WINNIPEG, November 29, 2012 – Empire Industries Ltd. (TSX-V: EIL) today reported its unaudited consolidated financial results for the third quarter ended September 30, 2012. 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
Third quarter Revenues from continuing operations increased by $6.9 million to $20.4 million (52% increase over third quarter Revenue of 2011).
The Group had net income of $NIL million for the third quarter ($0.00 per share), versus a loss of $2.8 million (loss of $0.02 per share) in the third quarter of 2011.
Adjusted EBITDA from continuing operations was $0.7 million in the third quarter 2012 versus an Adjusted EBITDA loss in the third quarter of 2011 of $0.5 million.
Long Term debt was reduced to $1.6 million at September 30, 2012 from $6.8 million at December 31, 2011.
The Company had Cash of $0.8 million and NIL Bank Advances at September 30, 2012 as compared to Bank Indebtedness of $8.8 million at December 31, 2011.
Backlog has increased to $84 million September 30, 2012 from $43 million at December 31, 2011;
“I am pleased to report that our improved backlog of work continues to translate into a return to profitable operations along with a continuing strengthening of our balance sheet,” said Guy Nelson, CEO of Empire Industries. “The strategic growth initiatives we have undertaken in the oil sands region of Alberta and in China and building up our own portfolio of unique and proprietary media based attractions continues to gather momentum and the Company continues to explore ways to leverage its proprietary assets and unique positioning in these growth markets.”
