02:48:21 EDT Fri 29 Mar 2024
Enter Symbol
or Name
USA
CA



Empire Industries Ltd
Symbol EIL
Shares Issued 256,239,608
Close 2014-11-27 C$ 0.105
Market Cap C$ 26,905,159
Recent Sedar Documents

Empire Industries earns $700,000 in Q3

2014-11-27 20:21 ET - News Release

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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