Net Income Increased by 17.3% Compared to Q1/2024CALGARY, Alberta, May 27, 2025 (GLOBE NEWSWIRE) -- Tornado Infrastructure Equipment Ltd. (“Tornado” or the “Company”) (TSX-V: TGH; OTCQX: TGHLF) today reported its unaudited condensed consolidated financial results for the three months period ended March 31, 2025. The unaudited condensed consolidated financial statements and related management discussion and analysis are available on the Company’s issuer profile in Canada on SEDAR+ at www.sedarplus.com, in th ...

Company Overview - Tornado Infrastructure Equipment Ltd. is a leading manufacturer of specialized infrastructure and excavation equipment, particularly known for its hydrovac trucks [2] - The company has sold over 1,800 hydrovacs since 2008, establishing itself as a pioneer in the vacuum truck industry [2] - Tornado designs and manufactures hydrovac trucks and provides heavy-duty truck maintenance operations in central Alberta [2] Product and Market Position - Hydrovac trucks utilize high-pressure water and vacuum to safely excavate soil, exposing critical infrastructure for repair and installation without causing damage [2] - The hydrovac excavation method is becoming a standard practice in North America, especially for urban excavations and around critical infrastructure, significantly reducing damage and fatalities [2] Recent Developments - On May 20, 2025, Tornado granted incentive stock options for the purchase of up to 500,000 common shares to a key employee, with an exercise price of $1.71 per share, expiring five years from the grant date [1]

CALGARY, Alberta, May 15, 2025 (GLOBE NEWSWIRE) -- Tornado Infrastructure Equipment Ltd. (“Tornado” or the “Company”) (TSX-V: TGH; OTCQX: TGHLF), a leading manufacturer of specialized infrastructure and excavation equipment, is pleased to announce the closing of the acquisition (the “Acquisition”) of all the issued and outstanding shares in the capital of Custom Vacuum Services Ltd. (“CustomVac”) from 2624795 Alberta Ltd., an arm’s length party (the “Vendor”), pursuant to a share purchase agreement signed a ...

Net Income Per Share (diluted) Increased by 37.7% Compared to 2023CALGARY, Alberta, April 28, 2025 (GLOBE NEWSWIRE) -- Tornado Infrastructure Equipment Ltd. (“Tornado” or the “Company”) (TSX-V: TGH; OTCQX: TGHLF) today reported its audited consolidated financial results for the year ended December 31, 2024, with comparisons to last year. The audited consolidated financial statements and related management discussion and analysis are available on the Company’s issuer profile in Canada on SEDAR+ at www.sedarp ...

CALGARY, Alberta, Feb. 25, 2025 (GLOBE NEWSWIRE) -- Tornado Infrastructure Equipment Ltd. (“Tornado”, the “Company”, “we” or “our”) (TSX-V: TGH; OTCQX: TGHLF) is pleased to announce the launch of new products and recognition in the TSX Venture 50™. New Products Launch Tornado unveiled its highly anticipated EF4 Tornado Hydrovac and Coring Machine at the WWETT Show in Indianapolis, Indiana. These cutting-edge products have been designed, engineered, and manufactured in-house by our talented team, reinforcing ...

Company Leadership Transition - Tornado Infrastructure Equipment Ltd. has promoted Derek Li to Vice President and Chief Financial Officer, effective immediately, replacing Al Robertson who is retiring [1][2] - Derek Li has been with the company for eight years, previously serving as Vice President, Finance and Controller, and has played a significant role in the company's growth [3] Financial Strategy and Stock Options - The company has granted incentive stock options for the purchase of up to 500,000 common shares at an exercise price of $1.16 per share, effective February 24, 2025 [4] Company Overview - Tornado is a leader in the vacuum truck industry, having sold over 1,700 hydrovacs since 2008, and provides hydrovac trucks and heavy-duty truck maintenance operations in central Alberta [5] - The company's hydrovac trucks utilize high-pressure water and vacuum technology to safely excavate soil, minimizing damage to critical infrastructure and reducing fatalities in urban areas [5]

Core Viewpoint - Tornado Infrastructure Equipment Ltd. has launched Tornado Equipment Finance, a financing arm aimed at providing flexible financial solutions for Canadian customers to acquire hydrovac trucks and infrastructure equipment, enhancing customer accessibility and generating additional revenue streams [2][3][11] Group 1: Launch of Tornado Finance - Tornado Finance will offer financing, rental, and leasing solutions exclusively to Canadian customers, facilitating easier access to Tornado's hydrovac trucks [2][3] - The initiative is expected to strengthen long-term customer relationships and solidify Tornado's position as a full-service provider in the infrastructure equipment sector [2][11] Group 2: Q4/2024 Business Update - Tornado reported a record quarter for hydrovac truck sales and production in Q4/2024, manufacturing and selling 88 hydrovac trucks, totaling 320 for the year, compared to 241 in 2023 [3][4] - The strong performance followed a temporary production slowdown in Q3/2024 due to the launch of a new product line and preparations for an expanded manufacturing facility [4] Group 3: Tariff Mitigation Strategies - In response to a delayed 25% tariff on imports from Canada, Tornado is implementing strategies to mitigate its impact, including supplying backend-only units to U.S. customers to reduce tariff exposure [5][6] - The company is exploring opportunities for final assembly in the U.S. and leveraging its existing U.S. entity, Tornado USA, to navigate tariff-related challenges [6][7] Group 4: Company Overview - Tornado is a leader in the vacuum truck industry, having sold over 1,700 hydrovacs since 2008, and specializes in designing and manufacturing hydrovac trucks for the infrastructure and industrial construction markets [8]

Core Viewpoint - Tornado Global Hydrovacs Ltd. is rebranding to Tornado Infrastructure Equipment Ltd. to align with its strategic vision and expansion into the U.S. market [1][2][3] Name Change - The name change will take effect on December 18, 2024, with a new CUSIP of 891082109 and ISIN of CA8910821096 [2] - This change reflects the company's commitment to diversifying its product lines to meet the infrastructure market's needs [3] Share Class Removal - The company has filed Articles of Amendment to remove the "Common Shares" from its authorized capital, as no Common Shares were issued and outstanding at the time of filing [5] U.S. Expansion - Tornado has incorporated two new entities in the U.S.: Tornado Infrastructure Equipment Holdings (USA) Ltd. and Tornado Infrastructure Equipment (USA) Ltd. [6] - Establishing these entities is a critical step in strengthening the company's footprint in the U.S. market [7] Production Capabilities - The company is collaborating with a U.S.-based partner to build its first hydrovac truck in Midland, Texas, with completion expected by the end of 2024 [8] - This initiative aims to enhance local presence and meet the increasing demand for products in the U.S. market [8] Company Background - Tornado is a leader in the vacuum truck industry, having sold over 1,500 hydrovacs since 2005 [10] - The company designs and manufactures hydrovac trucks and provides maintenance operations, focusing on safe excavation methods that reduce infrastructure damage [10]

Financial Performance - Total lease rental income for Q3 2023 was $192.5 million, a slight increase from $192.2 million in Q2 2023 but a decrease from $205.2 million in Q3 2022[7]. - Net income attributable to common shareholders for Q3 2023 was $44.7 million, or $1.07 per diluted common share, down from $51.3 million, or $1.20 per diluted common share in Q2 2023[7]. - Adjusted EBITDA for Q3 2023 was $160.5 million, compared to $163.0 million in Q2 2023[7]. - Total revenues for Q3 2023 were $192,497, a decrease of 6.8% from $205,152 in Q3 2022[21]. - Operating income for Q3 2023 was $92,165, a decline of 25.3% compared to $123,292 in Q3 2022[21]. - Net income attributable to common shareholders for the nine months ended September 30, 2023, was $149,635, down 34.3% from $227,695 in the same period of 2022[21]. - Basic net income per share for Q3 2023 was $1.09, down from $1.66 in Q3 2022, a decrease of 34.3%[21]. - Adjusted net income for Q3 2023 was $45,410,000, compared to $51,332,000 in Q2 2023 and $76,562,000 in the same period last year[31]. - Headline earnings for Q3 2023 were $44,260,000, compared to $51,332,000 in Q2 2023 and $77,259,000 in Q3 2022[32]. - Headline earnings per diluted common share for Q3 2023 was $1.06, down from $1.20 in Q2 2023 and $1.65 in Q3 2022[32]. Asset and Liability Management - Total current assets decreased to $495,339 as of September 30, 2023, from $521,545 at the end of 2022, representing a decline of 5.0%[23]. - Total liabilities decreased to $5,285,760 as of September 30, 2023, from $5,616,945 at the end of 2022, a reduction of 5.9%[23]. - Cash and cash equivalents at the end of Q3 2023 were $140,999, down from $164,818 at the end of 2022, a decrease of 14.5%[23]. - Total shareholders' equity increased to $2,020,731 as of September 30, 2023, from $1,996,289 at the end of 2022, an increase of 1.2%[23]. Operational Metrics - Average fleet utilization rate for Q3 2023 was 99.0%, slightly up from 98.8% in Q2 2023[7]. - The total fleet size at the end of Q3 2023 was 4,329,157 TEU, a decrease from 4,334,809 TEU in Q2 2023[7]. - The owned percentage of the total fleet at the end of Q3 2023 was 93.9%, up from 93.8% in Q2 2023[7]. - Textainer added $162.4 million of new containers through the first nine months of 2023, with virtually all assigned to long-term leases[7]. - The company reported a trading container margin of $306 for Q3 2023, down from $457 in Q3 2022, a decline of 33.0%[21]. Dividend and Shareholder Actions - The board declared a quarterly cash dividend of $0.30 per common share, payable on December 15, 2023[7]. - Textainer has suspended its share repurchase program in light of the pending acquisition transaction[7]. Acquisition and Corporate Actions - Textainer announced a definitive agreement to be acquired by Stonepeak for $50.00 per share in cash, expected to close in Q1 2024[10][11]. Other Financial Considerations - Total interest expense for Q3 2023 was $43,751,000, an increase from $42,138,000 in Q2 2023[31]. - The company reported a container recovery write-off from lessee default of $1,160,000 in Q3 2023[32]. - Transaction and other costs amounted to $733,000 in Q3 2023, consistent with the previous quarter[31]. - The company experienced an unrealized loss on marketable securities of $204,000 in Q3 2023[31]. - The report indicates that non-GAAP measures have limitations and should not be relied upon in isolation from GAAP measures[30].

Financial Performance - Net income for the three months ended June 30, 2023, was $56,301 thousand, a decrease of 32.5% compared to $83,559 thousand for the same period in 2022[17]. - The company reported a net income attributable to common shareholders of $51,332 thousand for Q2 2023, down 34.6% from $78,590 thousand in Q2 2022[17]. - Net income for the six months ended June 30, 2023, was $114,896 thousand, a decrease of 29% compared to $161,233 thousand for the same period in 2022[26]. - Comprehensive income attributable to common shareholders for the three months ended June 30, 2023, was $78,260 thousand, down from $108,779 thousand in the same period of 2022, a decrease of 28.1%[20]. - Basic earnings per share for the three months ended June 30, 2023, was $1.22, compared to $1.66 for the same period in 2022, reflecting a decrease of 26.5%[17]. Revenue and Income Sources - Total lease rental income for the three months ended June 30, 2023, was $192,163 thousand, down 5.4% from $203,232 thousand in the same period of 2022[17]. - Total lease rental income for Q2 2023 was $10,693 million, a decrease from $12,678 million in Q2 2022, representing a decline of approximately 15.7%[51]. - For the six months ended June 30, 2023, total lease rental income was $21,803 million, down from $25,319 million in the same period of 2022, reflecting a decrease of about 13.5%[51]. - Management fees from non-leasing services amounted to $710 million for Q2 2023, compared to $673 million in Q2 2022, indicating an increase of approximately 5.5%[51]. Expenses and Liabilities - Operating expenses for the three months ended June 30, 2023, totaled $103,097 thousand, slightly decreased from $104,718 thousand in the prior year, indicating a reduction of 1.5%[17]. - The total current liabilities increased to $507,247 thousand as of June 30, 2023, compared to $429,898 thousand at December 31, 2022, marking an increase of approximately 18%[15]. - The company incurred share-based compensation expenses of $4,551 thousand in the first half of 2023, compared to $3,498 thousand in the same period of 2022, indicating an increase of approximately 30%[26]. - Interest paid in the first half of 2023 was $79,020 thousand, compared to $66,344 thousand in the same period of 2022, representing an increase of approximately 19%[26]. Cash Flow and Investments - Total cash provided by operating activities for the first half of 2023 was $308,790 thousand, down from $384,229 thousand in 2022, reflecting a decline of approximately 19.6%[26]. - Cash flows from investing activities showed a net inflow of $43,259 thousand in 2023, contrasting with a significant outflow of $603,944 thousand in 2022[26]. - Cash, cash equivalents, and restricted cash at the end of the period were $256,074 thousand, down from $312,140 thousand at the end of June 2022[26]. Debt and Financing - The company’s debt, net of unamortized costs, decreased to $4,872,129 thousand as of June 30, 2023, from $5,127,021 thousand at December 31, 2022, a reduction of approximately 5%[15]. - The total outstanding principal balance on the company's debt facilities was $5,295,075 as of June 30, 2023, with $400,327 due within the next twelve months[135]. - The Company had a total commitment of $6,179,176 for its debt facilities, with outstanding borrowings of $5,295,075, indicating a borrowing capacity excess of $351,765 as of June 30, 2023[69]. - Approximately 92% of the company's debt is either fixed or hedged using derivative instruments, mitigating the impact of changes in short-term interest rates[151]. Asset Management - Total assets decreased to $7,435,156 thousand as of June 30, 2023, down from $7,613,234 thousand at December 31, 2022, representing a decline of approximately 2.34%[15]. - The company’s retained earnings rose to $1,522,287 thousand as of June 30, 2023, up from $1,443,737 thousand at the end of 2022, representing an increase of 5.5%[15]. - The carrying value of containers held for sale that were impaired and written down to their estimated fair value less cost to sell was $4,365 million as of June 30, 2023, compared to $3,556 million as of December 31, 2022[41]. - The net investment in finance leases as of June 30, 2023, was $1.755 billion, a decrease from $1.821 billion as of December 31, 2022[56]. Market Conditions and Outlook - The container leasing market is normalizing in 2023, with moderated container prices and decreased utilization following a period of high demand[106]. - The market growth outlook is improving with resilience in Europe and North America, easing inflationary pressures, and anticipated recovery in China[107]. - Key factors affecting performance include demand for leased containers, lease rates, and global macroeconomic factors[108]. Shareholder Returns - Dividends paid on common shares increased to $25,398 thousand in 2023 from $23,858 thousand in 2022, reflecting an increase of about 6.5%[26]. - Common share dividends for Q2 2023 totaled $12,533,000, with a per share payment of $0.30, compared to $11,804,000 and $0.25 in Q2 2022[91]. - The company has increased its share repurchase program by an additional $100 million, raising the total to $550 million[95].