Results for the second quarter ended July 31, 2012
06 Septembre 2012 - 1:00PM
PR Newswire (Canada)
TERREBONNE, QC, Sept. 6, 2012 /CNW Telbec/ - ADF GROUP INC. ("ADF"
or the "Corporation") closed the second quarter of the 2013 fiscal
year with revenues of $10.6 million, lower than those for the same
quarter of the 2012 fiscal year. For the six-month period ended
July 31, 2012, ADF Group recorded year-to-date revenues of
$23.0 million, compared with $26.3 million the previous
year. The second-quarter gross margin, as a percentage of revenues,
stood at 16% compared with 24% for the corresponding quarter the
previous year, whereas the gross margin for the six-month period
ended July 31, 2012 stood at 15% compared with 24% a year earlier.
The decrease in revenues and gross margin, which started in the
third quarter of the 2012 fiscal year, is for the most part
explained by the completion of work related to the World Trade
Center projects in New York and by the different mix of projects
currently underway. ADF posted second-quarter net earnings of
$29,000 ($0.00 per share, basic and diluted), compared with $0.8
million ($0.02 per share, basic and diluted) a year ago. For the
first six months, net earnings totalled $0.1 million ($0.00
per share, basic and diluted), compared with $1.9 million
($0.06 per share, basic and diluted) for the first half of the
previous year. Besides the negative impact stemming from the
different revenue mix, this decline is attributable to the
realization of lower exchange gains than the previous year. The
Corporation's operating activities used cash flows of
$1.8 million in the second quarter and $1.7 million
during the six-month period ended July 31, 2012. As at July
31, 2012, the Corporation had working capital of $41 million,
including short-term available liquidities (cash, cash equivalents
and short-term investments) of $19.3 million. Therefore,
available liquidities exceeded ADF Group's total debt by
$14.4 million, placing the Corporation in a solid position to
support its ongoing operations, pursue its development projects and
remunerate its shareholders in accordance with the dividend payment
policy implemented at the beginning of fiscal 2012. Financial
Highlights Periods ended July 31 Three Months Six Months 2012 2011
2012 2011 (In thousands of dollars, and $ $ $ dollars per share) $
Revenues 10,557 13,118 23,021 26,347 EBITDA 663 2,527 1,600 4,622
Net income 29 774 120 1,855 - Per share (basic and diluted) 0.00
0.02 0.00 0.06 Cash flows from (used in) operating (1,777) (1,662)
9,289 activities 4,202 Average number of outstanding 32,464 32,464
32,781 shares (basic, in thousands) 32,787 Average number of
outstanding 32,869 32,900 33,365 shares (diluted, in thousands)
33,376 New orders On July 26, 2012, the Corporation announced the
award of three new contracts in Canada worth a total of $18.7
million. The largest of these contracts concerns the fabrication of
the steel structure of a plant in Northern Alberta for a company
specializing in the petroleum industry. The two other contracts are
for the fabrication and delivery of steel components for two
bridges, one in Calgary, Alberta and one in Montreal, Quebec. These
three contracts will be completed by the end of the second quarter
of the 2014 fiscal year. Dividend The Corporation announces today
the payment of a second semi-annual dividend of $0.01 per
subordinate voting share and multiple voting share, which will be
paid on October 15, 2012 to shareholders of record as at
September 21, 2012. Outlook As at July 31, 2012, ADF
Group's order backlog stood at $41 million, the execution
schedule of which should extend until the end of the second quarter
of the Corporation's 2014 fiscal year. "Although prices in ADF's
traditional markets remain low and the U.S. East Coast market shows
little signs of improvement in the short-term, the announcement of
new contracts in Canada, and more particularly the award of a first
contract in the petroleum market segment in Western Canada, allows
the Corporation to foresee the future with prudent optimism"
confirmed Mr. Jean Paschini, Chairman of the Board and Chief
Executive Officer. In the short term, the Corporation is pursuing
its analysis and efforts with regard to the possibility of setting
up a fabrication plant in the United States, as well as the
opportunity to make targeted acquisitions, which would allow the
Corporation to improve its overall offer and extend the scope of
its activities. In addition, in order to increase its order
backlog, the Corporation is pursuing its efforts to develop the
public infrastructure market segment in Canada, which is currently
more dynamic. About ADF Group Inc. ADF Group Inc. is a North
American leader in the design and engineering of connections,
fabrication and installation of complex steel structures, heavy
steel built-ups, as well as in miscellaneous and architectural
metals for the non residential construction industry. ADF Group
Inc. is one of the few players in the industry capable of handling
highly technically complex mega projects on fast-track schedules in
the commercial, institutional, industrial and public sectors.
Forward-Looking Information This press release contains
forward-looking statements reflecting ADF objectives and
expectations. These statements are identified by the use of verbs
such as "expect" as well as by the use of future or conditional
tenses. By their very nature these types of statements involve
risks and uncertainty. Consequently, reality may differ from ADF's
expectations. Non-IFRS Measures Earnings before interest, taxes,
depreciation and amortization ("EBITDA") is not a performance
measure recognized by IFRS standards, and is not likely to be
comparable to similar measures presented by other issuers.
Management, as well as investors, consider this to be useful
information to assist them in assessing the Corporation's
profitability and ability to generate funds to finance its
operations. All amounts are in Canadian dollars, unless otherwise
indicated.
___________________________________________________________________
| CONFERENCE CALL WITH INVESTORS | | | |To discuss ADF Group's
results for the 3-month and 6-month periods | | ended July 31,
2012, | | September 6, 2012 at 10:00 a.m. (Montreal time) | | | |To
participate in the conference call, please dial 1-888-231-8191 a| |
few minutes before the start of the call. | | | | For those unable
to participate, a taped rebroadcast will be | | available from | |
Thursday, September 6, 2012 at 1:00 p.m. until midnight Thursday |
| September 13, 2012, | | by dialing 1-855-859-2056;access
code25481106. | | | | The conference call (audio) will also be
available at | | www.adfgroup.com | | Members of the media are
invited to listen in. |
|___________________________________________________________________|
ADF GROUP INC. CONTACT: Source:ADF Group
Inc.Contact:Jean Paschini, Chairman of the Board of Directors and
Chief ExecutiveOfficerJean-Francois Boursier, CPA, CA, Chief
Financial OfficerTelephone: (450) 965-1911 / 1 (800) 263-7560Web
Site: www.adfgroup.com
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