BOUCHERVILLE, QC, July 14, 2016 /CNW Telbec/ - Canam Group Inc. (TSX: CAM) is announcing today that an in-depth assessment will lead to the recording of an after-tax reserve of $32M in the second quarter of 2016 to take into account the revised cost estimates for a significant project. The Corporation believes this is a one-time event.
The above amount represents the after-tax impact of additional costs not yet approved by the client. The Corporation's immediate objective is to complete the work on schedule and safely; it will also collaborate with the client to resolve these cost issues.
Canam Group will announce its second quarter results on August 4, 2016, and will hold a conference call at 9 a.m. to discuss them. This conference will be accompanied by a presentation that will be posted online in the "Investors" section of its website (www.canamgroupinc.com) about an hour before the conference.
About Canam Group Inc.
Canam Group specializes in designing integrated solutions and fabricating customized products for the North American construction industry. Each year, Canam Group takes part in an average of 10,000 building, heavy steel and bridge projects, which can also include the supply of preconstruction and project management services. The Corporation operates 23 plants across North America and employs more than 4,300 people in Canada, the United States, Romania and India.
SOURCE Canam Group Inc.
For further information: Media: François Bégin, Vice President, Communications, Canam Group Inc., 418-228-8031 / 418-225-1355 (cell.), [email protected]; Investors: René Guizzetti, Vice President and Chief Financial Officer, Canam Group Inc., 450-641-4000, [email protected]