Mr. Guy Nelson reports
EMPIRE INDUSTRIES REPORTS THIRD QUARTER RESULTS
Empire Industries Ltd. is releasing its unaudited consolidated financial results for the third quarter ended Sept. 30, 2014. The unaudited consolidated financial statements, and management discussion and analysis, have been filed on SEDAR, and can be viewed on SEDAR and the company's website.
Summary of third quarter 2014 results:
-
Revenues increased by $2.4-million or 7 per cent (to $36.5-million, from $34.1-million in third quarter 2013).
- Adjusted EBITDA (earnings before interest, tax, depreciation and
amortization) increased by $200,000 or 9.5 per cent to $2.3-million.
- Net income decreased by $900,000 (to $700,000, from 1.6-million
in third quarter of 2013).
- Net income per share remained constant at 0.5 cent per share.
- Contract backlog remains strong at $93-million, down from $123-million
at of the group's first quarter report due to project execution.
HIGHLIGHTS
(in millions of dollars, except per-share amounts)
Quarter ended Nine months ended
Sept. 30, Sept. 30,
2014 2013 2014 2013
Financial results
Revenue $ 36.5 $ 34.1 $105.0 $ 86.3
Adjusted EBITDA 2.3 2.1 6.2 5.1
Adjusted EBIT 1.8 1.8 5.0 2.6
Net income from all operations 0.7 1.6 3.6 3.7
Financial position (at Sept. 30)
Total assets 62.7 39.7 62.7 39.7
Long-term debt (including current portion) 3.1 0.2 3.1 0.2
Shareholders' equity 19.1 13.8 19.1 13.8
Per-share information
Income per share (basic) $0.005 $0.005 $0.015 $0.015
Income per share (diluted) $0.005 $0.005 $0.015 $0.015
Adjusted EBIT is the result of the group's adjusted EBITDA, less depreciation
and amortization expenses.
"I am pleased to report that the company continued to improve its bottom line and strengthen its balance sheet," said Guy Nelson, chief executive officer of Empire Industries. "The diversity of our business made this happen, as gains in steel fabrication and hydrovac truck manufacturing offset reductions in media-based attractions and our commitment to invest in our industry-leading, new product development."
We seek Safe Harbor.
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