WINNIPEG, November 27, 2014 – Empire Industries Ltd. (TSX-V: EIL) today reported its unaudited consolidated financial results for the third quarter ended September 30, 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 Third Quarter 2014 results
- Revenues increased by $2.4 million, or 7% (to $36.5 million from $34.1 million in third quarter 2013)
- Adjusted EBITDA increased by $0.2 million or 9.5% to $2.3 million
- Net Income decreased by $0.9 million (to $0.7 million from 1.6 million in third quarter 2013).
- Net Income per share remained constant at $0.005 per share
- Contract Backlog remains strong at $93 million, down from $123 million at of the Group’s first quarter report due to project execution;
“I am pleased to report that the company continued to improve its bottom line and strengthen its balance sheet,” said Guy Nelson, Chief Executive Officer of Empire Industries Ltd. “The diversity of our business made this happen as gains in steel fabrication and hydrovac truck manufacturing offset reductions in media based attractions and our commitment to invest in our industry leading, new product development.”