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ADF Group revenues from $7.7m to $33.8m

Staff writer ▼ | December 7, 2013
ADF Group closed the third quarter of the 2014 fiscal year with revenues of $33.8 million, compared to $7.7 million during the same quarter of the previous fiscal year.
ADF Group
ADF GroupADF Group closed the third quarter of the 2014 fiscal year with revenues of $33.8 million, compared to $7.7 million during the same quarter of the previous fiscal year.


For the nine-month period ended October 31, 2013, ADF Group recorded revenues of $63.7 million, up by $33.0 million compared with the same period last year. These significant increases are attributable to the recently awarded contracts, particularly the Trois-Rivi?res and Quebec City amphitheaters, which started to yield results, and by the acceleration of the contract in Western Canada.

The third-quarter gross margin, as a percentage of revenues, stood at 25.9% compared with 2.3% negative gross margin for the corresponding quarter the previous year, whereas the gross margin for the nine-month period ended October 31, 2013 stood at 22.5% compared with 10.8% a year earlier.

These increases are mainly explained by productivity improvements attributable to the additional workload, by the completion of certain projects with less favorable margins which exerted downward pressure on last year's margin, and the acceleration of the project in Western Canada.

ADF posted third-quarter net earnings of $4.4 million ($0.13 per share, basic and diluted), compared with a net loss of $1.2 million ($0.04 per share, basic and diluted) a year ago. For the first nine months, net earnings totalled $5.3 million ($0.16 per share, basic and diluted), compared with a net loss of $1.0 million for the same period in 2012 (0.03 per share, basic and diluted).

The corporation's operating activities generated cash flows of $9.2 million in the third quarter and $7.7 million during the nine-month period ended October 31, 2013. As at October 31, 2013, the corporation had working capital of $27.7 million, including short-term available liquidities (cash, cash equivalents and short-term investments) of $16.0 million. Available liquidities exceeded ADF Group's total debt by $13.1 million.


 

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