WINNIPEG, April 30, 2013 – Empire Industries Ltd. (TSX-V: EIL) today reported its audited consolidated financial results for the year ended December 31, 2012. 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 results
- Revenues from continuing operations increased by 96% in the fourth quarter to $24.6 million and increased by 55% to $83.7 million for the year;
- The Company had a fourth quarter 2012 Adjusted EBITDA of $0.0 million versus a net loss of $1.4 million for the fourth quarter of 2011;
- The Group had annual Adjusted EBITDA of $2.0 million versus an Adjusted EBITDA loss of $3.3 million in 2011.
- The Group had a net loss of $0.6 million ($0.00 loss per share) versus a net loss of $7.3 million ($0.05 loss per share) for 2011;
- The Group secured contracts in excess of $70 million to design, fabricate and install amusement and media-based attractions to the global amusement park market.
- Backlog has increased to $92 million at December 31, 2012 from $43 million at December 31, 2011;
“There are two observations I would like to highlight. First, we have returned to positive EBITDA after years of grinding it out through the recession and transforming our business in response to market threats and opportunities. Secondly, we have more than doubled our backlog year over year and the mix of the backlog is shifting to our higher value added, proprietary engineered products,” said Guy Nelson Chief Executive Officer of Empires Industries Ltd. “Furthermore, I expect this trend of increasing bottom line performance and strengthening backlog to continue because the markets we are targeting have a robust outlook of growth ahead. The company is now focusing on strengthening its balance sheet to perform its increasingly international backlog of work.”