- Theme park construction company, Empire Industries (TSXV:EIL) has released its financials for last year, alongside financials for the first quarter of this year
- The company’s 2019 revenue fell 19 per cent, when compared to the 2018’s figures
- Consequently, the company posted a full-year net loss of C$27 million
- The company’s revenue for the first quarter of this year also fell to $17.5 million, compared to $29.3 million in 2019’s same quarter
- Empire Industries (EIL) is in the grey and is trading at $0.23 per share with a market cap of $37 million
Theme park construction company, Empire Industries (TSXV:EIL) has released its financials for last year, alongside financials for the first quarter of this year.
Empire is one of the world’s largest builders of complex theme park and fair rides and attractions.
The company’s 2019 was a tough one, with revenues decreasing 19 per cent to a low of C$110 million for the year.
The company’s net loss for the year was $27 million in 2019, against a net loss of $50.5 million the year before.
The company spent a good deal of cash in 2019 closing the Empire Iron Works, a steel fabricator the company owned in Alberta. However, the company did manage to raise $40.1 million in financing, during 2019
Turning to more recent news, the company’s first quarter results of this year are also down. Revenue fell to $17.5 million in the first quarter, versus $29.3 million in 2019’s same quarter.
Empire’s Executive Chairman and CEO, Guy Nelson said the company faced some complex challenges, along with increased costs during the period.
“The pandemic added to our challenges starting in mid-first quarter 2020 in the field and in our manufacturing operations. A material amount of these costs were directly related to the development of a new generation of proprietary ride systems.
“These rides are expected to bring significant value to our future business,” he said.
Guy also stated the company’s liquidity position at the end of the first quarter of this year sat at $11.2 million, alongside a $218 million order backlog.
Empire Industries (EIL) is in the grey and is trading at $0.23 per share at 11:00 pm EDT.
