Business
Results for the first quarter ended April 30, 2013
TERREBONNE, QC, June 12, 2013 /CNW Telbec/ - ADF GROUP INC. ("ADF" or the "Corporation"...
About this update from Adf Group Inc.
[{"type":"text","content":"\n\n\nTERREBONNE, QC, June 12, 2013 /CNW Telbec/ - ADF GROUP INC. (\"ADF\" or the \"Corporation\") (DRX: TSX) closed the first quarter of the\n 2014 fiscal year with revenues of $12.3 million compared with $12.5\n million during the same period the previous fiscal year.\n\n\nAs a percentage of revenues, the gross margin decreased from 14.7%\n during the three-month period ended April 30, 2012 to 11.3% during the\n three-month period ended April 30, 2013. This decrease is mainly\n explained by the fact that the newly signed contracts, which are\n currently in their early execution stage, carry lower margins than\n those generated last year by the World Trade Center projects. It should\n be noted that the gross profit margin for the quarter ended April 30,\n 2013, which was similar to those of the past quarters, also reflects\n the persistent pressure exerted on prices in ADF's markets.\n\n\nThe Corporation closed the first quarter ended April 30, 2013 with a\n negative net income of $0.3 million ($0.01 basic and diluted per\n share), as opposed to a slight net income of $0.1 million ($0.00 basic\n and diluted per share) in the same period the previous year.\n\n\nDuring the first quarter, the Corporation's operating activities\n generated liquidities of $62,000. As at April 30, 2013, the Corporation\n had working capital of $31.4 million, of which $23.0 million in\n short-term available liquidities (cash, cash equivalents and short-term\n investments). Available liquidities thus exceeded the Corporation's\n total debt by $20.0 million, placing the Corporation in a solid\n position to support its ongoing operations, carry out its development\n projects and remunerate its shareholders in accordance with the\n dividend payment policy implemented at the beginning of fiscal 2012.\n\n\nFinancial Highlights \n\n\n \n\n\n \n\n\n \n\n\nThree-Month Periods Ended April 30,\n\n\n2013\n\n\n2012\n\n\n(In thousands of dollars, and dollars per share)\n\n\n$\n\n\n$\n\n\nRevenues\n\n\n12,276\n\n\n12,464\n\n\nEBITDA\n\n\n475\n\n\n937\n\n\nNet income\n\n\n(269)\n\n\n91\n\n\n— Per share (basic and diluted)\n\n\n(0.01)\n\n\n0.00\n\n\nCash flows from operating activities\n\n\n62\n\n\n131\n\n\nAverage number of outstanding shares (basic, in thousands)\n\n\n32,451\n\n\n32,464\n\n\nAverage number of outstanding sha...