Empire Industries Reports 2014 Profit of $6.1 Million

WINNIPEG, MANITOBA--(Marketwired - April 28, 2015) - Empire Industries Ltd. (TSX VENTURE:EIL) today reported its audited consolidated financial results for the year ended December 31, 2014. The audited 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 2014 annual results

• Revenues increased by 20%
  • up $23.4 million to $141.2 million (from $117.8 million in 2013)
• Adjusted EBITDA increased by 27%
  • up $1.7 million to $8.0 million (from $6.3 million in 2013)
• Net Income increased by 39%
  • up $1.7 million to $6.1 million (from $4.4 million in 2013).
  • Per Share Net Income (Basic) was $0.024 in 2014 (from $0.02 in 2013)
• Backlog of $155 million, up from $93 million at of the Group's third quarter report;

⁽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.

"I am particularly pleased to announce the financial results for 2014. What was most noticeable in 2014 was the diversity of our profit from our three business units and the strengthening backlog in our media based attractions unit," said Guy Nelson, CEO of Empire Industries. "There are storm clouds in Western Canada but the strategic investments we have been making over the past few years are starting to pay off and we expect this trend to continue."

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 manufactures and sells hydrovac trucks and 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 www.empind.com.

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.