Business
ADF Group announces its results of the third quarter ended October 31, 2009
ADF Group announces its results of the third quarter ended October 31, 2009
About this update from Adf Group Inc.
[{"type":"text","content":"\n\n\n\nDec. 10, 2009 (Canada NewsWire Group) -- TERREBONNE, QC, Dec. 10 /CNW Telbec/ -- ADF GROUP INC. (\"ADF\" or the \"Corporation\") (TSX: DRX) closed its third quarter ended October 31, 2009 with revenues of $15.8 million, compared with $25.1 million during the same quarter last year. The revenue decrease is explained by the different contract execution and revenue mix, as well as by certain delays attributable to clients in the progress of certain major contracts. These delays should be recovered in the upcoming quarters, which should help grow ADF's revenues, due in part to the commencement, towards the end of the third quarter, of the $77 million contract awarded last July in North America. For the nine-month period ended October 31, 2009, revenues totalled $51.3 million, compared with $74.3 million for the same period of 2008.Third-quarter EBITDA amounted to $3.3 million, accounting for 21% of revenues, compared with $5.8 million or 23% of revenues during the third quarter of the previous fiscal year. For the first nine months of the current fiscal year, EBITDA totalled $10.9 million or 21% of revenues, compared with $17.8 million or 24% of revenues last year. These variations are attributable to a decline in revenues and the different mix of revenues and costs recognized in connection with contracts underway during these periods.ADF Group closed the third quarter with net earnings of $1.4 million or $0.04 per share (basic and diluted), compared with $6.5 million or $0.18 per share (basic and diluted) for the same quarter last year. However, it should be noted that last year's third-quarter results included a $3.9 million net foreign exchange gain, before taxes, compared with an immaterial foreign exchange gain this year, without which net earnings of the quarter ended October 31, 2008, would have amounted to approximately $3.7 million. For the first nine months ended October 31, 2009, net earnings totalled $5.5 million or $0.15 per share (basic and diluted) compared with $13.8 million or $0.38 basic per share and $0.37 diluted per share for the same period last year.\"At a time when we are witnessing an improvement in conditions in our principal markets, we are pleased to see that ADF Group weathered the worst of the economic recession while maintaining significant profitability, as reflected by a net profit margin of ...