Empire Industries Ltd. (TSX VENTURE: EIL) reported Monday its unaudited consolidated financial results for the second quarter ended June 30, 2014. 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.
Revenues increased by $6.5 million, or 23 percent (to $34.9 million from $28.4 million in second quarter 2013). Adjusted EBITDA remained constant at $1.5 million. Net Income increased by $0.6 million (to $1.6 million from 1.0 million in second quarter 2013. Net Income per share remained constant at $0.005 per share. Contract Backlog remains strong at $104 million, down from $123 million at of the Group's first quarter report due to project execution.
"Our sales activity in the second quarter was busier than ever which is expected to bode well for future periods," said Guy Nelson, Chief Executive Officer of Empire Industries Ltd. "Our production in all three business segments was also busy in the second quarter with the profit really strengthening in the steel fabrication segment."
Empire Industries Ltd. manufactures specialized engineered products and sells these products domestically and in select international export markets. The company has developed, designed and engineered products for the rapidly growing, global, media based attractions market. The company also provides steel fabrication & installation services, primarily to the industrial, commercial and infrastructure market in Western Canada. The company also has two key strategic equity partnerships; a 49 percent ownership of ACE Industrial Services that operates in the oil sands industrial maintenance services market, and a 45 percent ownership of a Chinese joint venture company in the steel fabrication market in Asia. Empire's common shares are listed on the TSX Venture Exchange under the symbol EIL.
For more information about the Company, visit www.empind.com.