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April 28, 2010 |
Canam Group Posts a Net Loss of $0.9M or $0.02 per Share and a 41% Higher Backlog Totaling $590M for the First Quarter of 2010 |
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(ST. GEORGES, QUEBEC) — Construction products fabricator Canam Group Inc. (TSX: CAM) today reported a net loss of $0.9 million, or $0.02 per share, for the first quarter ended March 27, 2010, compared with net earnings of $5.4 million, or $0.12 per share, for the corresponding period in 2009. Consolidated sales were $105.6 million versus $180.2 million for the year-earlier quarter.
Canam Group president and chief operating officer Marc Dutil explained that these results reflect the harsh economic conditions management had foreseen for the first half of 2010. In addition, deliveries related to the replacement of the roof for BC Place in Vancouver and for the Marlins’ stadium in Miami are not scheduled to begin before the second quarter. These two orders will generate $180 million in revenue.
Canam Group’s order backlog stood at $590 million as at March 27, 2010, up 41% from $417 million as at March 29, 2009. This increase was due to the addition of FabSouth’s existing backlog and a surge in new orders in certain business units.
The acquisition of the U.S.-based FabSouth, LLC concluded last month will help strengthen Canam Group’s commercial position in the southeastern United States. As well, a major competitor’s recent exit from the joist and deck business in the United States is seen as another positive development for Canam Group.
The board of directors approved the payment of a quarterly dividend of $0.04 per common share on June 30, 2010 to shareholders of record on June 16, 2010.
Canam Group is an industrial company operating 18 plants specialized in the design and fabrication of construction products and solutions. The company employs close to 3,000 people in Canada, the United States, Romania and India, and has partnerships with companies in Saudi Arabia, the United Arab Emirates and China.
Conference call
Canam Group will hold a conference call with financial analysts and media representatives on Wednesday, April 28, 2010 at 1:15 p.m. A podcast will be available at www.canamgroup.ws and www.cnw.ca. A replay of the conference call will be available until May 12, 2010 by dialing 1-800-408-3053 and entering access code 3384275, followed by the pound key (#).
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| Source: |
| Jasmin Gosselin |
Vice President, Communications
Canam Group Inc.
450-641-4000
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If you would like your name added to our distribution list for the Annual Report, Quarterly Reports, Annual Information Form and Notice of Annual Meeting or our distribution list for Press Releases, contact us, tel.: 450-641-4000, e-mail.
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