Empire Industries Reports 2013 Profit of $4.4 Million
April 22 2014 - 7:00AM
Marketwired
Empire Industries Reports 2013 Profit of $4.4 Million
WINNIPEG, MANITOBA--(Marketwired - Apr 22, 2014) - Empire
Industries Ltd. (TSX-VENTURE:EIL) today reported its audited
consolidated financial results for the year ended December 31,
2013. The audited 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 2013 annual results
- Revenues increased by $34.1 million, or 41% (to $117.8 million
from $83.7 million in 2012)
- Adjusted EBITDA increased by $4.3 million, or 215% (to $6.3
million from $2.0 million in 2012)
- Net Income increased by $5.0 million (to $4.4 million from a
net loss of $0.6 million in 2012). Net Income was $0.02 per share
in 2013 versus Nil in 2012.
- Backlog of $116 million, up from $73 million at of the Group's
third quarter report;
For the quarter and year ended December 31 |
|
|
|
|
|
|
|
($ millions except share price and per share
amounts) |
Fiscal 2013 |
Fiscal 2012 |
|
Q4 2013 |
|
Q4 2012 |
|
Financial Results |
|
|
|
|
|
|
|
|
Revenue |
117.8 |
83.7 |
|
31.5 |
|
24.6 |
|
|
Adjusted EBITDA ($)1 |
6.3 |
2.0 |
|
1.2 |
|
- |
|
|
Adjusted EBIT ($)1 |
5.2 |
0.9 |
|
1.0 |
|
- |
|
|
Net income from all operations |
4.4 |
(0.6 |
) |
0.7 |
|
(2.4 |
) |
Financial Position (at December 31) |
|
|
|
|
|
|
|
|
Total
assets |
52.3 |
36.3 |
|
53.3 |
|
36.3 |
|
|
Long-term debt (including current portion) |
4.6 |
3.7 |
|
4.6 |
|
3.7 |
|
|
Shareholders' equity |
15.3 |
7.2 |
|
15.3 |
|
7.2 |
|
Per Share Information |
|
|
|
|
|
|
|
|
Income per share (Basic) |
0.02 |
(0.00 |
) |
(0.005 |
) |
(0.01 |
) |
|
Income per share (Diluted) |
0.02 |
(0.00 |
) |
(0.005 |
) |
(0.01 |
) |
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
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. Adjusted EBIT is the result of the Group'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 Group's performance and management from a financial and
operational perspective. |
|
"There are three observations I would like to highlight. First,
our return to positive EBITDA is gaining momentum because of the
successful transformation of our business in response to market
threats and opportunities. Secondly, we have significantly
increased our investment in broadening and strengthening our
proprietary engineered product line, the benefit of which will come
in the months and years ahead. Thirdly, our geographic diversity
continues to gather momentum as can be seen in the more than
doubling of revenue from exports to Asia and the Middle East
aggregating $49 million in 2013," said Guy Nelson, Chief Executive
Officer of Empire Industries Ltd. "Since we launched our Dynamic
Attractions business unit, the Company has secured contracts in
excess of $60 million to design, fabricate and install proprietary,
amusement and media-based attractions to the global amusement park
market. I expect this trend of increasing bottom line performance
by all three of our business segments to continue because the
markets we are targeting have a robust outlook of growth ahead of
them."
About Empire Industries Ltd.
Empire Industries Ltd. manufactures specialized engineered
products and sells these products domestically and in select
international export markets. The company has developed, designed
and engineered products for the rapidly growing, global, media
based attractions market. The company also provides steel
fabrication & installation services, primarily to the
industrial, commercial and infrastructure market in Western Canada.
The company also has two key strategic equity partnerships; a 49%
ownership of ACE Industrial Services that operates in the oil sands
industrial maintenance services market, and a 45% ownership of a
Chinese joint venture company in the steel fabrication market in
Asia. Empire's common shares are listed on the TSX Venture Exchange
under the symbol EIL.
For more information about the Company, visit
www.empind.com.
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" 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 forward looking statements are based on current
expectations, and are naturally subject to uncertainty and changes
in circumstances that may cause actual results to differ
materially. Readers are cautioned not to place undue reliance on
such forward-looking statements. Forward-looking information is
provided as of the date of this press release, and Empire assumes
no obligation to update or revise them to reflect new events or
circumstances, except as may be required under applicable
securities laws.
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.
Empire Industries Ltd.Guy NelsonChief Executive Officer(416)
366-7977gnelson@empind.comEmpire Industries Ltd.Allan FrancisVice
President - Corporate Affairs and Administration(204)
589-9301afrancis@empind.comwww.empind.com
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