WINNIPEG, November 26, 2015 – Empire Industries Ltd. (TSX-V: EIL) (“Empire” or the “Company”) today reported its unaudited consolidated financial results for the quarter ended September 30, 2015. 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 Third Quarter 2015 results
- Revenues increased by $5.3 million, or 14% (to $42.1 million from $36.8 million in the third quarter 2014)
- Adjusted EBITDA decreased by $0.3 million, or 13% (to $2.0 million from $2.3 million in the third quarter 2014)
- Net Income increased by $0.3 million, or 43% (to $1.0 million from $0.7 million in the third quarter 2014)
“The company continues to make prudent investments into its Media Based Attractions segment that are showing positive results, notwithstanding the challenges being dealt with in its two business segments in Western Canada,” said Guy Nelson, Empire’s Chief Executive Officer. “Moreover, the company continues to work hard at realizing shareholder benefits on several strategic initiatives.”
Earnings are impacted by “Unrealized Mark-to-Market Losses” from outstanding foreign currency forward contracts where the settlement rates are less than the current prevailing rates at the end of the period. Recording the changes in the fair value of the outstanding forward contracts each period in non-operating earnings captures the potential future impact of the outstanding contracts at the current market exchange rates. The actuals amounts that will be “realized” will be adjusted to reflect the prevailing rates on the actual date of settlement.
