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Empire Industries Reports Second Quarter Profit of $1.6 million

WINNIPEG, MANITOBA -- (Marketwired) -- 08/25/14 -- Empire Industries Ltd. (TSX VENTURE: EIL) today reported 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 or at

Summary of Second Quarter 2014 results

--  Revenues increased by $6.5 million, or 23% (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;

For the quarter and six month periods ended June 30
($ millions except share price
 and per share amounts)          Q2 2014     Q2 2013    YTD 2014    YTD 2013
Financial Results
  Revenue                           34.9        28.4        68.5        52.2
  Adjusted EBITDA ($)(1)             1.5         1.5         3.9         3.0
  Adjusted EBIT ($)(1)               1.2         1.3         3.2         2.6
  Net income from all operations     1.6         1.0         2.9         2.1
Financial Position (at June 30)
  Total assets                      59.6        35.0        59.6        35.0
  Long-term debt (including
   current portion)                  3.3         1.6         3.3         1.6
  Shareholders' equity              18.3         9.3        18.3         9.3
Per Share Information
  Income per share (Basic)         0.005       0.005       0.010       0.010
  Income per share (Diluted)       0.005       0.005       0.010       0.010
(1)   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. Adjusted EBIT is the
      result of the Group's Adjusted EBITDA less depreciation and
      amortization expenses. While not IFRS measures, Adjusted EBITDA and
      Adjusted EBIT are used by management, creditors, analysts, investors
      and other financial stakeholders to assess the Group's performance and
      management from a financial and operational perspective.

"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."

About Empire Industries Ltd.

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% ownership of ACE Industrial Services that operates in the oil sands industrial maintenance services market, and a 45% 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

Reader Advisory

This news release contains forward-looking statements, within the meaning of applicable securities legislation, concerning Empire's business and affairs. In certain cases, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". These forward looking statements are based on current expectations, and are naturally subject to uncertainty and changes in circumstances that may cause actual results to differ materially. Readers are cautioned not to place undue reliance on such forward-looking statements. Forward-looking information is provided as of the date of this press release, and Empire assumes no obligation to update or revise them to reflect new events or circumstances, except as may be required under applicable securities laws.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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