A file photo of former CEO Dr. Heinz Schimmelbusch (left) speaking to the media prior to the companies annual general meeting in Toronto, Ont. May 29/2008.Kevin Van Paassen/The Globe and Mail
Timminco Ltd. a producer of silicon specialty metal, narrowed its net losses in the second-quarter but saw its revenue drop on an accounting change.
The Toronto company said late Tuesday it lost $5.3-million, or 3 cents a share, for the three months ended June 30.
That compared with a loss of $9.7-million, or 5 cents, a year ago.
Consolidated sales fell to $21-million from $34.3-million, reflecting a change in accounting rules over how the company accounts for its stake in a Quebec silicon partnership.
The metals company also announced that it has appointed Douglas Fastuca as the company's new chief executive, replacing Heinz Schimmelbusch.
Mr. Schimmelbusch will remain as chairman of the company.
Under new International Financial Reporting Standards, the company has changed how it accounts for its 51 per cent ownership in Quebec Silicon Limited Partnership, the silicon metal production partnership set up with Dow Corning Corp.
Timminco now uses the equity method, under which the company's financial results reflect its proportionate ownership in Quebec Silicon.
"Our results for the second-quarter reflect the continued operation of our silicon metal operations at capacity, excluding planned major maintenance shutdowns, as well as sales of 87 metric tons solar grade silicon from inventories, bringing total solar grade silicon sales for the first half of 2011 to 159 metric tons," said Mr. Schimmelbusch.
"Our solar grade silicon sales in the first half of 2011 reflect the ongoing interest in the product for the photovoltaic solar cell market. As we continue to test improvements to our purification process on a small scale, we plan for production-scale testing in the second half of 2011, in advance of restarting our solar grade silicon operations."