Empire Industries Reports First Quarter 2014 Profit of $1.2 million
May 22 2014 - 6:00AM
Marketwired
Empire Industries Reports First Quarter 2014 Profit of $1.2 million
WINNIPEG, MANITOBA--(Marketwired - May 22, 2014) - Empire
Industries Ltd. (TSX-VENTURE:EIL) today reported its unaudited
consolidated financial results for the first quarter ended March
31, 2014. The unaudited consolidated financial statements and
MD&A have been filed on SEDAR and can be viewed at
www.sedar.com or at www.empind.com.
Summary of the First Quarter 2014 results
- Revenues increased by $9.8 million, or 41% (to $33.6 million
from $23.8 million in first quarter 2013)
- Adjusted EBITDA increased by $0.8 million, or 55% (to $2.4
million from $1.5 million in first quarter 2013)
- Net Income increased by $0.1 million, or 12% (to $1.2 million
from $1.1 million in first quarter 2013).
- Net Income was $0.005 per share, the same as in first quarter
2013.
- Backlog of $123 million at March 31, 2013, up from $116 million
at December 31, 2013;
For the quarter and year ended March 31 |
|
|
($ millions except share price and per share
amounts) |
Q1 2014 |
Q1 2013 |
Financial Results |
|
|
|
Revenue |
33.6 |
23.8 |
|
Adjusted EBITDA ($)1 |
2.4 |
1.5 |
|
Net income from all operations |
1.2 |
1.0 |
Financial Position (at March 31) |
|
|
|
Total
assets |
49.3 |
43.3 |
|
Long-term debt (including current portion) |
3.5 |
1.6 |
|
Shareholders' equity |
16.6 |
8.3 |
Per Share Information |
|
|
|
Income per share (Basic) |
$0.005 |
$0.005 |
|
Income per share (Diluted) |
$0.005 |
$0.005 |
1 |
Adjusted earnings (loss) before interest, tax, depreciation and
amortization (Adjusted EBITDA) is not defined by IFRS. The
definition of Adjusted EBITDA does not take into account the
Group's share of profit of an associate investment, gains and
losses on the disposal of assets, fair value changes in foreign
currency forward contracts and non-cash components of stock based
compensation. While not IFRS measures, Adjusted EBITDA is used by
management, creditors, analysts, investors and other financial
stakeholders to assess the Group's performance and management from
a financial and operational perspective. |
"Our Media Based Attractions and Manufactured Products segments
showed significant improvement over the prior period's first
quarter," said Guy Nelson, Chief Executive Officer of Empire
Industries Ltd. "Our Steel Fabrication segment struggled again in
the first quarter with a lack of revenue. However, I am pleased to
see that the Steel Fabrication segment was awarded a significant
volume of work during the first quarter of 2014, so we expect
improved results as this backlog is executed."
About Empire Industries Ltd.
Empire Industries Ltd. manufactures specialized engineered
products and sells these products domestically and in select
international export markets. The company has developed, designed
and engineered products for the rapidly growing, global, media
based attractions market. The company also provides steel
fabrication & installation services, primarily to the
industrial, commercial and infrastructure market in Western Canada.
The company also has two key strategic equity partnerships; a 49%
ownership of ACE Industrial Services that operates in the oil sands
industrial maintenance services market, and a 45% ownership of a
Chinese joint venture company in the steel fabrication market in
Asia. Empire's common shares are listed on the TSX Venture Exchange
under the symbol EIL.
For more information about the Company, visit
www.empind.com.
Reader Advisory
This news release contains forward-looking statements, within
the meaning of applicable securities legislation, concerning
Empire's business and affairs. In certain cases, forward-looking
statements can be identified by the use of words such as "plans",
"expects" or "does not expect", "budget", "scheduled", "estimates",
"forecasts", "intends", "anticipates" or variations of such words
and phrases or state that certain actions, events or results "may",
"could", "would", "might" or "will be taken", "occur" or "be
achieved". These forward looking statements are based on current
expectations, and are naturally subject to uncertainty and changes
in circumstances that may cause actual results to differ
materially. Readers are cautioned not to place undue reliance on
such forward-looking statements. Forward-looking information is
provided as of the date of this press release, and Empire assumes
no obligation to update or revise them to reflect new events or
circumstances, except as may be required under applicable
securities laws.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Empire Industries Ltd.Guy NelsonChief Executive Officer(416)
366-7977gnelson@empind.comEmpire Industries Ltd.Allan FrancisVice
President - Corporate Affairs and Administration(204)
589-9301afrancis@empind.comwww.empind.com
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