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PRESS RELEASE ADF Group Inc. ADF GROUP INC . ANNOUNCES THE RESULTS FOR FISCAL YEAR ENDED JANUARY 31 , 2021 HIGHLIGHTS ― Net results of $ 6.9 million , compared with net loss during the fiscal year ended January 31 , 2020 . The Corporation's order backlog stood at $ 436.2 million as at January 31 , 2021 , up $ 107.5 million from January 31 , 2020 . Revenues of $ 172.6 million , down 4 % from the previous fiscal year . At the date hereof , there is no significant impact from COVID - 19 on the Corporation's operations . Terrebonne , Quebec , April 8 , 2021 ADF GROUP INC . ( " ADF " or the " Corporation " ) ( TSX / DRX ) recorded revenues of $ 172.6 million during the fiscal year ended January 31 , 2021 , compared with $ 179.7 million the previous fiscal year . This decrease in revenues is mainly attributable to the production schedule , as the recently signed projects have not yet reached the fabrication phase . It should be noted that had it not been for the $ 7.7 million write - off recorded in the third quarter of the 2020 fiscal year resulting from a out of court settlement in a commercial dispute in Florida , the 2020 fiscal year revenues would have been $ 187.4 million . Gross margin , as a percentage of revenues , increased from 9.2 % for the fiscal year ended January 31 , 2020 , to 15.2 % for the fiscal year ended January 31 , 2021. This increase , as the percentage of revenues , was largely due to a better overall price on projects completed during the year , and the recognition for COVID - 19 - related grants in the fourth quarter of the fiscal year ended January 31 , 2021 . For the fiscal year ended January 31 , 2021 , the Corporation benefited from grants related to COVID - 19 from the Canadian and US governments . The total amount included in the results , and thus having mainly improved the gross margin , and to a lesser extent the selling and administrative expenses , and therefore the earnings before interest , taxes , depreciation and amortization ( EBITDA ) , totaled $ 6.3 million . This amount does not , however , take into account the direct costs incurred by the Corporation in order to put in place the health and physical distancing measures required by the local government authorities , nor does it take into account the operational efficiency losses due to these same measures . For the fiscal year ended January 31 , 2021 , ADF posted a net income of $ 6.9 million ( $ 0.21 basic and diluted per share ) compared with a net loss of $ 2.1 million ( - $ 0.07 basic and diluted per share ) a year ago . On January 31 , 2021 , the Corporation had $ 38.5 million in working capital , The Corporation remains in a sound position to support its ongoing operations and pursue its development projects . During the fiscal year ended January 31 , 2021 , the Corporation was able to secure new contracts , including certain contractual changes , valued at over $ 280 million , bringing its order backlog to $ 436.2 million on that date , compared with a backlog of $ 328.7 million as at January 31 , 2020. Most contracts will be progressively completed by the end of the fiscal year ending January 31 , 2023 . Financial Highlights Fiscal Years Ended January 31 , ( In thousands of Canadian dollars , and dollars per share ) 2021 $ 2020 Revenues EBITDA Income ( loss ) before income tax expense 172,593 16,341 $ 179,710 5,225 9,019 ( 1,986 ) Net income ( loss ) for the year 6,867 ( 2,132 ) Basic and diluted per share 0.21 ( 0.07 ) Cash flows from ( used in ) operating activities 28,842 ( 894 ) Average number of outstanding shares ( basic and diluted , in thousands ) 32,635 32,635 Page 1 of 8