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November 1, 2007 |
Canam Group Posts $14.1 Million in Net Earnings for the Third Quarter of 2007 |
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(BOUCHERVILLE, QUEBEC) — Construction product manufacturer Canam Group Inc. (TSX: CAM) today reported net earnings of $14.1 million, or $0.29 per share, for the third quarter ended September 29, 2007, up 6% from $13.3 million, or $0.28 per share, for the corresponding period in 2006. Consolidated sales totaled $238.3 million compared with $213.7 million, which represents a 12% increase over 2006.
For the nine-month period ended September 29, 2007, net earnings totaled $33.8 million, or $0.69 per share, up 18% compared with net earnings of $28.6 million, or $0.63 per share for the same period in 2006. Consolidated sales for the first nine months of 2007 increased by 17% to $618.3 million, from $528.6 million for the same period in 2006.
According to Canam Group’s president and chief operating officer, Marc Dutil: “The growth of our earnings reflects the steady level of activity on non-residential construction and infrastructures markets in North America.”
As at September 29, 2007, Canam Group had a healthy balance sheet, with shareholder’s equity totaling $353 million and a net debt of $96 million, translating into a debt-to-equity ratio of 0.27. For the third quarter of 2007, EBITDA stood at $30.3 million, or 12.7% of sales, compared to $27 million, or 12.7% of sales, for the corresponding quarter.
The order backlog stood at $361 million as at September 29, 2007, which represents a 22% increase compared with $297 million for the same period in 2006. During the third quarter, Canam Group also acquired the assets of Eastern Bridge, a company located in Claremont, New Hampshire, which specializes in the fabrication of road and railway bridges.
The board of directors has approved a quarterly dividend of $0.04 per share payable on December 31, 2007 to shareholders of record on December 17, 2007.
Canam Group is an industrial company operating 12 plants specialized in the design and fabrication of construction products and solutions. The company employs more than 3,000 people in Canada, the United States, Romania and India, and has partnerships with companies in Mexico, France, Saudi Arabia, the United Arab Emirates, Russia and China.
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| Source: |
| Jasmin Gosselin |
Vice President, Communications
Tel.: 450-641-4000
Email:
www.canamgroup.ws |
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Conference call
Canam Group will hold a conference call with financial analysts and the media on Thursday, November 1, 2007 at 9:00 a.m. The conference call will be webcast live at www.canamgroup.ws and www.cnw.ca. A replay of the conference call will be available until November 16, 2007 at the following number: 1-800-408-3053, access code 3239910 followed by the pound key (#). |
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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