WINNIPEG, May 30, 2012 – Empire Industries Ltd. (TSX-V: EIL) today reported its unaudited consolidated financial results for the first quarter ended March 31, 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
- Revenues from continuing operations increased by 2.0 million or 13% in the first quarter to $17.1 million.
- The Group had net income of $1.1 million for the quarter or $0.01 per share, versus a loss $2.0 million ($0.02 per share) in the first quarter of 2011.
- EBITDA from continuing operations was $0.2 million in the first quarter 2012 versus an EBITDA loss in the first quarter of 2011 of $(1.1).
- Completed the sale of its KWH Constructors and Somerset engineering division for a net gain of 1.4 million.
- Long Term debt was reduced to $4.2 million at March 31, 2012 from $10.5 million at December 31, 2011 and $12.9 million at March 31, 2011.
- Backlog has increased to $92 million at March 31, 2012 from $43.0 million at December 31, 2011 and $25.6 million at March 31, 2011;
“The Company’s strategic transformation is largely complete and we are now focusing our attention on performing our record backlog, continually adding to the backlog and delivering the level of profit inherent in our unique, engineered products and differentiated steel fabrications services,” said Guy Nelson, CEO of Empire Industries. “We expect profitability to continue to increase and gather momentum throughout 2012 as we manufacture and deliver our specialty engineered products and as our steel fabrication capacity gets fully utilized in Canada and China.”