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TERRAVEST ANNOUNCES SECOND QUARTER RESULTS FOR FISCAL 2021 AND DIVIDEND DECLARATION TORONTO , ONTARIO ( May 12th , 2021 ) - TerraVest Industries Inc. , ( TSX : TVK ) ( " TerraVest " or the " Company " ) announces its results for the second quarter ended March 31 , 2021 and the declaration of its quarterly dividend . SECOND QUARTER AND SIX MONTHS 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 second quarter and six months ended March 31 , 2021 and the comparative periods in fiscal 2020 . Sales Net Income Add ( subtract ) : Income tax expense Financing costs Depreciation and amortization Second quarters ended March 31 , 2021 March 31 , 2020 Six months ended March 31 , 2021 March 31 , 2020 $ $ $ 76,477 86,751 158,817 175,003 10,723 5,272 22,675 11,692 2,301 498 5,651 3,187 941 1,456 1,917 3,027 4,731 4,306 9,448 8,278 Change in fair value of derivative financial instruments ( 624 ) 2,886 ( 1,704 ) 2,365 Change in fair value of investment in equity instruments ( 1,116 ) ( 3,973 ) ( Gain ) loss on foreign exchange 681 ( 2,551 ) 2,813 ( 2,023 ) Acquisition - related cost 33 171 ( Gain ) loss on disposal of property , plant and equipment ( 102 ) ( 55 ) ( 204 ) ( 275 ) ( Gain ) loss on disposal of assets held for sale ( 931 ) ( 931 ) ( Gain ) loss on contingent considerations ( 61 ) ( 61 ) Adjusted EBITDA 17,535 10,853 36,623 25,430 Sales for the second quarter and six months ended March 31 , 2021 were $ 76,477 and $ 158,817 versus $ 86,751 and $ 175,003 for the prior comparable periods . This represents decreases of 12 % and 9 % respectively . However , TerraVest acquired all of the assets of Argo Sales Inc. ( " Argo " ) in December 2019 , which only partially contributed to the prior comparable period of six months . Excluding Argo , sales for the six months ended March 31 , 2021 were $ 143,156 versus $ 158,858 for the prior comparable period . This represents a decrease of 10 % for TerraVest's base portfolio ( excluding Argo ) . The decreases in sales for the second quarter and six months are a result of weaker demand for TerraVest's LPG and NGL storage and distribution equipment as well as for oil and gas processing equipment in Western Canada . This was partially offset by increased demand for home heating products versus the prior comparable periods . Despite commodity pricing increasing during the second quarter ended March 31 , 2021 , customer demand for oil and gas processing equipment in Western Canada is still lagging . Net income for the second quarter and six months ended March 31 , 2021 were $ 10,723 and $ 22,675 versus $ 5,272 and $ 11,692 for the prior comparable periods . This represents increases of 103 % and 94 % respectively . The increases are a result of a more favorable product mix , government wage subsidies to help maintain employment during the COVID - 19 pandemic and other government subsidies available for entities experiencing significant revenue decreases as well as cost control measures put in place . A favorable change in the fair value of investment in equity instruments also contributed to the increases . The increases in net income were partially offset by decreased sales activities as explained above and are also a result of the variations highlighted in the table above .