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ADF Group Q2 profits slump to $29,000; quarterly revenue falls to $10.6M

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Core Tip:TERREBONNE, Quebec – ADF Group Inc. has reported lower year-over-year second-quarter profits as a revenue decli

TERREBONNE, Quebec – ADF Group Inc. has reported lower year-over-year second-quarter profits as a revenue decline that began in the third quarter of 2011 continued.

The Quebec-based fabricator of steel structures and other products says it earned net income of just $29,000 or less than a penny per share in the period as revenue fell to $10.6 million.

That compares with earnings of $800,000 or two cents per share in the year-earlier period when revenue totaled $13.1 million.

“The decrease in revenues and gross margin, which started in the third quarter of the 2012 fiscal year, is for the most part explained by the completion of work related to the World Trade Centre projects in New York and by the different mix of projects currently underway,” the company said in its earnings release.

ADF Group designs, fabricates and installs complex steel structures and heavy steel built-ups as well as architectural metals for the non-residential construction industry.


 
 
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