U.S. Antimony Reports Strongest Quarter In History
United States Antimony Corporation (“USAC”, OTCBB “uamy.ob”) announced that USAC has had the strongest quarter in its history. Benefiting from record prices and record volumes for both its antimony and zeolite products, USAC reported gross revenues of $2,659,733 and net income of $85,815 for Q3 2010. The profit was adversely affected by a non-cash write down of $199,302 for the moving of the Mexican flotation mill and an additional Mexican start-up cost of $195,013. For the first nine months of 2010 the sales were $6,164,732 compared to $2,937,414 for the same period in 2009, and the net income was $282,746 for 2010 compared to a loss of $325,903 for 2009.
Antimony supplies from China, which produces 92% of the world supply have been uncertain for multiple reasons. The metal’s price has responded by increasing strongly to all-time record highs. USAC’s production remains in a “sold out” condition even though the Company has been establishing new sources of concentrates and ore from South and Central America, Australia, Europe and other areas.
Commenting on the quarter, USAC’s CEO said, “We are fully focused on relocating our completed mill in Mexico, which is expected to further drive revenue growth and showcase USAC as a fully integrated world supplier of this strategic metal.” Mr. Lawrence went on to comment, “that the selection of Bear River zeolite over other zeolites by the Department Of Energy for remediation of a nuclear leak near Buffalo, New York may result in numerous additional orders.” A further comment by Lawrence was “With current business trends USAC intends to strengthen senior management, balance sheet liquidity, and investor relations. I wanted to thank our personnel, and staff, for handling the surge in our business and to the shareholders for their support.”
Forward Looking Statements:This Press Release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 that are based upon current expectations or beliefs, as well as a number of assumptions about future events, including matters related to the Company's operations, pending contracts and future revenues. Although the Company believes that the expectations reflected in the forward-looking statements and the assumptions upon which they are based are reasonable, it can give no assurance that such expectations and assumptions will prove to have been correct. The reader is cautioned not to put undue reliance on these forward-looking statements, as these statements are subject to numerous factors and uncertainties. In addition, other factors that could cause actual results to differ materially are discussed in the Company's most recent filings, including Form 10-KSB with the Securities and Exchange Commission.
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