WINNIPEG, November 26, 2013 – Empire Industries Ltd. (TSX-V: EIL) today reported its unaudited consolidated financial results for the third quarter ended September 30, 2013. 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 results
- Revenues from continuing operations increased by $27.2 million or 46% in the first nine months of 2013 to $86.3 million.
- EBITDA from continuing operations increased by $3.1 million or 155% in the first nine months of 2013 to $5.1 million.
- The Group had net income of $3.7 million for the first nine months of 2013 ($0.02 per share), versus net income of $1.7 million ($0.01 per share) in the first nine months of 2012.
- Shareholders’ Equity was $13.8 million at September 30, 2013, an increase of $4.3 million (45%) over the prior period.
“The financial results highlighted above and our $3 million private placement and our outlook for the future, all combined to help us successfully negotiate and announce a $13.5 million senior lending facility with CIBC just after the third quarter ended,” said Guy Nelson, CEO of Empire Industries. “As our shareholders all know, it has been a difficult and challenging time to reposition our Canadian manufacturing and fabrication into a company able to compete in a globally competitive environment. Great strides have been made, as this quarter demonstrates, but much more is to be done and we are looking forward with more optimism and clarity than at any time in our history as a public company. In addition, our income will be shielded from tax by our tax loss carryforwards, which were valued at $21 million as of December 31, 2012.”