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TERRAVEST ANNOUNCES THIRD QUARTER RESULTS FOR FISCAL 2021 AND DIVIDEND DECLARATION TORONTO , ONTARIO ( August 11th , 2021 ) - TerraVest Industries Inc. , ( TSX : TVK ) ( " TerraVest " or the " Company " ) announces its results for the third quarter ended June 30 , 2021 and the declaration of its quarterly dividend . THIRD QUARTER AND NINE 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 third quarter and nine months ended June 30 , 2021 and the comparative periods in fiscal 2020 . Third quarters ended Nine months ended June 30 , 2021 June 30 , 2020 Sales Net Income Add ( subtract ) : Income tax expense Financing costs Depreciation and amortization June 30 , 2021 June 30 , 2020 $ $ $ $ 67,830 61,019 226,647 236,022 4,347 3,854 27,022 15,546 1,874 2,031 7,525 5,218 940 1,175 2,857 4,202 4,756 5,281 14,204 13,559 Change in fair value of derivative financial instruments ( 247 ) ( 1,438 ) ( 1,951 ) 927 Change in fair value of investment in equity instruments ( 18 ) 47 ( 3,991 ) 47 ( Gain ) loss on foreign exchange 671 929 3,484 ( 1,094 ) Acquisition - related cost 171 ( Gain ) loss on disposal of property , plant and equipment ( 384 ) ( 25 ) ( 588 ) ( 300 ) ( Gain ) loss on disposal of assets held for sale ( 931 ) ( Gain ) loss on contingent considerations ( 61 ) Adjusted EBITDA 11,939 11,854 48,562 37,284 Sales for the third quarter and nine months ended June 30 , 2021 were $ 67,830 and $ 226,647 versus $ 61,019 and $ 236,022 for the prior comparable periods . This represents an increase of 11 % and a decrease of 4 % 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 nine months . Excluding Argo , sales for the nine months ended June 30 , 2021 were $ 200,164 versus $ 209,685 for the prior comparable period . This represents a decrease of 5 % for Terra Vest's base portfolio ( excluding Argo ) . Sales for the third quarter ended June 30 , 2021 have increased versus the prior comparable period as TerraVest's end - markets are starting to show signs of recovery from the COVID - 19 pandemic . Demand for home heating and commercial fiberglass products as well as for oil and gas processing equipment and service in Western Canada have increased for the third quarter of fiscal 2021 compared to prior comparable period . These increases were partially offset by weaker demand for TerraVest's LPG and NGL storage and distribution equipment . The net decrease in sales for the nine - month period is a result of weaker demand for most of TerraVest's products lines except home heating products versus the prior comparable period . Net income for the third quarter and nine months ended June 30 , 2021 were $ 4,347 and $ 27,022 versus $ 3,854 and $ 15,546 for the prior comparable periods . This represents increases of 13 % and 74 % 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 . Increased sales for the third quarter and 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 for the nine months as explained above and are also a result of the variations highlighted in the table above .