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INRB.pk Industrial Rubber Products Inc



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By Bobwins

Posted: Wednesday May 30 5:24:51PM 2007

another great article about INRB.pk and their IRACORE pipe. Suncor looks to be very happy with the reduced wear and maintenance of the IRACORE product over straight steel pipe. 2 year replacement cycle for steel vs 15 to 20 years for IRACORE. This huge superiority in lifespan is why the CEO said their new plant was probably the first of five that he would have to build to satisfy the demand from the tar sands industry. Bobwins http://www.uma.aecom.com/media/4362.pdf

By Bobwins

Posted: Wednesday May 2 10:48:09AM 2007

Here is an article about inrb.pk from Minnesota Jobs Creation site. http://www.deed.state.mn.us/bizdev/PDFs/JOBZ2007AnnualReport.pdf Iracore Internatio nal: ‘JOBZ is absolutely why we’re here’ When Daniel Burkes went looking for a site to expand his specialized pipe-coating company, Iracore International, he wanted to stay in Hibbing. Iracore’s parent company, Industrial Rubber Products Inc., was started there a half-century ago by a local family. But Burkes discovered that local loyalties only take you so far. Iracore’s top industrial customer operates in the oil sands of northern Alberta, Canada, so Edmonton made geographic sense. Montana also offered a tempting site. Great Falls was situated nicely relative to those northern oil sands, and there was an ample supply of suitable labor available for about half what Iracore paid in wages to its Hibbing workforce. And besides, Montana’s governor was aggressively courting Burkes to expand in Great Falls. “We were heading there,” Burkes says. “We were about to sign the lease. And then I got a call from Governor Pawlenty.” That call from Minnesota’s governor turned the tables. Spurred by the call, Hibbing economic development officials – together with a large coalition of other partners, including Iron Range Resources, local banks and several others – put together a development package that included JOBZ benefits. And that, says Burkes, was the “deal turner.” He told the Hibbing officials it made Minnesota competitive: “You just beat Montana.” So instead of expanding Iracore’s pipe-coating plant in Great Falls or Edmonton, Burkes elected to stay in Hibbing to supply specially coated steel pipe to meet the Canadian oil sands industry’s growing tailings and hydro-transportation pipe requirements. Burkes says the oil sands business is expected to require $2.6 billion worth of specially coated steel pipe over the next decade; and he believes his company is now positioned to do it all. “Two point six billion,” he says. “Not bad for a little company in Hibbing.” And it’s especially impressive when you consider that, if not for Iracore’s specialized fabrication process, none of those miles of coated pipe would have been produced in North America. “All of that would have come from the Pacific rim, from Asia,” Burkes says. Iracore is ramping up fast. Already the company has exceeded its hiring and wage goals, with 29 employees earning an average wage/benefit package of $28 per hour. Burkes anticipates that the Hibbing facility will soon employ 45 workers. He also hopes to persuade at least one Iron Range school to start a new welding program to provide the specialized training his workers will need to fabricate the miles of pipe the oil sands industry will require. Duane Northagen of the Hibbing Economic Development Authority says there’s no doubt in his mind that JOBZ benefits helped to keep Iracore in Hibbing. And he says it was an easy call for local officials because of the long-term impact a company like Iracore will have on the community. “This was presented as a pilot project,” Northagen says. “We expect that this is just the first round. We anticipate longevity and expansion.” “JOBZ is absolutely why we’re here,” Burkes agrees. “And,” he says, “I have four more plants to build.”

By Bobwins

Posted: Tuesday May 1 8:59:46AM 2007

INRB.pk has soared to over C$10! Sold 1/3 at 10.10 and 10.20. Will hold the rest. A second contract for another tarsands company should send the stock to C$20. They already look like they can earn C$2 in 2007 from Suncor deal. Additional deals should increase eps further. Bobwins

By Bobwins

Posted: Monday Apr 30 8:21:06AM 2007

INRB.pk +2.91 to $7.06 this morning. Volume is low at 26,400. I expect several more qtrs like .44eps Q4. I think we could hit 8.50-10. If we sign another big TarSands company, we could be $15-20. It is still a pinksheet and still very low trading volume but the company is healthy and growing rapidly with high profits. Bobwins

By bman

Posted: Saturday Apr 28 11:21:32PM 2007

Thanks for the insight. I one with a faint heart will stay from this one. Bobwin your dd of stocks is very much appreciated.

By bman

Posted: Saturday Apr 28 4:26:57PM 2007

Bobwin what is a pink sheet stock?

By Bobwins

Posted: Friday Apr 27 10:06:13PM 2007

This is an unusual pink sheet stock. It is a US based company that has perfected a lining for Suncor that can provide extended life for pipes carrying the tar sand slurry to their processing facilities. Normal steel pipe wore out prematurely. INRB designed a rubber based liner and special connectors. INRB has a full line of industrial products that generates about $16 million in annual sales. The company has been barely profitable for 2005 on pretty flat sales of their traditional industrial rubber products. In 2006, after three + years of testing with Suncor, INRB.pk got their first contracts with Suncor and built a new factory specifically for their IRACORE pipe. There was some of the IRACORE pipe shipped in Q4. This caused an increase in revs to $24 million for 2006 and profits of 643K or .12eps. For the first time since delisting to the pinks, INRB.pk published a Q1 07 report. They made .44eps on 14 million in sales. On a projected annualized basis, this equates to a p/e of less than 3! Bobwins Industrial Rubber Products, Inc. and Subsidiaries Consolidated Statements of Operations Quarter Ended March 31, 2007 2007 Net Sales $14,218,994 Cost of Sales 8,900,843 Gross profit 5,318,151 Operating Expenses 1,483,106 Operating income 3,835,045 Nonoperating Income (Expense) Interest and other income 8,839 Interest expense (106,235) (97,396) Income before income taxes 3,737,649 Federal, State and Foreign Income Taxes 1,345,554 Net income $2,392,095 Earnings per Common Share Basic $0.44 Weighted Average Number of Shares and Share Equivalents Basic 5,459,705 http://www.irproducts.com/investors/index.html Hibbing, MN - January 31st 2007 - Iracore International Inc., a wholly-owned subsidiary of Industrial Rubber Products Inc., announces today that it has received an addition to it’s long-term supply contract with Suncor Energy Inc. This entails an additional 43,700 feet of Iracore pipe and pipe components with delivery starting in the 2nd quarter of 2007 and receipt of a purchase order related to this addition with an approximate value of $24,000,000. Hibbing, MN - December 18th 2006 - Iracore International Inc., a wholly-owned subsidiary of Industrial Rubber Products Inc., announces today that it began receiving purchase orders according to the 3 year supply contract between Suncor Energy Inc. and IRACORE Int’l Inc.. These purchase orders amount to $9,793,150 for IRACORE pipe and pipe components to be delivered in the 4th quarter of 2006 and the 1st quarter of 2007.

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