WINNIPEG, November 29, 2011 – Empire Industries Ltd. (TSX-V: EIL) today reported its financial results for the quarter ended September 30, 2011. 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
- Year-to-date revenue increased by 4.1% to $54.7 million, from $52.5 million as of the third quarter of 2010;
- Backlog increased to $39.2 million at September 30, 2011 from $19.5 million at December 31, 2010;
- Year-to-date net loss of $6.4 million ($0.04 loss per share) versus a net loss of $6.0 million ($0.07 loss per share) as of the third quarter of 2010;
- Cash flow used in continuing operations in the quarter was $2.0 million ($0.01 per share) versus $0.6 million ($nil per share) in the third quarter of 2010.
“While our revenues and backlog continue to increase and our focus on engineered products gathers momentum and success, our losses were negatively impacted by a $1.2 million loss on a single steel fabrication contract in the quarter,” said Guy Nelson, Chief Executive Officer of Empire Industries Ltd.
The Company continues to look at all its options as it relates to accelerating its focus on engineered products and reducing its investment in domestic steel fabrication capacity. The Company’s transformation will continue throughout the balance of 2011 and expects to return to profitability in 2012 through redeploying its capital towards the specialty engineered products market, the Fort McMurray industrial maintenance services market, and the Chinese steel fabrication market.
