Q2 2024 United States Antimony Corp Earnings Call Transcript
Key Points
- Revenues increased by 26% for the period, driven by higher antimony sales volume and increased zeolite sales prices.
- Gross profit rose by 122%, attributed to improved efficiencies in the antimony business.
- The company reported a net income from continuing operations of $30,000, indicating a positive turnaround.
- Antimony sales increased by 36% over the prior year, with gross margins more than doubling.
- The company has successfully reduced its backlog in the zeolite business, achieving a 94.3% run time and building inventory.
- Operating expenses increased by $1.1 million, primarily due to non-cash stock compensation, project costs, and increased salary and Board fees.
- The zeolite business experienced a decrease in gross profit by $397,000 and a loss from operations worsened by $540,000.
- Discontinued operations in Mexico generated a loss of $150,000 despite higher sales.
- The average antimony sales price per pound was lower than the market price due to processing customer-owned ore.
- The company faces challenges in securing additional antimony supplies and is working on improving its flotation capabilities.
Greetings. Welcome to United States Antimony Corporation's second-quarter and six months ended June 30, 2024, operating and financial results meeting webcast. (Operator Instructions) Please note this webcast is being recorded. I'll now turn the webcast over to your host, Gary C. Evans. You may begin.
Thank you, and welcome to our second-quarter, six months ended financial and operational conference call. As you know, we've announced our numbers this morning. I have with me today on the call Rick Isaak, who is our Chief Financial Officer; Joe Bardswich, who is my co-CEO and a Board member; and Jonathan Miller, who is new. He's our Vice President, Investor Relations, and a, also, Global Sales Director. So those three gentlemen will be speaking as I turn various segments of the call over to them.
I want to just give you a very quick summary of financial results. I'm not going to steal Rick's thunder. He has got a lot more detail. But in summary, revenues were up 26
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