We have successfully repositioned Empire into being an industry leader in the higher margin and higher growth global market of media-based attractions. We still have work in front of us with respect to the Steel Fabrication segment, but we feel the opportunities are there, and we are up to the challenge. The Tornado spin out is an excellent example of an innovative way to unlock the intrinsic value of a business unit and allow it the opportunity to thrive as a standalone entity, while allowing Empire’s shareholders the ability to continue to benefit as direct shareholders of that business.
We will continue to shelter Empire’s profits from tax through the use of our Deferred Tax Assets. We expect our balance sheet to continue to strengthen throughout the year through our tax sheltered equity earnings.
We would like to welcome any new shareholders that have decided to join us on our mission and thank our “old” shareholders who have stuck with us patiently as the management, directors and employees guided us through the challenges and capitalized on the opportunities of the past few years. We are confident the future will be exciting and unfold as planned.