Empire Industries Reports 1Q18 Results and Conference Call Information
May 24 2018 - 7:00AM
Empire Industries Ltd. (TSX-V:EIL) today reported its unaudited
consolidated financial results for the quarter ended March 31,
2018. The unaudited consolidated financial statements and
MD&A have been filed on SEDAR and can be viewed at sedar.com or
at empind.com.
“We are getting back on track after a disappointing end to
2017,” stated Guy Nelson, Executive Chairman and Chief Executive
Officer. “The steps we’ve taken to improve our operations
have already begun to positively impact our results, and we expect
that to accelerate throughout 2018 and beyond. Our recently
announced private placement is scheduled to close in 2Q18.
This will ensure we continue to have the financial depth to
undertake the major projects we have underway.”
Summary of first quarter 2018 consolidated
results
- Contract Backlog as of March 31, 2018 was $214 million, down 7%
from $230 million at December 31, 2017. The Company expects
its backlog to reach new record levels when the first two ride
system contracts are executed under the previously announced
strategic cooperation agreement with an Asian theme park
owner.
- Revenues increased by $1.3 million (4%), to $33.7 million, from
$32.4 million in 1Q17
- Adjusted EBITDA decreased by $1.6 million (52.3%), to $1.5
million from $3.1 million in 1Q17.
- Net loss increased by $1.0 million to $0.8 million from net
income of $0.2 million in 1Q17.
Summary of First Quarter 2018 Consolidated Financial
Results
For the quarter ended March 31 ($ millions except share
price and per share amounts) |
Q12018 |
|
|
Q12017 |
|
Revenue |
33.7 |
|
|
32.4 |
|
Adjusted EBITDA
($)1 |
1.5 |
|
|
3.1 |
|
Adjusted EBIT ($)1 |
0.0 |
|
|
2.0 |
|
Net
income (loss) from all operations |
(0.8 |
) |
|
0.2 |
Financial Position (at
March 31, 2018) |
|
|
|
|
Total assets |
95.5 |
|
|
75.3 |
|
Shareholders’ equity |
20.1 |
|
|
20.3 |
Per Share Information (Basic &
Diluted) |
|
|
|
|
Income
per share – basic & diluted |
(0.01 |
) |
|
0.02 |
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
Company’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. Adjusted EBIT is the result of the Company’s
Adjusted EBITDA less depreciation and amortization expenses.
While not IFRS measures, Adjusted EBITDA and Adjusted EBIT are used
by management, creditors, analysts, investors and other financial
stakeholders to assess the Company’s performance and management
from a financial and operational perspective.
About Empire Industries Ltd.Empire focuses on
designing, supplying, and installing premium theme park,
media-based attractions and ride systems for the global
entertainment industry. Empire also uses these same turn-key
integration services for special projects such as large optical
telescopes and enclosures. Through Empire’s execution of its
strategy over the years, Empire owns several non-entertainment
investments that it seeks to optimize and liquidate at the
appropriate time. Empire’s equity holding in Tornado falls into
this category. Empire’s common shares are listed on the TSX Venture
Exchange under the symbol EIL.
For more information about the Company, visit empind.com or
contact:
Guy NelsonChief
Executive OfficerPhone: (416) 366-7977Email:
gnelson@empind.com |
Allan FrancisVice
President – Corporate Affairs and AdministrationPhone: (204)
589-9301Email: afrancis@empind.com |
Conference Call Information
Empire’s management team will be holding an investor/analyst
conference call to discuss the first quarter 2018 results and the
outlook for the company. The call-in details are as
follows:
Time/Date:
Tuesday, May 29,
2018 at 11:00AM Eastern TimeDial-in Number:
1-800-319-4610
(Canada/USA toll-free)
1-416-915-3239 (Toronto)
Callers should dial in 5 – 10 minutes prior to the scheduled
start time and ask to join the Empire Industries First Quarter 2018
Results Conference Call. This call will be available for
replay on our website
(http://empind.com/document_type/presentations/) or on the
conference call provider’s website for 30 days:
International Toll (replay):
+1-604-638-9010Canada/USA Toll-free (replay): 1-800-319-6413Replay
Access Code: 2331
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’’, “believes” 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 statements involve known
and unknown risks, uncertainties and other factors that may cause
actual results or events to differ materially from those
anticipated in such forward-looking statements. Although
Empire believes these statements to be reasonable, no assurance can
be given that these expectations will prove to be correct and such
forward-looking statements included in this news release should not
be unduly relied upon. Such statements include statements
with respect to the expected execution of the theme park
agreements. Actual results could differ materially from those
anticipated in these forward-looking statements as a result of
prevailing economic conditions, and other factors, many of which
are beyond the control of Empire. The forward-looking
statements contained in this news release represents empire’s
expectations as of the date hereof, and are subject to change after
such date. Empire disclaims any intention or obligation to
update or revise any forward-looking statements whether as a result
of new information, future events or otherwise, except as may be
required by applicable securities regulations.
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.
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