WINNIPEG, April 22, 2014 – Empire Industries Ltd. (TSX-V: 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;
“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.”
