$EIL.v $ERILF..Summary of 2015 consolidated annual results
Revenues increased by $10.2 million (7.2%), to $151.4 million from $141.2 million in 2014. The increase was driven by an increase of $35.2 million in the media-based attractions segment, offset by decreases totaling $24.8 million in the Manufactured Products and Steel Fabrication segments.
Adjusted EBITDA was consistent with 2014 at $8.0 million. The mix of contribution to EBITDA was significantly different in 2015, with the Media-Based Attractions segment increasing its EBITDA by $5.2 million to $11.7 million. The Manufactured Products and Steel Fabrication segments were unable to contribute EBITDA due to significantly reduced volumes because of a market slow-down in western Canada.
Net Income was down $4.7 million to $1.4 million from $6.1 million in 2014. Per Share Net Income (Basic) was $0.005 in 2015 (from $0.024 in 2014). The vast majority of this decrease was from non-cash changes in deferred taxes and an increase in the unrealized loss in hedging contracts.
The Group uses foreign currency forward contracts to hedge its foreign exchange exposure. When the settlement value of these contracts is less than the actual exchange rates at the end of the reporting period, it creates a liability position on the balance sheet. Similarly, when the settlement value is greater than the actual exchange rates, it creates an asset. As the Canadian dollar has strengthened relative to its currency forward contracts in the first quarter of 2016, the Group’s liability position will improve by $3.2 million in that period.
Backlog of $130 million, down from $155 million at of the Group’s third quarter report. Despite our backlog decline, our pipeline of active projects has never been larger or more high quality and robust.
