Business
Results for the second quarter ended July 31, 2013
TERREBONNE, QC, Sept. 5, 2013 /CNW Telbec/ - ADF GROUP INC. ("ADF" or the "Corporation") ...
About this update from Adf Group Inc.
[{"type":"text","content":"\n\n\nTERREBONNE, QC, Sept. 5, 2013 /CNW Telbec/ - ADF GROUP INC. (\"ADF\" or\n the \"Corporation\") (TSX: DRX), closed the second quarter of the 2014\n fiscal year with revenues of $17.6 million, up from those for the same\n quarter of the previous fiscal year. For the six-month period ended\n July 31, 2013, ADF Group recorded revenues of $29.9 million, compared\n with $23.0 million the previous year. These increases are explained by\n the recently awarded contracts, which are starting to yield results,\n and by the acceleration of the project in Western Canada.\n\n\nThe second-quarter gross margin, as a percentage of revenues, stood at\n 24% compared with 16% for the corresponding quarter the previous year,\n whereas the gross margin for the six-month period ended July 31, 2013\n stood at 19% compared with 15% a year earlier. These increases are\n mainly explained by productivity improvements attributable to the\n additional volume of work, by the completion of certain projects with\n less favorable margins, and the acceleration of the project in Western\n Canada, mentioned previously.\n\n\nADF posted second-quarter net earnings of $1.2 million ($0.04 per share,\n basic and diluted), compared with $29,000 ($0.00 per share, basic and\n diluted) a year ago. For the first six months, net earnings totalled\n $1.0 million ($0.03 per share, basic and diluted), compared with\n $0.1 million ($0.00 per share, basic and diluted) for the first half of\n the previous year.\n\n\nThe Corporation's operating activities used cash flows of $1.7 million\n in the second quarter and $1.6 million during the six-month period\n ended July 31, 2013. As at July 31, 2013, the Corporation had working\n capital of $26.2 million, including short-term available liquidities\n (cash, cash equivalents and short-term investments) of $12.8 million.\n Therefore, available liquidities exceeded ADF Group's total debt by\n $10.3 million, placing the Corporation in a solid position to support\n its ongoing operations, pursue its development projects and remunerate\n its shareholders in accordance with the dividend payment policy.\n\n\nFinancial Highlights \n\n\n \n\n\n \n\n\nThree Months\n\n\nSix Months\n\n\nPeriods ended July 31\n\n\n2013\n\n\n2012\n\n\n2013\n\n\n2012\n\n\n(In thousands of dollars, and dollars ...