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News - Full Story
 Related Quotes
 Adf Group INC. SV  2.75   UNCH  0.0%
 Enter Symbols: 
ADF Group Inc. announces the results for the three-month and six-month periods ended July 31, 2017

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HIGHLIGHTS

  • ADF Group recorded revenues of $45.3 million and $93.9 million for the three-month and six-month periods ended July 31, 2017, respectively, which is more than double the revenues recorded in the corresponding periods a year ago.
  • Net income for the three-month and six-month periods ended July 31, 2017, is up compared with the same periods last year.
  • The order book stood at $135.1 million as at July 31, 2017.

TERREBONNE, QC, Sept. 14, 2017 /CNW/ - ADF GROUP INC. ("ADF" or the "Corporation") (TSX: DRX) recorded revenues of $45.3 million for the second quarter of the 2018 fiscal year, compared with $19.9 million for the same period a year ago. For the six-month period closed on July 31, 2017, ADF Group recorded revenues of $93.9 million compared with $45.3 million during the corresponding period in 2016.

The second-quarter gross margin, as in percentage of revenues, stood at 9.5% compared with 15.1% for the corresponding period a year ago. For the first semester ended July 31, 2017, the gross margin reached $9.5 million or 10.1% of revenues, compared with $9.1 million or 20.1% a year ago.

The increase in revenues for the analysed periods stems largely from the activity level, and therefore, the costs incurred on projects that are underway, whereas the decrease in margins is mostly attributable to the drop in prices obtained on recently awarded contracts.

ADF posted a second-quarter net income of $1.9 million ($0.06 per share, basic and diluted) compared with a net income of $0.2 million ($0.01 per share, basic and diluted) a year ago. For the six-month period ended July 31, 2017, the Corporation posted a net income of $2.3 million ($0.07 per share, basic and diluted) compared with a net income of $1.2 million ($0.04 per share, basic and diluted) for the first semester ended July 31, 2016.

On July 31, 2017, the Corporation's working capital stood at $32.1 million, up by $7.3 million over January 31, 2017. In addition, during the three-month and six-month periods ended July 31, 2017, the Corporation generated cash flows from its operating activities of $8.4 million and $6.2 million, respectively. The Corporation thus remains in a solid position to support its ongoing operations, pursue its development projects and remunerate its shareholders in accordance with the dividend payment policy.

As at July 31, 2017, the Corporation's backlog stood at $135.1 million, compared with $194.5 million on January 31, 2017. The contracts on hand on July 31, 2017, will be carried out between now and the end of the fiscal year ending January 31, 2019.

Financial Highlights



Three (3) Months

Six (6) Months











Periods ended July 31,

2017

2016

2017

2016

(In thousands of dollars, and dollars per share)

$

$

$

$

Revenues

45,278

19,861

93,916

45,301

EBITDA

2,102

1,669

5,183

4,712

Net income

1,927

245

2,281

1,210

— Per share (basic and diluted)

0.06

0.01

0.07

0.04

Cash flows from (used in) operating activities

8,420

(612)

6,231

(2,378)

Average number of outstanding shares (basic, in thousands)

32,635

32,623

32,631

32,622

Average number of outstanding shares (diluted, in thousands)

32,671

32,694

32,666

32,696






Outlook

"Standing at close to $94.0 million, revenues for the first six months of the current fiscal year are almost at the same level as the annual revenues recorded during the fiscal year ended on January 31, 2017. This increase is the result of our hard work aiming at growing our order backlog," said Mr. Jean Paschini, Co-Chairman of the Board of Directors and Chief Executive Officer.

Dividend

On September 13, 2017, ADF Group's Board of Directors approved the payment of a semi-annual dividend of $0.01 per share, which will be paid on October 17, 2017 to shareholders of record as at September 29, 2017.

Conference Call With Investors

ADF Group Senior Management will host a conference call with investors on Thursday, September 14, 2017 at 10:00 a.m. (Eastern time) to discuss the results of the three-month and six-month periods ended July 31, 2017.

To take part in the conference call, please dial 1-866-865-3087 a few minutes prior to the conference call scheduled start time.

A replay of the conference call will be available from Thursday, September 14, 2017 at 1:00 p.m. until midnight, Thursday, September 21, 2017, by dialing 1-855-859-2056; followed by the access code 7 8 4 9 8 5 8 9. The conference call (audio) will be available on ADF's website at www.adfgroup.com.

Members of the media are invited to listen in.

About ADF Group Inc.

ADF Group Inc. is a North American leader in the design and engineering of connections, fabrication, including the application of industrial coatings, and installation of complex steel structures, heavy steel built-ups, as well as in miscellaneous and architectural metals for the non-residential infrastructure sector. 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. The Corporation operates two fabrication plants and two paint shops, in Canada and in the United States, and a Construction Division in the United States, which specializes in the installation of steel structures and other related products.

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. Refer to Section 9 "Non-GAAP Measures" of the Corporation's Management's Discussion and Analysis for Three-Month and Six-Month Periods Ended July 31, 2017, for the definition of this metric and reconciliation to the most comparable IRFS measures.

All amounts are in Canadian dollars, unless otherwise indicated.

SOURCE ADF Group Inc.

View original content: http://www.newswire.ca/en/releases/archive/September2017/14/c2667.html

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