INRB.pk Industrial Rubber Products Inc
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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
Posted: Wednesday May 2 10:48:09AM 2007
Here is an article about inrb.pk from Minnesota Jobs Creation site.
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
“We were heading there,” Burkes says. “We were
about to sign the lease. And then I got a call from
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
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,”
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.”
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
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.
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.
Posted: Saturday Apr 28 4:26:57PM 2007
Bobwin what is a pink sheet stock?
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
Cost of Sales
Nonoperating Income (Expense)
Interest and other income
Income before income taxes
Federal, State and Foreign Income Taxes
Earnings per Common Share
Weighted Average Number of Shares and Share Equivalents
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 itâ€™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 Intâ€™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.