Canam Manac Income and Sales Increase After Nine Months.MONTREAL--(BUSINESS WIRE)--Nov. 7, 1996--CANAM MANAC GROUP (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). ;ME CAM cam, mechanical device cam, mechanical device for converting a rotating motion into a reciprocating, or back-and-forth, motion, or for changing a simple motion into a complex one. .A) The Canam Manac Group posted higher results for the first nine months ended September September: see month. 30, 1996. Net income from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the increased to $10,201,000 or $0.26 per share, compared with $5,921,000, or $0.14 per share, in the corresponding period in 1995. For the third quarter, net income from continuing operations was $7,601,000, or $0.19 per share compared with $7,128,000 or $0.17 per share, in 1995. Sales in the latest quarter increased by 12 percent to $180,455,000, compared with $161,063,000 in 1995. Sales for the first nine months increased by 8.7 percent, to $442,591,000 compared with $407,028,000 in 1995. The higher sales and net income were due to the excellent performance of the Group's subsidiaries and divisions in the steel structure components sector 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 Canada (kăn`ədə), independent nation (2001 pop. 30,007,094), 3,851,787 sq mi (9,976,128 sq km), N North America. Canada occupies all of North America N of the United States (and E of Alaska) except for Greenland and the French islands of , Mexico. Canam's sales of metal construction components were up $74,137,000 or 28.5 percent compared with 1995. The American subsidiary, Canam Steel Corporation, posted the most significant increase with sales of $55,614,000 higher than in 1995, but this increase was partly offset by a decrease of $37,862,000 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. sector by the Manac Division. The higher third quarter profitability was due mostly to the net income increase of 134 percent posted by Canam Steel Corporation in the United States and a higher performance by Canam Steel Works in Canada. However, the Manac division results for the first nine months declined by $7,789,000 compared with the same period last year. The Steel Plus Network continues to expand 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 the recruitment of 44 fabricators as members compared with 17 members in the same period in 1995. Presently, Steel Plus Network has 12 members in Quebec, 8 in Ontario, 6 in the Atlantic provinces Atlantic Provinces, term used since 1949 to designate the Canadian provinces of Newfoundland and Labrador, Nova Scotia, New Brunswick, and Prince Edward Island. and 18 in the United States. In the semitrailer sector, sales decreased 29 percent compared with 1995. However, an increase in demand has been noted and order bookings total more than 1,360 units compared with 1,100 units in June 1996. Sales of forestry and snow removal equipment recorded a small decrease compared with 1995. Order bookings increased by 15 percent to 75,500 tons compared with 65,900 tons in 1995 for the Canam plants in Canada, the United States, Mexico and France. The normal course share buyback Buyback The buying back of outstanding shares (repurchase) by a company in order to reduce the number of shares on the market. Companies will buyback shares either to increase the value of shares still available (reducing supply), or to eliminate any threats by shareholders who may program announced last August has started. As of October 31, The Canam Manac Group had bought a total of 403,900 Class "A" shares at an average price of $3.54 per share. The Canam Manac Group is now present on the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the . Shareholders, investors, customers, suppliers and any other person interested in the company are welcome to visit us at the following address: http://www.canammanac.com. -0-
Consolidated Statement of Income
(in thousands, except amounts per share)
3rd quarter 9 months
1996 1995 1996 1995
Sales $180,455 $161,063 $442,591 $407,208
Gross profit 33,522 31,313 78,189 9,201
Depreciation 4,120 3,292 11,883 9,599
Financial charges3,323 2,064 8,768 11,256
Net income from
continuing
operations 7,601 7,128 10,201 5,921
Net income from
discontinued
operations - -- -- 17,275
Net income 7,601 7,128 10,201 23,196
Net income per Class "A"
share from continuing
operations $0.19 $0.17 $0.26 $0.14
Net income per Class "A" share
$0.19 $0.17 $0.26 $0.55
Average number of Class "A"
shares outstanding
Basic 40,049 42,152
CONTACT: The Canam Manac Group inc. Jasmin Gosselin, 514/641-4000 http://www.canammanac.com |
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