Business
ADF GROUP INC. maintains its profitability and further improves its financial position
FINANCIAL HIGHLIGHTS FOR THE SECOND QUARTER ENDED JULY 31, 2011 All results a...
About this update from Adf Group Inc.
[{"type":"text","content":"\n\n\n\n\n\n\n\n\n\n\n\nFINANCIAL HIGHLIGHTS FOR THE SECOND QUARTER ENDED JULY 31, 2011\n\n\nAll results are disclosed in accordance with the new International\n Financial Reporting Standards (\"IFRS\").\n\n\nRevenues amounted to $13.1 million, posting a slight increase over the\n same quarter of the 2011 fiscal year.\n\n\nADF Group closed the quarter with net earnings comparable to those for\n the second quarter of the 2011 fiscal year, being $0.8 million or $0.02\n per share (basic and diluted).\n\n\nThe Corporation declares the payment of a second semi-annual dividend\n for the 2012 fiscal year.\n\n\n\n\n\nTERREBONNE, QC, Sept. 7, 2011 /CNW Telbec/ - ADF GROUP INC. (\"ADF\" or the \"Corporation\") (TSX: DRX) closed the second quarter of\n the 2012 fiscal year with revenues of $13.1 million, posting a slight\n increase over the same quarter of the 2011 fiscal year, despite an\n appreciation of approximately 7% in the Canadian dollar against the\n U.S. dollar between the two reporting periods. For the six-month period\n ended July 31, 2011, ADF Group recorded year-to-date revenues of\n $26.3 million, compared with $26.6 million the previous year.\n\n\nThe second-quarter gross profit margin as a percentage of revenues was\n 24%, being the same level as in the corresponding quarter of the\n previous year, whereas the gross margin for the six-month period ended\n July 31, 2011 also stood at 24% compared with 26% a year earlier.\n\n\nADF posted second-quarter net earnings of $0.8 million or $0.02 per\n share (basic and diluted), which compares to those for the\n second-quarter of the previous year. For the first six month period,\n net earnings amounted to $1.9 million or $0.06 per share (basic and\n diluted), compared with $2.8 million or $0.08 per share (basic and\n diluted) for the first half of the previous year. Besides the negative\n impact of currency fluctuations and a different revenue mix, this\n decline is attributable to the non-recurrence of certain favourable\n items recognized last year, the realization of lower exchange gains\n than the previous year and a higher tax rate.\n\n\nThe Corporation's operating activities provided cash flows of\n $4.2 million in the second quarter and $9.3 million for the first six\n months ended July 31, 2011. As at July 31, 2011, th...