CHICAGO ADF Group Inc.
logged a third-quarter net loss because of completion of work
at the World Trade Center, an unfavorable production mix and
The Terrebonne, Quebec-based
steel fabrication and installation company posted a net loss of
Canadian $1.16 million ($1.17 million) for the three months
ended Oct. 31, in contrast to net income of $403,000 in the
same period last year, on sales that fell 31.1 percent to
C$7.77 million ($7.79 million) from C$11.21 million.
Results were hurt in part by a
dispute with WTC Tower 1 LLC, which the parties ultimately
resolved out of court (
amm.com, Oct. 23). But ADF said it expects to
recoup "significant liquidities" related to the project by Jan.
ADF said it had received C$8.7
million ($8.78 million) in new contracts for the fabrication
and installation of a new amphitheater in
Trois-Rivières, Quebec. Across the company, order
backlogs totaled C$34 million ($34.31 million) as of Oct. 31,
with contracts in hand expected to run through the third
quarter of 2013.
But ADF chairman and chief
executive officer Jean Paschini warned that the company could
continue to struggle in the near term despite the new business.
"Until our investment in the United States yields returns, we
will continue to face challenging marketing conditions," he
ADF Group has announced plans to build a $24-million
structural steel fabrication complex in Great Falls, Mont., in
spring 2013, setting the steel fabricator up for growth in
western markets (
amm.com, Nov. 5). The new plant is expected to be
operational during the third quarter of 2013, the company