WINNIPEG, May 30, 2013 – Empire Industries Ltd. (TSX-V: EIL) today reported its unaudited consolidated financial results for the first quarter ended March 31, 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 $7.0 million or 42% in the first quarter of 2013 to $23.8 million.
- EBITDA from continuing operations increased by $1.2 million in the first quarter of 2013 to $1.5 million.
- The Group had net income of $1.1 million for the first quarter of 2013 ($0.01 per share), versus net income of $1.1 million ($0.01 per share) in the first quarter of 2012.
- Backlog has increased to $111 million at April 30, 2013 from $92.0 million at December 31, 2012;
“The effects of the Company’s strategic transformation is now starting to show in our financial results,” said Guy Nelson, CEO of Empire Industries. “Our 42% increase in revenue over the prior year’s first quarter, is a direct result of executing some of our substantial and growing backlog. The $1.2 million increase in EBITDA from continuing operations arises from higher utilization rates on increased sales volumes, as well as a 5.2% increase in gross profit margin to 18.1% from 12.9%. This higher margin flows from our strategic repositioning in the market to higher value added product manufacturing.