WINNIPEG, May 22, 2014 – Empire Industries Ltd. (TSX-V: 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;
“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.”