TORONTO, May 8, 2024 /CNW/ - TerraVest Industries Inc., (TSX:TVK) ("TerraVest" or the "Company") announces its results for the second quarter ended March 31, 2024 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, 2024 and the comparative periods in fiscal 2023. Second quarters ended Six months ended March 31, 2024 March 31, 2023 March 31, 2024 March 31, 2023 $ $ $ $ Sales 214,943 176,858 443,033 354,056 Net Income 25,729 11,444 45,032 24,530 Add (subtract): Income tax expense 6,006 4,507 14,148 9,020 Financing costs 6,822 3,762 13,239 7,478 Depreciation and amortization 11,774 9,434 22,899 18,725 Change in fair value of derivative    financial instruments 308 32 28 (1,280) Change in fair value of investment in    equity instruments (877) 99 (304) 304 Change in fair value of investment in a    limited partnership 123 390 526 390 (Gain) loss on foreign exchange (3,171) 208 (158) 961 (Gain) loss on disposal of other property, plant    and equipment (2,938) (774) (2,605) (320) (Gain) loss on disposal of property, plant and    equipment for rental 414 (38) 39 (605) (Gain) loss on lease modification - - - 19 (Gain) loss on sale of business (339) - (339) - Acquisition‑related cost 83 74 485 154 Other non-recurring expenses i) - 3,084 - 3,084 Adjusted EBITDA 43,934 32,222 92,990 62,460 i) Settlement of the working capital adjustment with the prior owner of ECR International Inc. ("ECR"). Sales for the second quarter and six months ended March 31, 2024 were $214,943 and $443,033 versus $176,858 and $354,056 for the prior comparable periods. This represents increases of 22% and 25% respectively. However, TerraVest acquired 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 HT and LV, sales for the second quarter and six months ended March 31, 2024 were $169,869 and $359,412 versus $176,858 and $354,056 for the prior comparable periods. This represents a decrease of 4% and an increase of 2% respectively for TerraVest's base portfolio (excluding HT and LV). The variations in sales are the result of slightly higher demand in the Service segment, as well as for compressed gas distribution equipment and for residential and commercial petroleum tanks; offset by lower sales for furnaces and boilers and for oil and gas processing equipment compared to prior periods. Net income for the second quarter and six months ended March 31, 2024 were $25,729 and $45,032 versus $11,444 and $24,530 for the prior comparable periods. This represents increases of 125% and 84% respectively, which are the result of the positive contributions from HT and LV, 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 business acquisitions and ...