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TERRAVEST ANNOUNCES FOURTH QUARTER AND YEAR END RESULTS FOR FISCAL 2021 AND DIVIDEND DECLARATION TORONTO , ONTARIO ( December 8th , 2021 ) - TerraVest Industries Inc. , ( TSX : TVK ) ( “ TerraVest " or the " Company " ) announces its results for the fourth quarter and year ended September 30 , 2021 and the declaration of its quarterly dividend . FOURTH QUARTER AND YEAR END 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 fourth quarter and year ended September 30 , 2021 and the comparative periods in fiscal 2020 . Sales Net Income Add ( subtract ) : Income tax expense Financing costs Depreciation and amortization Fourth quarters ended Sept. 30 , 2021 $ Years ended Sept. 30 , 2020 $ Sept. 30 , 2021 $ Sept. 30 , 2020 $ 80,816 68,231 307,463 304,253 9,388 11,082 36,410 26,628 2,111 3,652 9,636 8,870 1,648 1,038 4,505 5,240 5,049 5,308 19,253 18,867 Change in fair value of derivative financial instruments 606 ( 800 ) ( 1,345 ) 127 Change in fair value of investment in equity instruments ( 1 ) ( 1,760 ) ( 3,992 ) ( 1,713 ) ( Gain ) loss on foreign exchange ( 1,365 ) 490 2,119 ( 604 ) Acquisition - related cost 433 280 433 451 ( Gain ) loss on disposal of property , plant and equipment ( 695 ) ( 255 ) ( 1,283 ) ( 555 ) ( Gain ) loss on disposal of assets held for sale ( 931 ) ( Gain ) loss on contingent considerations Adjusted EBITDA 17,174 ( 1,587 ) 17,448 ( 1,648 ) 65,736 54,732 Sales for the fourth quarter and year ended September 30 , 2021 were $ 80,816 and $ 307,463 versus $ 68,231 and $ 304,253 for the prior comparable periods . This represents increases of 18 % and 1 % respectively . However , TerraVest acquired all of the issued and outstanding shares of ECR International Inc. ( " ECR " ) in August 2021 and all of the assets of Argo Sales Inc. ( " Argo " ) in December 2019 of which only Argo partially contributed to the prior comparable periods . Excluding ECR , sales for the fourth quarter were $ 69,707 versus $ 68,231 for the prior comparable period and excluding ECR and Argo , sales for the year ended September 30 , 2021 were $ 263,462 versus $ 268,293 for the prior comparable period . This represents an increase of 2 % and a decrease of 2 % respectively for TerraVest's base portfolio ( excluding ECR and Argo ) . Sales for the fourth quarter ended September 30 , 2021 slightly increased versus the prior comparable period which is explained by increased demand for oil and gas processing equipment and service in Western Canada . The sales increase was partially offset by lower demand for LPG products . The sales for TerraVest's base portfolio decreased slightly versus the prior year . This decrease was a result of weaker sales in the first half of the year versus the prior period , partially offset by stronger sales in the second half of the year versus the prior period . During the year , TerraVest experienced weaker demand for LPG and NGL storage and distribution equipment partially offset by higher demand for most of TerraVest's other products lines . Net income for the fourth quarter and year ended September 30 , 2021 were $ 9,388 and $ 36,410 versus $ 11,082 and $ 26,628 for the prior comparable periods . This represents a decrease of 15 % and an increase 37 % respectively . The decrease for the fourth quarter is the result of increased raw material costs , reduced government subsidies versus comparable quarter , additional financing costs following the acquisition of ECR and an unfavorable change in the fair value of derivative financial