HIGHLIGHTS
(All amounts are in Canadian dollars, unless otherwise indicated.)
- Revenues of
$134.4 million recorded during the 6-month period endedJuly 31, 2022 , higher when compared with the same period a year ago. - Net income of
$5.4 million and$9.7 million recorded during the 3-month and 6-month periods endedJuly 31, 2022 , respectively higher when compared with the same period a year ago. - Order backlog (1) totalling
$348.3 million as atJuly 31, 2022 .
Gross margin, as a percentage of revenues (1) went from 7.7% for the 3-month period ended
Adjusted earnings before interest, taxes, depreciation and amortization (Adjusted EBITDA) (2) for the 6-month period ended
For the quarter ended
The Corporation's order backlog (1) stood at
As of
3 Months | 6 Months | |||
Periods ended | 2022 | 2021 | 2022 | 2021 |
(In thousands of dollars, and dollars per share) | $ | $ | $ | $ |
Revenues | 66,382 | 73,171 | 134,390 | 123,558 |
Adjusted EBITDA (2) | 7,101 | 3,074 | 12,703 | 9,186 |
Income before income tax expense (recovery) | 5,746 | 1,362 | 9,636 | 5,858 |
Net income for the period | 5,426 | 1,498 | 9,682 | 5,893 |
— Per share (basic and diluted) | 0.17 | 0.05 | 0.30 | 0.18 |
(In thousands) | Number | Number | Number | Number |
Average number of outstanding shares (basic and diluted) | 32,640 | 32,635 | 32,640 | 32,635 |
"For a second consecutive quarter, the results are adequate, despite the uncertainties related to inflationary pressures" mentioned Mr.
"As mentioned when we disclosed our results for the quarter ended
On
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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:
- Net financial expenses;
- Income tax expense (recovery);
- Foreign exchange (gains) 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:
3 months | 6 months | ||||
Periods Ended | 2022 | 2021 | 2022 | 2021 | |
(In thousands of dollars) | $ | $ | $ | $ | |
Net income | 5,426 | 1,498 | 9,682 | 5,893 | |
Income tax expense (recovery) | 320 | (136) | (46) | (35) | |
Net financial expenses | 439 | 304 | 637 | 597 | |
Amortization | 1,235 | 1,239 | 2,418 | 2,454 | |
Foreign exchange (gain) loss | (319) | 169 | 12 | 277 | |
Adjusted EBITDA | 7,101 | 3,074 | 12,703 | 9,186 | |
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.
Website: www.adfgroup.com
(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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