0 This was offset by the continued decline in pricing for tantalum-based products, which impacted the segment because of higher-cost inventoried material.\u00a0 The Rare Metals segment continues to develop new products and focus on value-added margins to mitigate short-term variations in its earnings due to material price volatility.\n\n<strong>\u00a0<\/strong>\n\n<strong>\u00a0<\/strong>\n\n<span style=\"font-size: 14pt;\"><strong>CONFERENCE CALL ON THURSDAY, NOVEMBER 14, 2019 AT 10 AM EASTERN<\/strong><\/span>\n\nManagement will host a teleconference call on Thursday, November 14, 2019 at 10:00 a.m. (Eastern Time) to discuss the third quarter 2019 results.\u00a0 Interested parties may access the teleconference by calling (647) 427-7450 (local) or\u00a0 (888) 231-8191 (toll-free long distance) or by visiting https:\/\/cnw.en.mediaroom.com\/events.\u00a0 A recording of the teleconference may be accessed by calling (416) 849-0833 (local) or (855) 859-2056 (toll-free long distance), and entering pass code 7074462# until December 14, 2019 or by visiting https:\/\/cnw.en.mediaroom.com\/events.\n\n<strong>\u00a0<\/strong>\n\n<strong>\u00a0<\/strong>\n\n<span style=\"font-size: 14pt;\"><strong>NON-IFRS MEASURES<\/strong><\/span>\n\nThis news release refers to certain non-IFRS financial measures such as &#8220;Adjusted Net Income&#8221;, &#8220;EBITDA&#8221;, &#8220;Adjusted EBITDA&#8221;, and &#8220;Adjusted EBITDA Margin&#8221;.\u00a0 These measures are not recognized measures under IFRS, do not have a standardized meaning prescribed by IFRS, and may not be comparable to similar measures presented by other companies. Rather, these measures are provided as additional information to complement IFRS financial measures by providing further understanding of Neo&#8217;s results of operations from management&#8217;s perspective. Neo&#8217;s definitions of non-IFRS measures used in this news release may not be the same as the definitions for such measures used by other companies in their reporting.\u00a0 Non-IFRS measures have limitations as analytical tools and should not be considered in isolation nor as a substitute for analysis of Neo&#8217;s financial information reported under IFRS.\u00a0 Neo uses non-IFRS financial measures to provide investors with supplemental measures of its base-line operating performance and to eliminate items that have less bearing on operating performance or operating conditions and thus highlight trends in its core business that may not otherwise be apparent when relying solely on IFRS financial measures.\u00a0 Neo believes that securities analysts, investors and other interested parties frequently use non-IFRS financial measures in the evaluation of issuers.\u00a0 Neo&#8217;s management also uses non-IFRS financial measures in order to facilitate operating performance comparisons from period to period.\u00a0 For the operating segments, Neo also uses &#8220;OIBDA&#8221; and &#8220;Adjusted OIBDA&#8221;, which reconciles to operating income. Neo uses Adjusted OIBDA and Adjusted EBITDA interchangeably as the use of adjustments in each measure provides the same calculated outcome of operating performance. For definitions of how Neo defines such financial measures, please see the &#8220;Non-IFRS Financial Measures&#8221; section of Neo&#8217;s management&#8217;s discussion and analysis filing for the three and nine months ended September 30, 2019, available on Neo&#8217;s web site at www.neomaterials.com and on SEDAR at www.sedar.com.\n\n<span style=\"font-size: 14pt;\"><strong>TABLE 5: CONSOLIDATED STATEMENTS OF FINANCIAL POSITION<\/strong><\/span><strong>\u00a0<\/strong>\n\n<span style=\"font-size: 8pt;\"><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone size-full wp-image-15502\" src=\"http:\/\/www.neomaterials.com\/wp-content\/uploads\/2020\/06\/Table_5.jpg\" alt=\"Neo Performance Materials - Rare earth and rare metal-based functional materials\" width=\"1006\" height=\"1163\" srcset=\"https:\/\/www.neomaterials.com\/wp-content\/uploads\/2020\/06\/Table_5.jpg 1006w, https:\/\/www.neomaterials.com\/wp-content\/uploads\/2020\/06\/Table_5-260x300.jpg 260w, https:\/\/www.neomaterials.com\/wp-content\/uploads\/2020\/06\/Table_5-886x1024.jpg 886w, https:\/\/www.neomaterials.com\/wp-content\/uploads\/2020\/06\/Table_5-768x888.jpg 768w, https:\/\/www.neomaterials.com\/wp-content\/uploads\/2020\/06\/Table_5-519x600.jpg 519w\" sizes=\"(max-width: 1006px) 100vw, 1006px\" \/>____________________________<\/span>\n<span style=\"font-size: 8pt;\"><em>See accompanying notes to this table in Neo&#8217;s\u00a0 Interim Condensed Consolidated Financial Statements for the Three and Nine Month Periods Ended September 30, 2019, available on Neo&#8217;s website at <\/em><a href=\"https:\/\/www.neomaterials.com\"><em>www.neomaterials.com<\/em><\/a><em> and on SEDAR at <\/em><a href=\"https:\/\/www.sedar.com\"><em>www.sedar.com<\/em><\/a><em>.<\/em><\/span>\n\n<span style=\"font-size: 8pt;\"><em>\u00a0<\/em><\/span>\n\n<span style=\"font-size: 8pt;\"><em>\u00a0<\/em><\/span>\n\n<strong><span style=\"font-size: 14pt;\">TABLE 6: CONSOLIDATED RESULTS OF OPERATIONS<\/span>\n<\/strong><em>Comparison of the three and nine months ended September 30, 2019 to the three and nine months ended September 30, 2018:<\/em>\n\n<span style=\"font-size: 8pt;\"><img decoding=\"async\" class=\"alignnone size-full wp-image-15501\" src=\"http:\/\/www.neomaterials.com\/wp-content\/uploads\/2020\/06\/Table_6.jpg\" alt=\"Neo Performance Materials - Rare earth and rare metal-based functional materials\" width=\"999\" height=\"1063\" srcset=\"https:\/\/www.neomaterials.com\/wp-content\/uploads\/2020\/06\/Table_6.jpg 999w, https:\/\/www.neomaterials.com\/wp-content\/uploads\/2020\/06\/Table_6-282x300.jpg 282w, https:\/\/www.neomaterials.com\/wp-content\/uploads\/2020\/06\/Table_6-962x1024.jpg 962w, https:\/\/www.neomaterials.com\/wp-content\/uploads\/2020\/06\/Table_6-768x817.jpg 768w, https:\/\/www.neomaterials.com\/wp-content\/uploads\/2020\/06\/Table_6-564x600.jpg 564w\" sizes=\"(max-width: 999px) 100vw, 999px\" \/>____________________________<\/span>\n<span style=\"font-size: 8pt;\"><em>See Management&#8217;s Discussion and Analysis for the Three and Nine Month Periods Ended September 30, 2019, available on Neo&#8217;s website at <\/em><a href=\"https:\/\/www.neomaterials.com\"><em>www.neomaterials.com<\/em><\/a><em> and on SEDAR at <\/em><a href=\"https:\/\/www.sedar.com\"><em>www.sedar.com<\/em><\/a><em>.<\/em><\/span>\n\n&nbsp;\n\n<span style=\"font-size: 8pt;\"><em>\u00a0<\/em><\/span>\n\n<span style=\"font-size: 14pt;\"><strong>TABLE 7: RECONCILIATION OF NET INCOME TO EBITDA, ADJUSTED EBITDA AND FREE CASH FLOW<\/strong><\/span>\n\n<img decoding=\"async\" class=\"alignnone size-full wp-image-15500\" src=\"http:\/\/www.neomaterials.com\/wp-content\/uploads\/2020\/06\/Table_8.jpg\" alt=\"Neo Performance Materials - Rare earth and rare metal-based functional materials\" width=\"996\" height=\"720\" srcset=\"https:\/\/www.neomaterials.com\/wp-content\/uploads\/2020\/06\/Table_8.jpg 996w, https:\/\/www.neomaterials.com\/wp-content\/uploads\/2020\/06\/Table_8-300x217.jpg 300w, https:\/\/www.neomaterials.com\/wp-content\/uploads\/2020\/06\/Table_8-768x555.jpg 768w, https:\/\/www.neomaterials.com\/wp-content\/uploads\/2020\/06\/Table_8-800x578.jpg 800w\" sizes=\"(max-width: 996px) 100vw, 996px\" \/>\n\n<span style=\"font-size: 8pt;\"><strong><u>Notes:<\/u><\/strong><\/span>\n<ul>\n \t<li><span style=\"font-size: 8pt;\">Represents other expenses resulting from non-operational related activities. Other income primarily relating to cost and insurance recoveries as a result of the fire at the Silmet facility. These costs and recoveries are not indicative of Neo&#8217;s ongoing activities.<\/span><\/li>\n \t<li><span style=\"font-size: 8pt;\">Represents unrealized and realized foreign exchange losses (gains) that include non-cash adjustments in translating foreign denominated monetary assets and liabilities.<\/span><\/li>\n \t<li><span style=\"font-size: 8pt;\">The $1.0 million impairment in the Rare Metals division represents impairment of property, plant and equipment and other assets related to the closure of NRM Utah that will not be utilized as a result of the closure.<\/span><\/li>\n \t<li><span style=\"font-size: 8pt;\">Represents share and value-based compensation expense in respect of the Legacy Plan, the LTIP and the long-term value bonus plan, which has similar vesting criteria to the share-based plan and is settled in cash for non-executives and non-North Americans where implementation of a share settlement plan would have been prohibitively expensive in terms of administration and compliance. Value-based compensation expense\/(recovery) of $79 and $(1,651) are included in selling, general, and administration expenses for the three and nine months ended September 30, 2019, respectively, and expense of $302 and $905 are included for the three and nine months ended September 30, 2018, respectively.\u00a0 Neo has removed both the share and value-based compensation expense from EBITDA to provide comparability with historic periods and to treat it consistently with the share-based awards that they are intended to replace.<\/span><\/li>\n \t<li><span style=\"font-size: 8pt;\">These represents legal, professional advisory fees and other transaction costs incurred\/(recovered) with respect to non-operating capital structure related transactions. These net recoveries were included in selling, general, and administration expense.\u00a0 Neo has removed these charges provide comparability with historic periods.<\/span><\/li>\n \t<li><span style=\"font-size: 8pt;\">Capital expenditures includes $9.7 million related to the assets acquired through a business combination.<\/span><\/li>\n \t<li><span style=\"font-size: 8pt;\">Calculated as Free Cash Flow divided by Adjusted EBITDA.<\/span><\/li>\n<\/ul>\n<div><span style=\"font-size: 10.6667px;\">\n<\/span>\n<span style=\"font-size: 10.6667px;\">\n<\/span><\/div>\n<div><span style=\"font-size: 10.6667px;\">\u00a0<\/span><\/div>\n<span style=\"font-size: 14pt;\"><strong>TABLE 8: RECONCILIATION OF NET INCOME TO ADJUSTED NET INCOME<\/strong><\/span>\n\n<strong> <img decoding=\"async\" class=\"alignnone size-full wp-image-15500\" src=\"http:\/\/www.neomaterials.com\/wp-content\/uploads\/2020\/06\/Table_8.jpg\" alt=\"Neo Performance Materials - Rare earth and rare metal-based functional materials\" width=\"996\" height=\"720\" srcset=\"https:\/\/www.neomaterials.com\/wp-content\/uploads\/2020\/06\/Table_8.jpg 996w, https:\/\/www.neomaterials.com\/wp-content\/uploads\/2020\/06\/Table_8-300x217.jpg 300w, https:\/\/www.neomaterials.com\/wp-content\/uploads\/2020\/06\/Table_8-768x555.jpg 768w, https:\/\/www.neomaterials.com\/wp-content\/uploads\/2020\/06\/Table_8-800x578.jpg 800w\" sizes=\"(max-width: 996px) 100vw, 996px\" \/><\/strong>\n\n<span style=\"font-size: 8pt;\"><strong><u>Notes:<\/u><\/strong><\/span>\n<ul>\n \t<li><span style=\"font-size: 8pt;\">Represents other expenses resulting from non-operational related activities. Other income primarily relating to cost and insurance recoveries as a result of the fire at the Silmet facility. These costs and recoveries are not indicative of Neo&#8217;s ongoing activities.<\/span><\/li>\n \t<li><span style=\"font-size: 8pt;\">Represents unrealized and realized foreign exchange losses (gains) that include non-cash adjustments in translating foreign denominated monetary assets and liabilities.<\/span><\/li>\n \t<li><span style=\"font-size: 8pt;\">The $1.0 million impairment in the Rare Metals division represents impairment of property, plant and equipment and other assets related to the closure of NRM Utah that will not be utilized as a result of the closure.<\/span><\/li>\n \t<li><span style=\"font-size: 8pt;\">Represents share and value-based compensation expense in respect of the Legacy Plan, the LTIP and the long-term value bonus plan, which has similar vesting criteria to the share-based plan and is settled in cash for non-executives and non-North Americans where implementation of a share settlement plan would have been prohibitively expensive in terms of administration and compliance. Value-based compensation expense\/(recovery) of $79 and $(1,651) are included in selling, general, and administration expenses for the three and nine months ended September 30, 2019, respectively, and expense of $302 and $905 are included for the three and nine months ended September 30, 2018, respectively.\u00a0 Neo has removed both the share and value-based compensation expense from EBITDA to provide comparability with historic periods and to treat it consistently with the share-based awards that they are intended to replace.<\/span><\/li>\n \t<li><span style=\"font-size: 8pt;\">These represent legal, professional advisory fees and other transaction costs incurred\/(recovered) with respect to non-operating capital structure related transactions. These net recoveries were included in selling, general, and administration expense.\u00a0 Neo has removed these charges provide comparability with historic periods.<\/span><\/li>\n \t<li><span style=\"font-size: 8pt;\">Capital expenditures includes $9.7 million related to the assets acquired through a business combination.<\/span><\/li>\n \t<li><span style=\"font-size: 8pt;\">Calculated as Free Cash Flow divided by Adjusted EBITDA.<\/span><\/li>\n<\/ul>\n<div><span style=\"font-size: 10.6667px;\">\u00a0<\/span><\/div>\n<div><span style=\"font-size: 10.6667px;\">\n<\/span>\n<span style=\"font-size: 10.6667px;\">\n<\/span><\/div>\n<span style=\"font-size: 14pt;\"><strong>About Neo Performance Materials<\/strong><\/span>\n\nNeo Performance Materials is a global leader in the innovation and manufacturing of rare earth and rare metal-based functional materials, which are essential inputs to high technology, high growth, future-facing industries. The business of Neo is organized along three segments: Magnequench, Chemicals &amp; Oxides and Rare Metals. Neo is headquartered in Toronto, Ontario, Canada; with corporate offices in Greenwood Village, Colorado, US; and Beijing, China. Neo operates globally with sales and production across 10 countries, being Japan, China, Thailand, Estonia, Singapore, Germany, United Kingdom, Canada, United States, and South Korea. For more information, please visit <a href=\"https:\/\/www.neomaterials.com\">www.neomaterials.com<\/a>.\n\n<span style=\"font-size: 14pt;\"><strong>Information Contacts<\/strong><\/span>\n\nAli Mahdavi\nInvestor Relations\n(416) 962-3300\nEmail:\u00a0<a href=\"mailto:a.mahdavi@neomaterials.com\">a.mahdavi@neomaterials.com<\/a>\n\nJim Sims\nMedia Relations\n(303) 503-6203\nEmail:\u00a0<a href=\"mailto:j.sims@neomaterials.com\">j.sims@neomaterials.com<\/a>\n\nWebsite:\u00a0<a href=\"http:\/\/www.neomaterials.com\/\">www.neomaterials.com<\/a>\n\ne-mail:\u00a0<a href=\"mailto:amrinfo@neomaterials.com\">info@neomaterials.com<\/a>\n\n<span style=\"font-size: 14pt;\"><strong>Cautionary Statements Regarding Forward-Looking Statements<\/strong><\/span>\n\nThis news release contains &#8220;forward-looking information&#8221; within the meaning of applicable securities laws in Canada. Forward-looking information may relate to future events or future performance of Neo. All statements in this release, other than statements of historical facts, with respect to Neo&#8217;s objectives and goals, as well as statements with respect to its beliefs, plans, objectives, expectations, anticipations, estimates, and intentions, are forward-looking information. Specific forward-looking statements in this discussion include, but are not limited to, the following: expectations regarding certain of Neo&#8217;s future results and information, including, among other things, revenue, expenses, sales growth, capital expenditures, and operations; statements with respect to current and future market trends that may directly or indirectly impact sales and revenue of Neo; expected use of cash balances; continuation of prudent management of working capital; source of funds for ongoing business requirements and capital investments; expectations regarding sufficiency of the allowance for uncollectible accounts and inventory provisions; analysis regarding sensitivity of the business to changes in exchange rates; impact of recently adopted accounting pronouncements; risk factors relating to intellectual property protection and intellectual property litigation; and, expectations concerning any remediation efforts to Neo&#8217;s design of its internal controls over financial reporting and disclosure controls and procedures. Often, but not always, forward-looking information can be identified by the use of words such as &#8220;plans&#8221;, &#8220;expects&#8221;, &#8220;is expected&#8221;, &#8220;budget&#8221;, &#8220;scheduled&#8221;, &#8220;estimates&#8221;, &#8220;continues&#8221;, &#8220;forecasts&#8221;, &#8220;projects&#8221;, &#8220;predicts&#8221;, &#8220;intends&#8221;, &#8220;anticipates&#8221; or &#8220;believes&#8221;, or variations of, or the negatives of, such words and phrases, or state that certain actions, events or results &#8220;may&#8221;, &#8220;could&#8221;, &#8220;would&#8221;, &#8220;should&#8221;, &#8220;might&#8221; or &#8220;will&#8221; be taken, occur or be achieved. This information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information. Neo believes the expectations reflected in such forward-looking information are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking information included in this discussion and analysis should not be unduly relied upon. For more information on Neo, investors should review Neo&#8217;s continuous disclosure filings that are available under Neo&#8217;s profile at www.sedar.com.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Neo Performance Materials  (TSX:NEO) today released its third quarter 2019 financial results.<\/p>\n","protected":false},"author":6,"featured_media":14653,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[7],"tags":[],"class_list":["post-13096","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-releases"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Neo Performance Materials Reports Third Quarter 2019 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