Mr. Guy Nelson reports
EMPIRE INDUSTRIES REPORTS FIRST QUARTER 2015 RESULTS
Empire Industries Ltd. has released its unaudited consolidated financial results for the first quarter ended March 31, 2015. The unaudited consolidated financial statements and management's discussion and analysis have been filed on SEDAR and can be viewed at SEDAR or at the company's website.
Summary of the first-quarter 2015 results:
- Revenues decreased by 500,000, or 1.5 per cent (to $33.2-million from $33.7-million in first-quarter 2014).
- Adjusted earnings before interest, taxes, depreciation and amortization decreased by $900,000, or 36 per cent (to $1.5-million from
$2.4-million in first-quarter 2014).
- Net loss, after taking into consideration an unrealized loss on forward
foreign exchange contracts of $1.9-million, was $900,000, against net
income of $1.2-million in first-quarter 2014.
- The non-cash unrealized foreign exchange loss of $1.9-million in the
quarter compares with a loss of $600,000 in the comparative period
relating to outstanding forward foreign currency instruments. This loss
resulted from the significant decline of the Canadian dollar incurred
during the period as compared with the rates negotiated in the underlying
contracts.
- Net loss was 0.3 cent per share against net income per share of 0.5 cent in
first-quarter 2014.
- Backlog of $195-million at March 31, 2015, up from $155-million at
Dec. 31, 2014.
HIGHLIGHTS
($ millions except share price and per-share amounts)
Q1 Q1
2015 2014
Financial results
Revenue 33.2 33.7
Adjusted EBITDA ($) (1) 1.5 2.4
Net income (loss) from all operations, after unrealized
foreign exchange loss of $1.9-million; $600,000 in first-
quarter 2014 (0.9) 1.2
Financial position (at March 31)
Total assets 74.5 49.3
Long-term debt (including current portion) 2.9 3.5
Shareholders' equity 21.1 16.6
Per-share information
Income per share (basic) (0.003) 0.005
Income per share (diluted) (0.003) 0.005
(1) Adjusted earnings (loss) before interest, tax, depreciation and
amortization (adjusted EBITDA) are not defined by international financial
reporting standards. 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 an IFRS measure, 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.
"The first quarter was negatively influenced by tighter margins on steel fabrication work and lower sales of hydrovac trucks, both of which are reflective of a challenging economic environment in Alberta. The media-based attractions had a good quarter and was similar to the first quarter of 2014," said Guy Nelson, chief executive officer. "I expect our media-based attractions to continue to strengthen as we work through our record backlog and to offset the headwinds we expect to continue to feel in our domestic businesses operating in Alberta."
We seek Safe Harbor.
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