Results for the third quarter ended October 31, 2012

TERREBONNE, QC, Dec. 6, 2012 /CNW Telbec/ - ADF GROUP INC. ("ADF" or the 
"Corporation") (TSX: DRX) closed the third quarter of the 2013 fiscal year 
with revenues of $7.7 million, lower than those for the same quarter of the 
2012 fiscal year. For the nine-month period ended October 31, 2012, ADF Group 
recorded year-to-date revenues of $30.7million, compared with $37.6 million 
the previous year. 
For the three-month and nine-month periods ended October 31, 2012, the 
decrease in revenues and gross margin is explained by the completion of work 
related to the World Trade Center projects in New York, by an unfavourable 
production mix and in some projects by fabrication delays resulting from the 
changes requested by clients. 
For the third quarter ended October 31, 2012, ADF posted second-quarter a 
negative net income of $1.2 million ($0.04 per share, basic and diluted), 
compared with net income of $0.4 million ($0.01 per share, basic and diluted) 
a year ago. For the first nine months, ADF posted a negative net income of 
$1.0million ($0.03 per share, basic and diluted), compared with net income 
of $2.3million ($0.07 per share, basic and diluted) for the same period last 
year. The Corporation's operating activities generated cash flows of 
$0.7million in the third quarter, and used $0.9 million during the 
nine-month period ended October31, 2012. As at October 31, 2012, the 
Corporation had working capital of $37.4million, including short-term 
available liquidities (cash, cash equivalents and short-term investments) of 
$17.6million. Available liquidities exceeded ADF Group's total debt by $13.3 
million, placing the Corporation in a solid position to support its ongoing 
operations, carry out its development projects and remunerate its shareholders 
in accordance with the dividend payment policy implemented at the beginning of 
fiscal 2012. 
Although liquidities decreased as at October 31, 2012, the WTC project dispute 
settlement with WTC Tower 1 LLC, an assignee of 1 World Trade Center LLC owned 
by the Port Authority of New York and New Jersey, allowed ADF Group to secure 
its accounts receivables such that the Corporation will be able to collect 
significant liquidities by January 31, 2013. 
Financial Highlights 
Periods ended October 31,          Three Months        Nine Months 
                              2012      2011      2012     2011 
(In thousands of dollars, and       $         $         $        $
dollars per share) 
Revenues                          7,723    11,208    30,744   37,555 
EBITDA                            (795)     1,009       805    5,631 
Net income                      (1,160)       403   (1,040)    2,258 
- Per share (basic and diluted)  (0.04)      0.01    (0.03)     0.07 
Cash flows from (used in)           749   (1,201)     (913)    7,918
operating activities 
Average number of outstanding    32,455    32,792    32,461   32,785
shares (basic, in thousands) 
Average number of outstanding    32,893    33,259    32,899   33,347
shares (diluted, in thousands) 
New orders 
The Corporation announced today the award of two new contracts in Canada. 
Worth a total of $8.7 million, these contracts consist in the fabrication and 
installation of the structural steel of the new amphitheater in 
Trois-Rivières, Quebec. This new entertainment and art center will be located 
at the fork of the St. Maurice and St. Lawrence Rivers. The projects will be 
delivered by the end of the second quarter of fiscal 2014. 
On October 15, 2012, the Corporation paid a second semi-annual dividend of 
$0.01 per subordinate and multiple voting share to shareholders of record on 
September 21, 2012. 
Normal Course Issuer Bid 
The Corporation also announced today that the Board of Directors and the 
Toronto Stock Exchange approved the renewal of its normal course issuer bid 
(NCIB). Thus, from December 11, 2012 to December 10, 2013, ADF Group will be 
authorized to repurchase, for cancellation purposes, up to 1,552,731 of its 
subordinate voting shares. 
New Structural Steel Fabrication Plant in the United States 
As announced on November 5, 2012, ADF Group will invest US$24 million to build 
a new 9,290 m(2) (100,000 ft(2)) structural steel fabrication complex on a 
100-acre industrial lot located in Great Falls, in the State of Montana, 
U.S.A. This investment will allow the Corporation to move closer to the 
Western Canadian market and to take part in U.S. public infrastructure 
projects. What's more, the size of the lot will also allow ADF to set up, 
adjacent to the new facility, a large structural steel fabrication and 
pre-assembly yard that will provide ADF Group with an important competitive 
edge to rapidly and effectively serve new sectors and fast-growing markets. 
The Corporation expect that the new plant will be operational during the third 
quarter of fiscal 2014. 
ADF Group's order backlog totalled $34 million on October 31, 2012. The 
schedule of contracts in hand is expected to continue through the third 
quarter of the 2014 fiscal year. 
"While building as of now the Corporation's future for the longer term, our 
immediate objectives remain to fill our order backlog and to pursue our 
development efforts in Western Canada and the U.S.A. Until our investment in 
the United States yields returns, we will continue to face challenging market 
conditions. We are confident that our strategy and management practices will 
ensure that ADF Group remains a sustainable value for our shareholders: a 
profitable, financially sound and well-positioned company in view of the next 
economic recovery" added Mr. Jean Paschini, Chairman of the Board and Chief 
Executive Officer. 
About ADF Group Inc. 
ADF Group Inc. is a North American leader in the design and engineering of 
connections, fabrication and installation of complex steel structures, heavy 
steel built-ups, as well as in miscellaneous and architectural metals for the 
non residential construction industry. ADF Group Inc. is one of the few 
players in the industry capable of handling highly technically complex mega 
projects on fast-track schedules in the commercial, institutional, industrial 
and public sectors. 
Forward-Looking Information 
This press release contains forward-looking statements reflecting ADF 
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-IFRS Measures 
Earnings before interest, taxes, depreciation and amortization ("EBITDA") is 
not a performance measure recognized by IFRS standards, and is not likely to 
be comparable to similar measures presented by other issuers. Management, as 
well as investors, consider this to be useful information to assist them in 
assessing the Corporation's profitability and ability to generate funds to 
finance its operations. 
All amounts are in Canadian dollars, unless otherwise indicated. 
|                  CONFERENCE CALL WITH INVESTORS                   |
|                                                                   |
|To discuss ADF Group's results for the 3-month and 9-month periods |
|                      ended October 31, 2012,                      |
|          December 6, 2012 at 10:00 a.m. (Montreal time)           |
|                                                                   |
|To participate in the conference call, please dial 1-888-231-8191 a|
|             few minutes before the start of the call.             |
|                                                                   |
|   For those unable to participate, a taped rebroadcast will be    |
|                          available from                           |
|  Thursday, December 6, 2012 at 1:00 p.m. until midnight Thursday  |
|                        December 13, 2012,                         |
|         by dialing 1-855-859-2056; access code 74618607.          |
|                                                                   |
|       The conference call (audio) will also be available at       |
|  |
|          Members of the media are invited to listen in.           |
Jean Paschini, Chairman of the Board of Directors and Chief Executive Officer 
Jean-François Boursier, CPA, CA, Chief Financial Officer 
Telephone: (450) 965-1911 / 1 (800) 263-7560 Web 
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