SAINT-GEORGES, QC, Oct. 29, 2015 /CNW Telbec/ - Canam Group Inc. (TSX: CAM) ("Canam Group" or the "Corporation") today published its financial results for the three-month and nine-month periods ended September 26, 2015.
Highlights
- 31.3% increase in consolidated revenues compared to the third quarter in 2014
- 35.9% increase in Adjusted EBITDA compared to the third quarter in 2014
- Increase in net income of 38.7% in the third quarter and of 87.1% after nine months compared to the same periods in 2014
Periods ended September 26, 2015 and September 27, 2014 |
Three months |
||||||||
(in millions of $, except per share amounts) |
2015 |
2014 |
|||||||
Revenues |
$ |
432.1 |
$ |
329.2 |
|||||
Selling and administrative expenses |
$ |
27.3 |
6.3% |
$ |
22.9 |
6.9% |
|||
Adjusted EBITDA1 |
$ |
33.6 |
7.8% |
$ |
24.7 |
7.5% |
|||
Net income2 |
$ |
14.5 |
3.4% |
$ |
10.5 |
3.2% |
|||
Net earnings per share2 (basic and diluted) |
$ |
0.35 |
$ |
0.25 |
|||||
Nine months |
|||||||||
(in millions of $, except per share amounts) |
2015 |
2014 |
|||||||
Revenues |
$ |
1,113.1 |
$ |
849.2 |
|||||
Selling and administrative expenses |
$ |
77.5 |
7.0% |
$ |
66.9 |
7.9% |
|||
Adjusted EBITDA1 |
$ |
78.2 |
7.0% |
$ |
50.5 |
5.9% |
|||
Net income2 |
$ |
29.0 |
2.6% |
$ |
15.5 |
1.8% |
|||
Net earnings per share2 (basic and diluted) |
$ |
0.69 |
$ |
0.37 |
|||||
1 Refer to the section entitled Non-IFRS measures |
|||||||||
2 Represents net income attributable to shareholders |
Results for the third quarter and first nine months of 2015
Consolidated revenues for the third quarter of 2015 totaled $432.1M, which represents a $102.9M or 31.3% increase, compared to revenues of $329.2M for the same quarter in 2014. Consolidated revenues after the first nine months of fiscal 2015 totaled $1,113.1M, representing a $263.9M or 31.1% increase, compared to revenues of $849.2M for the corresponding period in 2014. These increases are attributable to all of the Corporation's groups of products and services, primarily structural steel and buildings, as well as to the favorable impact of the US dollar's rise against the Canadian dollar since the beginning of 2015.
Selling and administrative expenses totaled $27.3M, or 6.3% of revenues, for the third quarter of 2015 compared to $22.9M, or 6.9% of revenues, in 2014. After the first nine months of fiscal 2015, selling and administrative expenses totaled $77.5M, or 7% of revenues, compared to $66.9M, or 7.9% of revenues, for the corresponding nine-month period in 2014. These variations are attributable to the increase in salary charges in order to maintain sales growth as well as the US dollar's rise against the Canadian dollar.
Adjusted EBITDA in the third quarter of 2015 amounted to $33.6M, or 7.8% of revenues, compared to $24.7M, or 7.5% of revenues, for the same quarter in 2014. After the first nine months of 2015, Adjusted EBITDA totaled $78.2M, or 7% of revenues, compared to $50.5M, or 5.9% of revenues, for the corresponding period in 2014. These increases in Adjusted EBITDA since the beginning of 2015 are mainly attributable to the higher sales volume combined with a rise in the Adjusted gross margins of certain groups of products and services. These items were offset, however, by the compression of gross margins for the bridges' group of products and services and the increase in selling and administrative expenses.
In the third quarter of 2015, net income attributable to shareholders totaled $14.5M, or $0.35 per share, compared to $10.5M, or $0.25 per share, for the corresponding period in 2014. After the first nine months of fiscal 2015, net income attributable to shareholders totaled $29M, or $0.69 per share, compared to $15.5M, or $0.37 per share, for the same nine-month period in 2014.
Performance through execution
"With this fifth consecutive quarterly increase, we are demonstrating our ability to translate the growth in non-residential construction into higher revenues and earnings," explains Marc Dutil, President and Chief Executive Officer of Canam Group. "We plan to maintain this disciplined approach in all our areas of activity, particularly bridges, in order to continue to improve our bottom line."
Order backlog
The order backlog stood at $1,234M as at September 26, 2015, compared to $1,058M as at June 27, 2015 and $1,007M as at December 31, 2014.
Dividend
The Board of Directors approved a dividend of $0.04 per share payable on January 4, 2016 to shareholders of record on December 17, 2015.
Acquisition of assets of Montacier International Inc.
On August 15, 2015, a subsidiary of the Corporation finalized the purchase of assets of Montacier International Inc., a company located in Boisbriand, Quebec, that specializes in erecting steel structures. This transaction is in line with the Corporation's goal to enhance and integrate its product and service offering in the construction industry. The company will henceforth operate under the corporate name St. Lawrence Erectors Inc.
Conversion of unsecured subordinated debentures
As at October 23, 2015, $66M out of $69M of convertible debentures bearing interest at 6.25% and maturing on October 31, 2015 have been converted into 5,503,658 common shares of the Corporation. At any time prior to October 24, 2015, each debenture was convertible at the holder's option into common shares at a conversion price of $12 per common share. The number of common shares outstanding as at October 28, 2015 is 47,551,043 shares. The $3M balance of outstanding debentures will be reimbursed in cash at maturity.
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 on average in 10,000 building, structural steel and bridge projects each year. The Corporation operates 22 plants across North America and employs close to 4,100 people in Canada, the United States, Romania, India and Hong Kong.
Conference call, webcast and presentation
Canam Group will hold a conference call with financial analysts and media representatives on Thursday, October 29, 2015 at 9:00 a.m. EDT. The call can be accessed via webcast at canamgroupinc.com and newswire.ca.
Please note that the conference call will be accompanied by a complementary presentation in PDF format that can be downloaded from the Corporation's website at canamgroupinc.com.
Non-IFRS measure
Earnings before interest, tax, depreciation and amortization (Adjusted EBITDA) is not defined by International Financial Reporting Standards (IFRS) and cannot be formally presented in the consolidated financial statements. Even though Adjusted EBITDA is a non-IFRS measure, it is used by managers, analysts, investors and other financial stakeholders to assess the Corporation's operative performance and management from a financial and operational standpoint. Refer to the section entitled "Non-IFRS measures" of the Corporation's 2014 Annual Report for the definition of this indicator.
Caution regarding forward-looking statements
This press release may contain forward-looking statements, which include, but are not limited to, statements with respect to the Corporation's growth strategy, costs, financial position and financial results, economic and business outlook, prospects and trends of the Corporation's industry segment, expected growth in demand for products and services, the dates of expected or scheduled deliveries, orders and project execution in general, objectives, projects, targets, priorities, business strategy, and the expected impact of legislative and regulatory environment and legal proceedings. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "may", "will", "expect", "intend", "anticipate", "plan", "foresee", "believe", "continue" or "maintain", the negative of these terms, variations of them or similar terminology. By their nature, forward-looking statements require the Corporation to make assumptions and are subject to important known and unknown risks and uncertainties, which may cause actual results in future periods to differ materially from forecasted results. While the Corporation considers its assumptions to be reasonable and appropriate based on information currently available, there is a risk that they may not be accurate. Readers should not place undue reliance on forward-looking statements. Factors that could cause actual results to differ materially from those anticipated in the forward-looking statements include in particular the risks and uncertainties described in the Corporation's 2014 Annual Report in the section entitled "Risks and Uncertainties". The forward-looking statements contained herein are made as of the date hereof and are subject to change thereafter, and the Corporation has no intention and undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities regulations.
Condensed Interim Consolidated |
|||||||||||
Periods ended September 26, 2015 and September 27, 2014 |
|||||||||||
(in thousands of Canadian dollars, except per share amounts) |
Three months |
Nine months |
|||||||||
(unaudited) |
2015 |
2014 |
2015 |
2014 |
|||||||
Revenues |
$ |
432,141 |
$ |
329,249 |
$ |
1,113,058 |
$ |
849,168 |
|||
Cost of sales, excluding depreciation and amortization(1) |
368,770 |
280,528 |
951,695 |
729,752 |
|||||||
Selling and administrative expenses |
27,304 |
22,856 |
77,491 |
66,855 |
|||||||
Profit sharing program |
3,895 |
1,602 |
6,979 |
2,477 |
|||||||
Depreciation of property, plant and equipment |
6,605 |
5,886 |
19,059 |
17,326 |
|||||||
Amortization of intangible assets |
712 |
601 |
2,077 |
1,557 |
|||||||
Other gains — net |
(1,448) |
(607) |
(1,116) |
(717) |
|||||||
Finance costs |
4,048 |
3,828 |
11,834 |
11,017 |
|||||||
Finance revenue |
(164) |
(233) |
(519) |
(751) |
|||||||
Share of loss of a joint venture and associates |
347 |
263 |
1,089 |
584 |
|||||||
Income before income tax |
22,072 |
14,525 |
44,469 |
21,068 |
|||||||
Tax expense |
|||||||||||
Current |
2,950 |
2,973 |
7,203 |
2,384 |
|||||||
Deferred |
4,499 |
1,131 |
8,226 |
3,212 |
|||||||
7,449 |
4,104 |
15,429 |
5,596 |
||||||||
Net income |
$ |
14,623 |
$ |
10,421 |
$ |
29,040 |
$ |
15,472 |
|||
Net income attributable to: |
|||||||||||
Shareholders |
$ |
14,541 |
$ |
10,486 |
$ |
28,974 |
$ |
15,490 |
|||
Non-controlling interests |
82 |
(65) |
66 |
(18) |
|||||||
$ |
14,623 |
$ |
10,421 |
$ |
29,040 |
$ |
15,472 |
||||
Net earnings per share attributable to shareholders |
|||||||||||
Basic |
$ |
0.35 |
$ |
0.25 |
$ |
0.69 |
$ |
0.37 |
|||
Diluted |
$ |
0.35 |
$ |
0.25 |
$ |
0.69 |
$ |
0.37 |
|||
Weighted average number of common shares (in thousands of shares) |
|||||||||||
Basic |
42,023 |
42,025 |
42,002 |
42,050 |
|||||||
Diluted |
42,059 |
42,079 |
42,038 |
42,104 |
|||||||
Number of common shares outstanding (in thousands of shares) |
42,069 |
42,079 |
|||||||||
(1) |
As at September 26, 2015 and September 27, 2014, the cost of sales, including depreciation and amortization, was $374,449 and $285,439 respectively, for the three-month period and $968,062 and $744,341 respectively, for the nine-month period. |
NOTICE
The Corporation's independent auditors have not performed a review of the accompanying condensed interim consolidated financial statements.
Condensed Interim Consolidated |
|||||||||||
Periods ended September 26, 2015 and September 27, 2014 |
|||||||||||
(in thousands of Canadian dollars) |
Three months |
Nine months |
|||||||||
(unaudited) |
2015 |
2014 |
2015 |
2014 |
|||||||
Net income |
$ |
14,623 |
$ |
10,421 |
$ |
29,040 |
$ |
15,472 |
|||
Other comprehensive income: |
|||||||||||
Items that will be reclassified subsequently to profit or loss: |
|||||||||||
Change in unrealized gains on translating foreign operations |
28,620 |
12,344 |
47,922 |
12,479 |
|||||||
Change in unrealized loss on translating debt designated as hedging item of the net investment in foreign operations |
(1,519) |
- - |
(2,784) |
- - |
|||||||
27,101 |
12,344 |
45,138 |
12,479 |
||||||||
Available-for-sale asset: |
|||||||||||
Unrealized gains on available-for-sale financial assets arising during the period |
27 |
- - |
27 |
- - |
|||||||
Reclassified to statements of income |
- - |
- - |
(2) |
- - |
|||||||
27 |
- - |
25 |
- - |
||||||||
Other comprehensive income |
27,128 |
12,344 |
45,163 |
12,479 |
|||||||
Comprehensive income |
$ |
41,751 |
$ |
22,765 |
$ |
74,203 |
$ |
27,951 |
|||
Attributable to: |
|||||||||||
Shareholders |
$ |
41,669 |
$ |
22,835 |
$ |
74,121 |
$ |
27,971 |
|||
Non-controlling interests |
82 |
(70) |
82 |
(20) |
|||||||
$ |
41,751 |
$ |
22,765 |
$ |
74,203 |
$ |
27,951 |
Condensed Interim Consolidated Balance Sheets |
||||
(in thousands of Canadian dollars) (unaudited) |
As at |
As at |
||
Assets |
||||
Current assets |
||||
Cash and cash equivalents |
$ |
9,558 |
$ |
8,261 |
Accounts receivable |
315,998 |
276,691 |
||
Costs and estimated profits in excess of billings |
191,831 |
126,590 |
||
Inventories |
176,334 |
156,990 |
||
Recoverable tax assets |
1,454 |
1,346 |
||
Prepaid expenses and other assets |
4,293 |
5,619 |
||
699,468 |
575,497 |
|||
Non-current assets |
||||
Investments |
5,172 |
4,593 |
||
Interests in a joint venture and associates |
39,819 |
40,919 |
||
Property, plant and equipment |
337,466 |
308,362 |
||
Intangible assets |
11,350 |
10,811 |
||
Goodwill |
54,022 |
45,097 |
||
Deferred tax assets |
3,029 |
10,128 |
||
Long-term receivables and other assets |
5,954 |
7,428 |
||
Total assets |
$ |
1,156,280 |
$ |
1,002,835 |
Liabilities |
||||
Current liabilities |
||||
Accounts payable and accrued liabilities |
$ |
221,206 |
$ |
183,937 |
Billings in excess of costs and estimated profits |
91,176 |
74,366 |
||
Current tax liabilities |
1,086 |
4,943 |
||
Current portion of balance of purchase price of businesses |
2,244 |
- - |
||
Current portion of long-term debt |
22,198 |
17,659 |
||
Convertible debentures |
68,547 |
67,137 |
||
406,457 |
348,042 |
|||
Non-current liabilities |
||||
Debt |
202,223 |
175,585 |
||
Balance of purchase price of businesses |
650 |
- - |
||
Provisions |
8,216 |
7,417 |
||
Deferred tax liabilities |
7,591 |
7,477 |
||
Other liabilities |
4,782 |
7,090 |
||
Total liabilities |
629,919 |
545,611 |
||
Equity |
||||
Share capital |
168,503 |
168,162 |
||
Retained earnings |
276,143 |
252,386 |
||
Other equity items |
81,597 |
36,640 |
||
Total equity attributable to shareholders |
526,243 |
457,188 |
||
Non-controlling interests |
118 |
36 |
||
Total equity |
526,361 |
457,224 |
||
Total equity and liabilities |
$ |
1,156,280 |
$ |
1,002,835 |
Condensed Interim Consolidated |
||||||||||||||||||||||
(in thousands of Canadian dollars) (unaudited) |
Employee |
Exchange |
Exchange |
Available-for- |
Debenture |
Total other |
Share capital |
Retained |
Total share capital attributable to shareholders |
Non- |
Total |
|||||||||||
Balance as at January 1, 2014 |
$ |
2,113 |
$ |
5,005 |
$ |
- - |
$ |
2 |
$ |
5,764 |
$ |
12,884 |
$ |
168,057 |
$ |
230,717 |
$ |
411,658 |
$ |
- - |
$ |
411,658 |
Investment in a subsidiary by a non-controlling interest |
- - |
- - |
- - |
- - |
- - |
- - |
- - |
- - |
- - |
184 |
184 |
|||||||||||
Net income for the period |
- - |
- - |
- - |
- - |
- - |
- - |
- - |
15,490 |
15,490 |
(18) |
15,472 |
|||||||||||
Comprehensive income |
- - |
12,481 |
- - |
- - |
- - |
12,481 |
- - |
- - |
12,481 |
(2) |
12,479 |
|||||||||||
Dividends |
- - |
- - |
- - |
- - |
- - |
- - |
- - |
(4,990) |
(4,990) |
- - |
(4,990) |
|||||||||||
Shares acquired by employees |
(26) |
- - |
- - |
- - |
- - |
(26) |
26 |
- - |
- - |
- - |
- - |
|||||||||||
Issuance of shares upon the conversion of debentures |
- - |
- - |
- - |
- - |
- - |
- - |
73 |
- - |
73 |
- - |
73 |
|||||||||||
Exercise of options upon the conversion of debentures |
- - |
- - |
- - |
- - |
(6) |
(6) |
6 |
- - |
- - |
- - |
- - |
|||||||||||
Amortization of compensation costs related to the profit sharing program - stock ownership component |
127 |
- - |
- - |
- - |
- - |
127 |
- - |
- - |
127 |
- - |
127 |
|||||||||||
Balance as at September 27, 2014 |
$ |
2,214 |
$ |
17,486 |
$ |
- - |
$ |
2 |
$ |
5,758 |
$ |
25,460 |
$ |
168,162 |
$ |
241,217 |
$ |
434,839 |
$ |
164 |
$ |
435,003 |
Balance as at January 1, 2015 |
$ |
2,235 |
$ |
29,451 |
$ |
(806) |
$ |
2 |
$ |
5,758 |
$ |
36,640 |
$ |
168,162 |
$ |
252,386 |
$ |
457,188 |
$ |
36 |
$ |
457,224 |
Net income for the period |
- - |
- - |
- - |
- - |
- - |
- - |
- - |
28,974 |
28,974 |
66 |
29,040 |
|||||||||||
Comprehensive income |
- - |
47,906 |
(2,784) |
25 |
- - |
45,147 |
- - |
- - |
45,147 |
16 |
45,163 |
|||||||||||
Dividends |
- - |
- - |
- - |
- - |
- - |
- - |
- - |
(5,003) |
(5,003) |
- - |
(5,003) |
|||||||||||
Repurchase of shares |
- - |
- - |
- - |
- - |
- - |
- - |
(105) |
- - |
(105) |
- - |
(105) |
|||||||||||
Excess of acquisition cost over carrying amount of acquired common shares |
- - |
- - |
- - |
- - |
- - |
- - |
- - |
(214) |
(214) |
- - |
(214) |
|||||||||||
Shares acquired by employees |
(238) |
- - |
- - |
- - |
- - |
(238) |
238 |
- - |
- - |
- - |
- - |
|||||||||||
Issuance of shares upon the conversion of debentures |
- - |
- - |
- - |
- - |
- - |
- - |
192 |
- - |
192 |
- - |
192 |
|||||||||||
Exercise of options upon the conversion of debentures |
- - |
- - |
- - |
- - |
(16) |
(16) |
16 |
- - |
- - |
- - |
- - |
|||||||||||
Amortization of compensation costs related to the profit sharing program - stock ownership component |
64 |
- - |
- - |
- - |
- - |
64 |
- - |
- - |
64 |
- - |
64 |
|||||||||||
Balance as at September 26, 2015 |
$ |
2,061 |
$ |
77,357 |
$ |
(3,590) |
$ |
27 |
$ |
5,742 |
$ |
81,597 |
$ |
168,503 |
$ |
276,143 |
$ |
526,243 |
$ |
118 |
$ |
526,361 |
Condensed Interim Consolidated |
|||||||||||||||||
Periods ended September 26, 2015 and September 27, 2014 |
|||||||||||||||||
(in thousands of Canadian dollars) |
Three months |
Nine months |
|||||||||||||||
(unaudited) |
2015 |
2014 |
2015 |
2014 |
|||||||||||||
Cash flows from the following activities: |
|||||||||||||||||
Operating activities |
|||||||||||||||||
Net income |
$ |
14,623 |
$ |
10,421 |
$ |
29,040 |
$ |
15,472 |
|||||||||
Adjustments: |
|||||||||||||||||
Amortization of compensation costs related to the profit sharing program – stock ownership component |
21 |
24 |
64 |
127 |
|||||||||||||
Gain on disposal of an investment |
- - |
- - |
(5) |
- - |
|||||||||||||
Loss (gain) on disposal of property, plant and equipment |
(25) |
4 |
(27) |
77 |
|||||||||||||
Depreciation of property, plant and equipment |
6,605 |
5,886 |
19,059 |
17,326 |
|||||||||||||
Amortization of intangible assets |
712 |
601 |
2,077 |
1,557 |
|||||||||||||
Amortization of deferred financing expenses |
108 |
112 |
361 |
300 |
|||||||||||||
Provisions |
- - |
(1) |
- - |
98 |
|||||||||||||
Interest rate swaps |
(29) |
(124) |
(158) |
(221) |
|||||||||||||
Imputed interest |
664 |
614 |
1,975 |
1,695 |
|||||||||||||
Pension expense |
(717) |
(701) |
(2,299) |
(2,035) |
|||||||||||||
Deferred tax expense |
4,499 |
1,131 |
8,226 |
3,212 |
|||||||||||||
Share of loss of a joint venture and associates |
347 |
263 |
1,089 |
584 |
|||||||||||||
26,808 |
18,230 |
59,402 |
38,192 |
||||||||||||||
Net change in non-cash operating working capital balances |
|||||||||||||||||
Increase in accounts receivable |
(33,070) |
(35,971) |
(13,000) |
(42,227) |
|||||||||||||
Increase in costs and estimated profits in excess of billings |
(18,080) |
(10,126) |
(52,265) |
(36,513) |
|||||||||||||
Decrease (increase) in inventories |
1,434 |
(22,741) |
(5,471) |
(49,839) |
|||||||||||||
Decrease (increase) in current tax assets |
(67) |
(195) |
91 |
(2,063) |
|||||||||||||
Decrease (increase) in prepaid expenses and other assets |
2,657 |
(1,321) |
2,196 |
(1,989) |
|||||||||||||
Increase in accounts payable and accrued liabilities |
9,703 |
45,158 |
17,842 |
40,505 |
|||||||||||||
Increase in billings in excess of costs and estimated profits |
6,105 |
15,144 |
8,366 |
24,249 |
|||||||||||||
Increase in interest payable |
1,922 |
1,017 |
1,918 |
1,209 |
|||||||||||||
Decrease in current tax liabilities |
(824) |
(45) |
(3,928) |
(7,637) |
|||||||||||||
(30,220) |
(9,080) |
(44,251) |
(74,305) |
||||||||||||||
Cash flows from operating activities |
(3,412) |
9,150 |
15,151 |
(36,113) |
|||||||||||||
Financing activities |
|||||||||||||||||
Repurchase of shares |
- - |
- - |
(319) |
- - |
|||||||||||||
Dividends |
(1,671) |
(1,669) |
(5,010) |
(4,991) |
|||||||||||||
Increase in debt and bank loans |
32,587 |
47,305 |
61,636 |
115,233 |
|||||||||||||
Repayment of debt and bank loans |
(10,431) |
(45,429) |
(45,820) |
(51,854) |
|||||||||||||
Issue expenses related to long-term debt |
(37) |
(1,164) |
(141) |
(1,164) |
|||||||||||||
Increase in other liabilities |
11 |
8 |
31 |
24 |
|||||||||||||
Cash flows from financing activities |
20,459 |
(949) |
10,377 |
57,248 |
|||||||||||||
Investing activities |
|||||||||||||||||
Proceeds from sale of property, plant and equipment |
54 |
5 |
471 |
124 |
|||||||||||||
Additions to property, plant and equipment |
(6,927) |
(4,642) |
(18,673) |
(15,588) |
|||||||||||||
Additions to intangible assets |
(320) |
(417) |
(963) |
(1,546) |
|||||||||||||
Acquisition of interests in an associate |
- - |
- - |
(150) |
(1,000) |
|||||||||||||
Proceeds from disposal of an investment |
47 |
- - |
48 |
- - |
|||||||||||||
Acquisition of an investment |
(449) |
- - |
(449) |
- - |
|||||||||||||
Distributions received |
- - |
- - |
- - |
156 |
|||||||||||||
Decrease in receivables and other assets |
32 |
855 |
151 |
1,037 |
|||||||||||||
Increase in long-term receivables |
(244) |
(10) |
(244) |
(10) |
|||||||||||||
Acquisition of business assets, net of cash and cash equivalents |
(6,191) |
- - |
(6,191) |
(1,136) |
|||||||||||||
Cash flows from investing activities |
(13,998) |
(4,209) |
(26,000) |
(17,963) |
|||||||||||||
Effects of changes in foreign exchange rate on cash and cash equivalents |
1,239 |
1,805 |
1,769 |
433 |
|||||||||||||
Net change in cash and cash equivalents |
4,288 |
5,797 |
1,297 |
3,605 |
|||||||||||||
Cash and cash equivalents – Beginning of period |
5,270 |
2,498 |
8,261 |
4,690 |
|||||||||||||
Cash and cash equivalents – End of period |
$ |
9,558 |
$ |
8,295 |
$ |
9,558 |
$ |
8,295 |
|||||||||
Supplementary information |
|||||||||||||||||
Interest paid |
$ |
1,339 |
$ |
1,593 |
$ |
5,981 |
$ |
6,846 |
|||||||||
Income taxes paid, net |
$ |
3,762 |
$ |
3,264 |
$ |
10,856 |
$ |
12,202 |
SOURCE Canam Group Inc.

Media: François Bégin, Vice President, Communications, Canam Group Inc., 418-228-8031/ 418-225-1355 (mobile phone), [email protected]; Investors: René Guizzetti, Vice President and Chief Financial Officer, Canam Group Inc., 450-641-4000, [email protected]
Share this article