Business
Results for the second quarter ended July 31, 2014
TERREBONNE, QC , Sept. 11, 2014 /CNW Telbec/ - ADF GROUP INC. ("ADF" or the "Corporati...
About this update from Adf Group Inc.
[{"type":"text","content":"\n\n\nTERREBONNE, QC, Sept. 11, 2014 /CNW Telbec/ - ADF GROUP INC. (\"ADF\" or the \"Corporation\") (TSX: DRX), closed the second quarter of\n the 2015 fiscal year with revenues of $20.4 million, up from those for\n the same quarter of the previous fiscal year. For the six-month period\n ended July 31, 2014, ADF Group recorded revenues of $44.8 million,\n compared with $29.9 million the previous year. The increase compared\n with the previous year is mainly due to the Quebec City's amphitheater\n project. Although revenues are up compared with last year's\n corresponding periods, the trend of the last quarters is down due to\n the completion of the projects of Syncrude, in Alberta, and the Quebec\n City and Trois-Rivières amphitheaters.\n\n\nThe second-quarter gross margin, as a percentage of revenues, stood at\n 10.8% compared with 23.9% for the corresponding quarter the previous\n year, whereas the gross margin for the six-month period ended July 31,\n 2014 stood at 11.2% compared with 18.7% a year earlier. These decreases\n are mainly explained by the completion of the previously mentioned\n projects and the start up of the new fabrication plant in Great Falls,\n Montana.\n\n\nADF posted second-quarter net loss of $0.3 million ($0.01 per share,\n basic and diluted), compared with net earnings of $1.2 million ($0.04\n per share, basic and diluted) a year ago. For the first six months, net\n earnings totalled $0.1 million ($0.00 per share, basic and diluted),\n compared with $1.0 million ($0.03 per share, basic and diluted) for the\n first half of the previous year.\n\n\nThe Corporation's operating activities used cash flows of $9.6 million\n in the second quarter and $11.2 million during the six-month period\n ended July 31, 2014. As at July 31, 2014, the Corporation had a working\n capital of $30.8 million, including short-term available liquidities\n (cash, cash equivalents and short-term investments) of $6.5 million.\n The Corporation remains in a solid position to support its ongoing\n operations, pursue its development projects and remunerate its\n shareholders in accordance with the dividend payment policy.\n\n\nAs at July 31, 2014, the Corporation backlog stood at $9 million. Since\n that date, the Corporation obtained new fabrication contracts in Canada\n and in the United S...