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TERRAVEST ANNOUNCES FIRST QUARTER RESULTS FOR FISCAL 2021 AND DIVIDEND DECLARATION TORONTO , ONTARIO ( February 11th , 2021 ) - TerraVest Industries Inc. , ( TSX : TVK ) ( " TerraVest " or the " Company " ) announces its results for the first quarter ended December 31 , 2020 and the declaration of its quarterly dividend . FIRST QUARTER REVIEW AND OUTLOOK Business Performance Management believes that there are certain non - IFRS financial measures that can be used to assist shareholders in analyzing the performance of TerraVest . The table below highlights certain financial results and reconciles net income to adjusted earnings before interests , income taxes , depreciation and amortization ( " EBITDA " ) for the first quarter ended December 31 , 2020 and the comparative period in fiscal 2020 . Sales Net Income Add ( subtract ) : Income tax expense Financing costs Depreciation and amortization Change in fair value of derivative financial instruments Change in fair value of investment in equity instruments ( Gain ) loss on foreign exchange Acquisition - related cost ( Gain ) loss on disposal of property , plant and equipment Adjusted EBITDA First quarters ended Dec. 31 , 2020 Dec. 31 , 2019 $ $ 82,340 88,252 11,952 6,420 3,350 2,689 976 1,571 4,717 3,972 ( 1,080 ) ( 521 ) ( 2,857 ) 2,132 528 138 ( 102 ) ( 220 ) 19,088 14,577 Sales for the first quarter ended December 31 , 2020 were $ 82,340 versus $ 88,252 for the prior comparable quarter . This represents a decrease of 7 % . However , TerraVest acquired all of the assets of Argo Sales Inc. ( " Argo " ) in December 2019 which only partially contributed to the prior comparable quarter . Excluding Argo , sales for the first quarter ended December 31 , 2020 were $ 74,047 versus $ 87,990 for the prior comparable period . This represents a decrease of 16 % for TerraVest's base portfolio ( excluding Argo ) which is a result of lower demand for LPG and NGL storage and distribution equipment as well as for oil and gas processing equipment and services in Western Canada . The impact of the COVID - 19 pandemic combined with weak commodity pricing continues to be a main factor explaining the decrease in sales for TerraVest's businesses operating in Western Canada . The decrease in sales for TerraVest's base portfolio was partially offset by increased demand for home heating products during the first quarter ended December 31 , 2020 versus the prior comparable period . Net income for the first quarter ended December 31 , 2020 was $ 11,952 versus $ 6,420 for the prior comparable period . This represents an increase of 86 % . The increase is a result of a more favourable product mix , the addition of Argo , government wage subsidies to help maintain employment during the COVID - 19 pandemic and cost control measures put in place , partially offset by decreased sales activities for TerraVest's base portfolio as explained above , as well as the variations highlighted in the table above . Adjusted EBITDA for the first quarter ended December 31 , 2020 was $ 19,088 versus $ 14,577 for the prior comparable period . This represents an increase of 31 % , which is a result of the reasons explained above . During the first quarter , TerraVest recognized $ 2,855 in net income in relation to the Canada Emergency Wage Subsidy ( " CEWS " ) as part of the Federal Government's response to the COVID - 19 pandemic . Had the CEWS program not been available , TerraVest would have made incremental significant personnel reductions to mitigate reduced business activity .