Canam Manac Group Sales Reach $820,441,000 in 1997.MONTREAL--(BUSINESS WIRE)--Feb. 19, 1998--Canam Manac Group (ME:CAM.A.) (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :CAM.A.) Canam Manac Group sales Group sales Block sale (of large amounts) of securities to institutional investors. group sales The distribution of a new security issue to institutional clients. reached a record $820,441,000 for the fiscal year ended December 31, 1997 compared to sales of $626,721,000 in 1996, an increase of 31 percent. Sales for the fourth quarter of 1997 were $252,120,000 compared to $184,130,000 for the same 1996 period, an increase of 37 percent. In the fourth quarter of 1997, net income totaled $7,185,000, or $0.19 per share, compared to $7,877,000, or $0.19 per share, for the same 1996 period. Net income for the fiscal year was $14,331,000, or $0.37 per share, compared to $18,078,000, or $0.45 per share, in 1996. Operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. before taxes increased from $20,046,000 to $23,849,000 in 1997, despite lower margins in France as well as in the forestry equipment sector. An increase of $5,206,000 in income taxes, also contributed to lower profitability. Operating cash flow Operating cash flow Earnings before depreciation minus taxes. Measures the cash generated from operations, not counting capital spending or working capital requirements. increased to $61,700,000 compared to $50,000,000 in 1996. Sales of Canam metal construction components 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. were $561,498,000 compared to $423,840,000 in 1996, an increase of 32 percent. This increase was attributable to the strong performance by subsidiaries and divisions in the 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. , Canada and Mexico. The best financial performance was posted by Canam Steel Works in Canada. The American subsidiary, Canam Steel Corporation, posted a $71,949,000 increase in sales. Sales for the Manac division increased to $211,419,000 in 1997 compared to $133,800,000 in 1996. The Steel Plus Network(R) had a good year both in terms of level of activity and recruitment. Its members carried out 668 construction projects totaling 47,745 tonnes compared to 428 projects totaling 23,618 tonnes in 1996, increases of 56 percent and 102 percent respectively. Steel Plus Network(R) ended its fiscal year with a total of 74 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 compared to 50 in 1996. On January 30, 1998, Canam Manac Group completed the redemption before maturity of its 8 1/2 percent convertible subordinate debentures. The holders of debentures totaling $41,852,000 received a cash payment for the nominal value Nominal Value The stated value of an issued security that remains fixed, as opposed to its market value, which fluctuates. Notes: When referring to fixed-income securities, the nominal value is also the face value. plus accrued interest Accrued Interest The interest that has accumulated on a bond since the last interest payment up to but not including the settlement date. There are two methods for calculating accrued interest: 1) 360-day year method, used for corporate and municipal bonds. as at January 30, 1998. Canam Manac Group financed the redemption program through its existing credit facilities credit facilities npl → facilidades fpl de crédito credit facilities npl → facilités fpl de paiement credit facilities . Furthermore, Canam Manac Group recently completed its share buy back program under a normal course issuer bid initiated August 18, 1997. The shares were repurchased at an average price of $4.34 per share. There are currently 37,125,000 shares outstanding. The investment programs of the last few years, for acquisition of new production units and the modernization modernization Transformation of a society from a rural and agrarian condition to a secular, urban, and industrial one. It is closely linked with industrialization. As societies modernize, the individual becomes increasingly important, gradually replacing the family, of several others, should generate anticipated benefits in 1998, both in terms of increased sales and profitability. The metal construction components sector has a backlog of 90,349 tonnes compared to 64,498 tonnes in 1996, an increase of 40 percent. In the 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, backlog is 2,422 units, up 67 percent compared to the previous year. -0-
Consolidated Statement of Income
(in thousands, except per share amounts)
4th quarter 12 months
1997 1996 1997 1996
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Sales $252,120 $184,130 $820,441 $626,721
Gross profit 46,493 36,936 133,308 109,141
Sales and administration
charges 23,543 19,806 71,610 59,113
Amortization of
goodwill 5,478 3,249 20,241 15,133
Financial charges 5,454 3,344 18,628 12,111
Income taxes 5,224 2,394 9,276 4,070
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Net income $7,185 $7,877 $14,331 $18,078
Net income per share
outstanding $0.19 $0.19 $0.37 $0.45
Average number of shares
outstanding 38,966 39,972
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Number of shares outstanding as
at December 31 37,939 39,350
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CONTACT: The Canam Manac Group Inc. Jasmin Gosselin, 514/641-4000 jasmin_gosselin@canammanac.com http://www.canammanac.com |
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