- Revenues up 35% to
$68.0 million compared to the same period last year. - Net income of
$4.3 million . - Order backlog at
$325.4 million as atApril 30, 2022 . - New major contracts, totaling
$90.0 million , signed sinceApril 30, 2022 .
Gross margin, as a percentage of revenue (1), went from 15.4% in the three-month period ended
Adjusted earnings before interest, taxes, depreciation and amortization (Adjusted EBITDA) (2) at
For the first quarter ended
As at
As at
Financial Highlights (In thousands of dollars, and dollars per share)
Three-Month Periods Ended | 2022 | 2021 |
Revenues | ||
Adjusted EBITDA (2) | ||
Income before income tax expense | ||
Net income for the period | ||
— Basic and diluted per share | ||
(In thousands) | Number | Number |
Average number of outstanding shares (basic and diluted) | 32,635 | 32,635 |
On
These new orders consist in the fabrication, including the supply of raw materials (steel) and industrial coating, as well as the design and engineering of connections, and the delivery of steel structures used in the construction of new large surface industrial facilities. Fabrication work on these new projects characterized by high tonnage and tight completion schedules, will begin in the coming weeks at ADF's
Mr.
An investor conference call will be held this morning,
To take part in the conference call, dial 1 (888) 390-0620 a few minutes prior to the conference call scheduled start time.
A replay of this conference call will be available from
The conference call (audio) will also be available at www.adfgroup.com. Members of the media are invited to listen in.
Shareholders are encouraged to vote on the matters before the meeting by proxy and to view the meeting online by way of a live webcast. Shareholders will be able to submit questions to management of the Corporation through the webcast at any time and at the conclusion of the Meeting. To this end, a dialogue box will be available at the bottom of the screen allowing registered shareholders to write their questions.
About
Forward-Looking Information | This press release contains forward-looking statements reflecting ADF's objectives and expectations. These statements are identified by the use of verbs such as "expect" as well as by the use of future or conditional tenses. By their very nature these types of statements involve risks and uncertainty. Consequently, reality may differ from ADF's expectations.
Non-GAAP Financial Measures and Other Financial Measures | Are measures derived primarily from the consolidated financial statements, but are not a standardized financial measure under the financial reporting framework used to prepare the Corporation's financial statements. Therefore, readers should be careful not to confuse or substitute them with performance measures prepared in accordance with GAAP. In addition, readers should avoid comparing these non-GAAP financial measures to similarly titled measures provided or used by other issuers. The definition of these indicators and their reconciliation with comparable International Financial Reporting Standards measure is as follows:
Adjusted EBITDA shows the extent to which the Corporation generates profits from operations, without considering the following items:
- Financial revenues and financial expenses;
- Income tax expense;
- Foreign exchange losses, and
- Depreciation and amortization of property, plant and equipment, intangible assets and right-of-use assets.
Net income is reconciled with adjusted EBITDA in the table below:
Three (3) Month Periods Ended | 2022 | 2021 |
(In thousands of dollars) | ||
Net income | ||
Income tax expense (recovery) | ||
Net financial expenses | ||
Amortization | ||
Foreign exchange loss | ||
Adjusted EBITDA | ||
Gross margin as a percentage of revenue indicator is used by the Corporation to assess the level of profitability for a given period based on the project mix for that same period. This indicator is subject to fluctuations in project prices and also in the operational efficiency of the Corporation. The indicator of gross margin as a percentage of revenues results from dividing gross margin by revenues.
The order backlog is a measure used by the Corporation to assess future revenue levels. The order backlog includes firm orders obtained by the Corporation, either through a firm contract or a formal notice to proceed confirmed by the client. The order backlog disclosed by the Corporation therefore includes the portion of confirmed contracts that have not been put into production.
The working capital indicator is used by the Corporation to assess whether current assets are sufficient to meet current liabilities. Working capital is equal to current assets, less current liabilities.
(1) | Gross margin, as a percentage of revenues, working capital, as well as the order backlog are additional financial measures. Refer to the "Non-GAAP Financial Measures and Other Financial Measures" section of this press release for the definition of these indicators. |
(2) | Adjusted EBITDA is a non-GAAP financial measure. Refer to the "Non-GAAP Financial Measures and Other Financial Measures" section of this press release for the definition of this indicator. |
SOURCE
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