TORONTO, Aug. 14, 2024 /CNW/ - TerraVest Industries Inc., (TSX:TVK) ("TerraVest" or the "Company") announces its results for the third quarter ended June 30, 2024 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, 2024 and the comparative periods in fiscal 2023. Third quarters ended Nine months ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 $ $ $ $ Sales 238,129 150,363 681,162 504,419 Net Income 14,387 9,576 59,419 34,106 Add (subtract): Income tax expense 4,526 2,048 18,674 11,068 Financing costs 6,374 4,060 19,613 11,538 Depreciation and amortization 25,177 10,416 48,076 29,141 Change in fair value of derivative  financial instruments 350 (1,070) 378 (2,350) Change in fair value of investment in  equity instruments 330 (236) 26 68 Change in fair value of investment in a  limited partnership (168) (1,352) 358 (962) (Gain) loss on foreign exchange (1,514) 2,305 (1,672) 3,266 (Gain) loss on disposal of other property, plant  and equipment 152 (2,559) (2,453) (2,879) (Gain) loss on disposal of property, plant and  equipment for rental (861) - (822) (605) (Gain) loss on lease modification - - - 19 (Gain) loss on sale of business (105) - (444) - Acquisition–related cost 414 25 899 179 Other non-recurring expenses i) - - - 3,084 Adjusted EBITDA 49,062 23,213 142,052 85,673 i) Settlement of the working capital adjustment with the prior owner of ECR International Inc. ("ECR"). Sales for the third quarter and nine months ended June 30, 2024 were $238,129 and $681,162 versus $150,363 and $504,419 for the prior comparable periods. This represents increases of 58% and 35% respectively. However, TerraVest acquired all of the issued and outstanding shares of Advance Engineered Products Ltd. ("AEPL") in April 2024, all the operating assets of the subsidiaries of Highland Tank Holdings, LLC ("HT") in November 2023 and all of the issued and outstanding shares of LV Energy Services Ltd. and its sister company (together referred as "LV") effective in October 2023, all of which did not contribute to the prior comparable periods. Excluding AEPL, HT and LV, sales for the third quarter and nine months ended June 30, 2024 were $171,193 and $530,605 versus $150,363 and $504,419 for the prior comparable periods. This represents increases of 14% and 5% respectively for TerraVest's base portfolio (excluding AEPL, HT and LV). The variations in sales are the result of higher demand in the Service segment, as well as for compressed gas distribution equipment and for residential and commercial petroleum tanks; partially offset by lower sales for furnaces and boilers, and oil and gas processing equipment compared to prior periods. Net income for the third quarter and nine months ended June 30, 2024 were $14,387 and $59,419 versus $9,576 and $34,106 for the prior comparable periods. This represents increases of 50% and 74% respectively, which are the result of the positive contributions from HT, LV and AEPL, a gain on disposal of other property, plant and equipment ("PP&E") and from increased sales in some of TerraVest's base portfolio of businesses. The increases in net income were partially offset by acquisition–related costs, increased financing costs due to higher debt levels to finance ...