ADF Group Inc. (TSX:DRX) profit cut almost in half to $3.7 million in fiscal 2011 – Dominion Lending Centres Clearlease Reports
TERREBONNE, Que. – (April 14, 2011) Dominion Lending Centres Clearlease Reports ADF Group Inc. (TSX:DRX) has cited an unfavourable exchange rate as well as increased expenses related to investments in new facilities among reasons for a big drop in net profit in fiscal 2011.
The Quebec-based company, which farbricates and installs steel structures in the non-residential construction industry, reported Thursday that net earnings declined to $3.7 million or 11 cents per diluted share in the year ended Jan. 31.
That compared with earnings of $7 million or 19 cents in the prior year.
Revenue was $55.3 million, down from $65.7 million in fiscal 2010.
“The decline in net earnings is attributable, notably, to a less favourable exchange rate, the increase in certain expenses following the significant investments in the facilities over the past few years and a higher tax rate than in 2010,” the company said in a release.
“It should be noted that despite lower revenues, the gross profit margin as a percentage of revenues was higher than in the previous two years,” it added.
And, despite the decline in profits, the board approved the implementation of a semi-annual dividend of one cent per share, “in recognition of the steadfast confidence of ADF Group’s shareholders over the years and considering the liquidities generated by the corporation.”
The dividend will be paid May 16 to shareholders of record on April 29.
CEO Jean Paschini said the results reflected ADF’s strategy of fostering sustainable growth, “but not at the expense of targeted profitability.”
“During fiscal 2011, we pursued our selective and disciplined approach with respect to our business development, strengthened our positioning in highly specialized and strong value-added market niches, and maintained a rigorous and prudent management of our liquidities, capital structure and business risks,” Paschini said.
ADF shares were up five cents at $1.98 Thursday morning on the Toronto Stock Exchange.
For more information please visit us at: http://www.clearlease.com/Career-Opportunities.html
About Dominion Lending Centres Clearlease
Dominion Lending Centres Clearlease Commercial (DLC Clearlease/Clearlease.com) is a fully diversified Lease Finance Mortgage Banking Brokerage Company specializing in Equipment Leasing, Automobile Leasing, Residential, Commercial Lending/Mortgage Financing. DLC Clearlease possesses the capability to accommodate financing needs ranging from a small second Home Mortgage to a Multi-Million Dollar Commercial Projects. No mortgage is too small or too large for this integrated Company.
Headquartered in Downtown Vancouver, British Columbia. We’re expanding in Q2, 2011 to Calgary and Edmonton, Alberta! In Q3, 2011 we are expanding in Toronto, Ontario! Dominion Lending Centres Clearlease services clients from Coast to Coast. Our Residential Group has a team of Licensed Mortgage Brokers offering our clients the best terms and rates available in the current market. Our Commercial Funding/Mortgage Group is active across Canada Funding Mortgages in cities such as Toronto, Edmonton, Calgary, Vancouver and Victoria.
You may have recently seen a Dominion Lending advertisement on such media outlets as: Global News, CTV News, CBC Television, Rogers Sportsnet or possibly heard the great Don Cherry, a Canadian Sports legend, discuss Dominion Lending Centres.
Contact DLC Clearlease.com:
Dominion Lending Centres Clearlease
HEAD OFFICE, Bentall Two, Suite 900, 555 Burrard Street, Vancouver, BC, V7X 1M8, CANADA.
Mr. A. Pidgeon, Editor in Chief
Tel: (604) 696-1221 ext. 177
eMail: [email protected]
Website: http://www.clearlease.com
News: http://clearlease.com/category/equipment-lease-blog/feed/rss
Twitter: @clearlease
###
TERREBONNE, Que. – (April 14, 2011) Dominion Lending Centres Clearlease Reports ADF Group Inc. (TSX:DRX) has cited an unfavourable exchange rate as well as increased expenses related to investments in new facilities among reasons for a big drop in net profit in fiscal 2011.
The Quebec-based company, which fabricates and installs steel structures in the non-residential construction industry, reported Thursday that net earnings declined to $3.7 million or 11 cents per diluted share in the year ended Jan. 31.
That compared with earnings of $7 million or 19 cents in the prior year.
Revenue was $55.3 million, down from $65.7 million in fiscal 2010.
“The decline in net earnings is attributable, notably, to a less favourable exchange rate, the increase in certain expenses following the significant investments in the facilities over the past few years and a higher tax rate than in 2010,” the company said in a release.
“It should be noted that despite lower revenues, the gross profit margin as a percentage of revenues was higher than in the previous two years,” it added.
And, despite the decline in profits, the board approved the implementation of a semi-annual dividend of one cent per share, “in recognition of the steadfast confidence of ADF Group’s shareholders over the years and considering the liquidities generated by the corporation.”
The dividend will be paid May 16 to shareholders of record on April 29.
CEO Jean Paschini said the results reflected ADF’s strategy of fostering sustainable growth, “but not at the expense of targeted profitability.”
“During fiscal 2011, we pursued our selective and disciplined approach with respect to our business development, strengthened our positioning in highly specialized and strong value-added market niches, and maintained a rigorous and prudent management of our liquidities, capital structure and business risks,” Paschini said.
ADF shares were up five cents at $1.98 Thursday morning on the Toronto Stock Exchange.
For more information please visit us at: http://www.clearlease.com/Career-Opportunities.html
About Dominion Lending Centres Clearlease
Dominion Lending Centres Clearlease Commercial (DLC Clearlease/Clearlease.com) is a fully diversified Lease Finance Mortgage Banking Brokerage Company specializing in Equipment Leasing, Automobile Leasing, Residential, Commercial Lending/Mortgage Financing. DLC Clearlease possesses the capability to accommodate financing needs ranging from a small second Home Mortgage to a Multi-Million Dollar Commercial Projects. No mortgage is too small or too large for this integrated Company.
Headquartered in Downtown Vancouver, British Columbia. We’re expanding in Q2, 2011 to Calgary and Edmonton, Alberta! In Q3, 2011 we are expanding in Toronto, Ontario! Dominion Lending Centres Clearlease services clients from Coast to Coast. Our Residential Group has a team of Licensed Mortgage Brokers offering our clients the best terms and rates available in the current market. Our Commercial Funding/Mortgage Group is active across Canada Funding Mortgages in cities such as Toronto, Edmonton, Calgary, Vancouver and Victoria.
You may have recently seen a Dominion Lending advertisement on such media outlets as: Global News, CTV News, CBC Television, Rogers Sportsnet or possibly heard the great Don Cherry, a Canadian Sports legend, discuss Dominion Lending Centres.
Contact DLC Clearlease.com:
Dominion Lending Centres Clearlease
HEAD OFFICE, Bentall Two, Suite 900, 555 Burrard Street, Vancouver, BC, V7X 1M8, CANADA.
Mr. A. Pidgeon, Editor in Chief
Tel: (604) 696-1221 ext. 177
eMail: [email protected]
Website: http://www.clearlease.com
News: http://clearlease.com/category/equipment-lease-blog/feed/rss
Twitter: @clearlease
###ADF Group Inc. (TSX:DRX) profit cut almost in half to $3.7 million in fiscal 2011 – Dominion Lending Centres Clearlease Reports
TERREBONNE, Que. – (April 14, 2011) Dominion Lending Centres Clearlease Reports ADF Group Inc. (TSX:DRX) has cited an unfavourable exchange rate as well as increased expenses related to investments in new facilities among reasons for a big drop in net profit in fiscal 2011.
The Quebec-based company, which farbricates and installs steel structures in the non-residential construction industry, reported Thursday that net earnings declined to $3.7 million or 11 cents per diluted share in the year ended Jan. 31.
That compared with earnings of $7 million or 19 cents in the prior year.
Revenue was $55.3 million, down from $65.7 million in fiscal 2010.
“The decline in net earnings is attributable, notably, to a less favourable exchange rate, the increase in certain expenses following the significant investments in the facilities over the past few years and a higher tax rate than in 2010,” the company said in a release.
“It should be noted that despite lower revenues, the gross profit margin as a percentage of revenues was higher than in the previous two years,” it added.
And, despite the decline in profits, the board approved the implementation of a semi-annual dividend of one cent per share, “in recognition of the steadfast confidence of ADF Group’s shareholders over the years and considering the liquidities generated by the corporation.”
The dividend will be paid May 16 to shareholders of record on April 29.
CEO Jean Paschini said the results reflected ADF’s strategy of fostering sustainable growth, “but not at the expense of targeted profitability.”
“During fiscal 2011, we pursued our selective and disciplined approach with respect to our business development, strengthened our positioning in highly specialized and strong value-added market niches, and maintained a rigorous and prudent management of our liquidities, capital structure and business risks,” Paschini said.
ADF shares were up five cents at $1.98 Thursday morning on the Toronto Stock Exchange.
For more information please visit us at: http://www.clearlease.com/Career-Opportunities.html
About Dominion Lending Centres Clearlease
Dominion Lending Centres Clearlease Commercial (DLC Clearlease/Clearlease.com) is a fully diversified Lease Finance Mortgage Banking Brokerage Company specializing in Equipment Leasing, Automobile Leasing, Residential, Commercial Lending/Mortgage Financing. DLC Clearlease possesses the capability to accommodate financing needs ranging from a small second Home Mortgage to a Multi-Million Dollar Commercial Projects. No mortgage is too small or too large for this integrated Company.
Headquartered in Downtown Vancouver, British Columbia. We’re expanding in Q2, 2011 to Calgary and Edmonton, Alberta! In Q3, 2011 we are expanding in Toronto, Ontario! Dominion Lending Centres Clearlease services clients from Coast to Coast. Our Residential Group has a team of Licensed Mortgage Brokers offering our clients the best terms and rates available in the current market. Our Commercial Funding/Mortgage Group is active across Canada Funding Mortgages in cities such as Toronto, Edmonton, Calgary, Vancouver and Victoria.
You may have recently seen a Dominion Lending advertisement on such media outlets as: Global News, CTV News, CBC Television, Rogers Sportsnet or possibly heard the great Don Cherry, a Canadian Sports legend, discuss Dominion Lending Centres.
Contact DLC Clearlease.com:
Dominion Lending Centres Clearlease
HEAD OFFICE, Bentall Two, Suite 900, 555 Burrard Street, Vancouver, BC, V7X 1M8, CANADA.
Mr. A. Pidgeon, Editor in Chief
Tel: (604) 696-1221 ext. 177
eMail: [email protected]
Website: http://www.clearlease.com
News: http://clearlease.com/category/equipment-lease-blog/feed/rss
Twitter: @clearlease
###