WINNIPEG, MANITOBA--(Marketwired - Aug 26, 2013) - Empire Industries Ltd. (TSX VENTURE:EIL) today reported its unaudited consolidated financial results for the second quarter ended June 30, 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.
| For the year and quarter ended June 30(1) | Q2 | Q2 | YTD | YTD | |||
| Financial Results | |||||||
| Revenue | 28.4 | 22.1 | 52.2 | 38.9 | |||
| Adjusted Gross Margin ($)(2) | 4.4 | 3.4 | 8.7 | 5.6 | |||
| Adjusted EBITDA ($)(3) | 1.5 | 1.1 | 3.0 | 1.4 | |||
| Net income from continuing operations | 1.0 | 0.9 | 2.1 | 2.1 | |||
| Net income from all operations | 1.0 | 0.7 | 2.1 | 1.7 | |||
| Financial Position (at June 30) | |||||||
| Total assets | 35.0 | 35.6 | |||||
| Long-term debt (including current portion) | (1.6 | ) | (1.7 | ) | |||
| Shareholders' equity | 9.3 | 9.5 | |||||
| Basic Per Share Information | |||||||
| Income per share from continuing operations | 0.005 | 0.005 | 0.01 | 0.01 | |||
| Income per share from all operations | 0.005 | 0.005 | 0.01 | 0.01 | |||
| Diluted Per Share Information | |||||||
| Income per share from continuing operations | 0.005 | 0.005 | 0.01 | 0.01 | |||
| Income per share from all operations | 0.005 | 0.005 | 0.01 | 0.01 | |||
(1) Prepared in accordance with IFRS.
(2) Adjusted Gross Profit takes into account revenues and direct and indirect cost of sales excluding depreciation and amortization. While not an IFRS measure, Adjusted Gross Profit is a key metric used by management to assess the operational performance of the Group.
(3) Adjusted earnings (loss) before interest, tax, depreciation and amortization (Adjusted EBITDA) is not defined by IFRS. The definition of Adjusted EBITDA does not take into account the Group's share of profit of an associate investment, gains and losses on the disposal of assets, fair value changes in foreign currency forward contracts and non-cash components of stock based compensation. While not IFRS measures, Adjusted EBITDA is used by management, creditors, analysts, investors and other financial stakeholders to assess the Group's performance and management from a financial and operational perspective.
Summary of results
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Revenues from continuing operations increased by $13.2 million or 34% in the first half of 2013 to $52.2 million.
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EBITDA from continuing operations increased by $1.6 million or 111% in the first half of 2013 to $3.0 million.
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The Group had net income of $2.1 million for the first half of 2013 ($0.01 per share), versus net income of $1.7 million ($0.01 per share) in the first half of 2012.
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Backlog has increased to $115 million at July 31, 2013 from $92.0 million at December 31, 2012.