WINNIPEG, August 26, 2013 – Empire Industries Ltd. (TSX-V: EIL) today reported its unaudited consolidated financial results for the second quarter ended June 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 $13.2 million or 34% in the first half of 2013 to $52.2 million.
- EBITDA from continuing operations increased by $1.6 million or 111% in the first half of 2013 to $3.0 million.
- The Group had net income of $2.1 million for the first half of 2013 ($0.01 per share), versus net income of $1.7 million ($0.01 per share) in the first half of 2012.
- Backlog has increased to $115 million at July 31, 2013 from $92.0 million at December 31, 2012;
“Our financial results continue to reflect Empire’s strategic transformation,” said Guy Nelson, CEO of Empire Industries. “Our focus on higher value added product manufacturing has increased our gross margins. Our increased sales volumes are driving higher utilization rates, which translate into improved fixed cost absorption. As a result of all this, we have nearly doubled our year-to-date EBITDA compared to the same period last year.”