Business
ADF Group announces its results of the second quarter ended July 31, 2009
------------------------------------------------------------------------- Highlights of the Secon...
About this update from Adf Group Inc.
[{"type":"text","content":"\n\n\n\n-------------------------------------------------------------------------\nHighlights of the Second Quarter:\n\n- Order backlog totalling $151 million as at July 31,2009, up 21% over\n the corresponding period in 2008.\n- New contract of $77 million in July 2009 and new investments of\n $6 million pursuant to this major contract.\n- Available liquidities of $21.5 million at July 31, 2009 (comprised of\n cash, cash equivalents and short-term investments), exceeding by\n $14.1 million its long-term debt including the current portion.\n- Revenues of $18.7 million compared with $24 million for the second\n quarter of the previous fiscal year.\n- Gross margin of 24% of revenues (compared with 29% last year),\n EBITDA(1) margin of 19.1% (compared with 25.3% last year) and net\n earnings of 10% of revenues (17% last year).\n- Net earnings of $1.8 million or $0.05 per share (basic and diluted),\n compared with $4.1 million or $0.11 per share (basic and diluted) for\n the same period last year.\n-------------------------------------------------------------------------\n\n\nTERREBONNE, QC, Sept. 9 /CNW Telbec/ - ADF GROUP INC. ("ADF" or the\n"Corporation") (TSX: DRX) closed its second quarter with net earnings of $1.8\nmillion or $0.05 per share (basic and diluted) on revenues of $18.7 million\ncompared with net earnings of $4.1 million or $0.11 per share (basic and\ndiluted) on revenues of $24.0 million for the same period in 2008. For the\nfirst six months ended July 31, 2009, net earnings reached $4.1 million or\n$0.11 per share (basic and diluted) on revenues of $ 35.5 million, compared\nwith net earnings of $7.3 million or $0.20 per share (basic and diluted) on\nrevenues of $49.2 million for the same period in 2008.\n\n\n"These results reflect declines from the corresponding periods of the\nprevious year. However, the decrease in revenues is in line with our forecasts\nconsidering the different mix of the contracts from one period to another, and\nthe decrease in the margin is due to the time lag between the recognition of\ncosts and revenues with regard to a contract. We expect that this downward\ntrend will be reversed during the second half of the current fiscal year due\nto the recent contract awards for which the Corporation supplies the raw\nmaterial (steel) as well as the connection design and ...