Looks Good! Canam Group Posts a Net Income of $4.4M or $0.10 per Share for the First Quarter of 2015
Friday, April 24, 2015
Canam Group Posts a Net Income of $4.4M or $0.10 per Share for the First Quarter of 2015
11:00 EDT Friday, April 24, 2015
SAINT-GEORGES, QC, April 24, 2015 /CNW Telbec/ - Canam Group Inc. (TSX: CAM) ("Canam Group" or the "Corporation") today published its financial results for the three-month period ended March 28, 2015.
Highlights
- 29% increase in consolidated revenues compared to the same quarter in 2014
- 81% increase in earnings before interest, tax, depreciation and amortization (Adjusted
EBITDA) compared to the same quarter in 2014
| | Quarters ended |
| (in millions of $, except per share amounts) | | March 28, 2015 | | March 29, 2014 | |
| Revenues | | $ 309.1 | | $ 239.3 | |
| Selling and administrative expenses | | $ 24.2 | 7.8% | $ 21.8 | 9.1% |
| Adjusted EBITDA1 | | $ 17.7 | 5.7% | $ 9.8 | 4.1% |
| Net income | | $ 4.4 | | $ 0.5 | |
| Net earnings per share (basic and diluted) | | $ 0.10 | | $ 0.01 | |
| | | | | | | |
| 1 Refer to the section entitled Non-IFRS measures |
"These results attest to the continuing recovery in U.S. non-residential construction markets, where we realize close to 68% of our sales, as well as to the quality of our order backlog," explains Marc Dutil, President and Chief Executive Officer of Canam Group.
Results for the first quarter of 2015
Consolidated revenues for the first quarter of 2015 totaled $309.1M compared to revenues of $239.3M for the same quarter in 2014. The increase is attributable to higher revenues from heavy structural steel, and joist and steel deck activities in addition to the US dollar's rise against the Canadian dollar.
In 2015, selling and administrative expenses totaled $24.2M, or 7.8% of revenues, compared to $21.8M, or 9.1% of revenues, in 2014. The variation is mainly attributable to the payroll increase in order to maintain the current sales growth.
Adjusted EBITDA in the first quarter of 2015 amounted to $17.7M, or 5.7% of revenues, compared to $9.8M, or 4.1% of revenues, for the same quarter in 2014. The increase in 2015 is due, in part, to the growth in sales volume combined with a rise in the adjusted gross margin for a number of the Corporation's activities.
In the first quarter of 2015, net income attributable to shareholders totaled $4.4M, or $0.10 per share, compared to $0.5M, or $0.01 in basic net earnings per share, for the same period in 2014.
Order backlog
The order backlog stood at $1,118M as at March 28, 2015, compared to $1,007M as at December 31, 2014 and $793M as at March 29, 2014.
Dividend
The Board of Directors approved a dividend of $0.04 per share payable on June 30, 2015 to shareholders of record on June 16, 2015.
About Canam Group Inc.
Canam Group is the largest fabricator of steel components in North America. Specialized in designing construction solutions and fabricating customized products since 1961, Canam Group takes part in an average of 10,000 building, structural steel and bridge projects each year. The Corporation operates 22 plants across North America and employs over 3,920 people in Canada, the United States, Romania, India and Hong Kong.