WINNIPEG, May 25, 2015 – Empire Industries Ltd. (TSX-V: EIL) today reported its unaudited consolidated financial results for the first quarter ended March 31, 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 First Quarter 2015 results
- Revenues decreased by $0.5 million, or 1.5% (to $33.2 million from $33.7 million in first quarter 2014)
- Adjusted EBITDA decreased by $0.9 million, or 36% (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 $0.9 million, versus 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 to a loss of $0.6 million 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 to the rates negotiated in the underlying contracts.
- Net Loss was $0.003 per share, versus net income per share of $0.005 in first quarter 2014
- Backlog of $195 million at March 31, 2015, up from $155 million at December 31, 2014
“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, CEO. “ 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.”