Canam Manac Group Sales Reach $568,321,000 After Nine Months.MONTREAL--(BUSINESS WIRE)--Nov. 5, 1997--(ME:CAM.A) (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :CAM.A) Sales for the Canam Manac Group Inc. increased by 33 percent for the quarter ended September 30, 1997, to $240,055,000 compared to $180,455,000 in 1996. Since the start of 1997, sales have reached $568,321,000 compared to $442,591,000 in 1996, an increase of 28 percent. Net income for the third quarter is $5,129,000 or $0.13 per share, compared to $7,601,000 or $0.19 per share for the same 1996 period. For the first nine months, net income is $7,146,000 or $0.18 per share, compared to $10,201,000 or $0.26 per share in 1996. The decrease in net income is attributable to several factors, mainly: lower margins in the Manac division due to strong competition in the North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. semitrailer sem·i·trail·er n. A trailer having a set or several sets of wheels at the rear only, with the forward portion being supported by the truck tractor or towing vehicle. market; direct and non-recurring costs associated with expansion projects presently underway at the Calgary (AB), Sunnyside (WA), Columbus (OH) and Boucherville (QC) plants; disappointing results from Canam France in the boiler boiler, device for generating steam. It consists of two principal parts: the furnace, which provides heat, usually by burning a fuel, and the boiler proper, a device in which the heat changes water into steam. sector due to a decrease in sales of approximately 19 percent compared to the same period in 1996; higher financial charges due to the addition of $52,311,000 of new fixed assets fixed assets npl → activo sg fijo fixed assets npl → immobilisations fpl fixed assets fix npl → expenditures in 1997; and a $2,425,000 increase in United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. income taxes. Higher sales are mainly attributable to the Manac division, whose sales increased by $54,364,000. In metal construction components, Canam Mexico sales increased by 78 percent, while Canam Steel Works and Canam Steel Corporation recorded a combined 19 percent increase. As well, Canam Mexico and Canam Steel Works showed increased profitability in 1997. Steel Plus Network continues to grow in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. with 73 steel fabricators as members from 44 in the same 1996 period, an increase of 66 percent. Steel Plus Network currently has 32 fabricator fab·ri·cate tr.v. fab·ri·cat·ed, fab·ri·cat·ing, fab·ri·cates 1. To make; create. 2. To construct by combining or assembling diverse, typically standardized parts: members in Canada and 41 in the U.S., as well as 49 supplier members. The backlog for Canam plants in Canada, the U.S., Mexico and France totals 110,300 tonnes compared to 75,500 tonnes in 1996, an increase of 46 percent. Among the main contracts obtained recently are a $4,000,000 project with Bridgestone/Firestone in South Carolina South Carolina, state of the SE United States. It is bordered by North Carolina (N), the Atlantic Ocean (SE), and Georgia (SW). Facts and Figures Area, 31,055 sq mi (80,432 sq km). Pop. (2000) 4,012,012, a 15. , a more than $1,600,000 project for construction of the Tulsa Tech Center in Tulsa, Oklahoma Tulsa is the second-largest city in the state of Oklahoma and 45th-largest in the United States. With an estimated population of 382,872 in 2006,[1] it is the principal municipality of the Tulsa Metropolitan Statistical Area, a region of 897,752 residents projected to and an approximately $1,500,000 project for a distribution centre for Safeway in Maryland. In the semitrailer sector, Manac has an order backlog of 2,570 units compared to 1,161 in 1996, an increase of 121 percent. Under the normal course issuer bid announced last August, the Canam Manac Group had repurchased a total of 654,900 class "A" shares at an average price of $4.98 per share as of October 31. Mr. Marcel Dutil Marcel Dutil (born 1942 in St-Georges-de-Beauce, Canada) is a Canadian businessman. In 1963, he began working at Canam Steel Works, a company founded by his father Roger Dutil in 1960. In 1973, he became CEO of his father company know known as the Canam Manac Group. , Chairman of the Board and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of The Canam Manac Group said: "We have accelerated the implementation of our strategic plan during the past year through the acquisition of new plants and the expansion of some of our fabricating facilities. Even this resulted in additional expenses, it will allow us to better serve the North American market and increase the profitability of the company next year."
Consolidated Statement of Income
(in thousands, except amounts per share)
3rd quarter 9 months
_________________________________________________________________
1997 1996 1997 1996
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Sales $240,055 $180,455 $568,321 $442,591
Gross profit 36,900 33,521 86,815 78,188
Sales and administration
charges 18,597 16,507 48,069 45,291
Depreciation 5,391 4,120 14,763 11,883
Financial charges 5,682 3,323 13,172 8,768
Income taxes 2,490 1,804 4,052 1,674
Net income 5,129 7,601 7,146 10,201
Net income per share
outstanding $0.13 $0.19 $0.18 $0.26
Average number of shares
outstanding 39,155 40,049
Average number of shares
outstanding as at
September 30 39,155 40,049
CONTACT: The Canam Manac Group Inc. Jasmin Gosselin, 514/641-4000 http://www.canammanac.com |
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