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PRESS RELEASE HIGHLIGHTS ADF GROUP ANNOUNCES THE RESULTS FOR THE THREE - MONTH AND SIX - MONTH PERIODS ENDED JULY 31 , 2021 GDF Group Inc. ( All amounts are in Canadian dollars , unless otherwise indicated . ) Revenues of $ 73.2 million and $ 123.6 million recorded during the 3 - month and 6 - month periods ended July 31 , 2021 , respectively , up compared with the same periods a year ago . Order backlog totalling $ 374.0 million as at July 31 , 2021 , excluding new contracts totalling $ 50.0 million signed since July 31 , 2021 . Limited impact of COVID - 19 on ADF's operations during the first semester ended July 31 , 2021 . Terrebonne , Quebec , September 9 , 2021 ADF GROUP INC . ( " ADF " or the " Corporation " ) ( Ticker symbol : TSX / DRX ) , recorded revenues of $ 73.2 million during the second quarter ended July 31 , 2021 , compared with $ 42.5 million for the same period a year earlier . After the first six months of the fiscal year , revenues totaled $ 123.6 million , which is $ 35.3 million more than the same period a year earlier , in line with the growth of the order backlog in recent quarters . Gross margin , as a percentage of revenues , went from 17.4 % for the 3 - month period ended July 31 , 2020 , to 7.7 % for the same period ended July 31 , 2021. Gross margin , as a percentage of revenues , went from 13.9 % , during the first semester ended July 31 , 2020 , to 10.9 % for the same period ended July 31 , 2021. These decreases are mainly due to the pressure exerted on margins given the fabrication start of some projects that were signed with lower prices . For the quarter ended July 31 , 2021 , ADF recorded a net income of $ 1.5 million ( $ 0.05 per share , basic and diluted ) compared with a net income of $ 2.1 million ( $ 0.06 per share , basic and diluted ) a year earlier . At the close of the first semester , being July 31 , 2021 , net income totaled $ 5.9 million ( $ 0.18 per share , basic and diluted ) compared to net income of $ 2.2 million ( 0.07 $ per share , basic and diluted ) for the same period one year earlier . The Corporation's backlog stood at $ 374.0 million as at July 31 , 2021 , compared with $ 436.2 million as at January 31 , 2021 . The current order backlog will extend until end of the fiscal year ending January 31 , 2023 . As of July 31 , 2021 , the Corporation's working capital stood at $ 33.6 million . Operating activities generated $ 10.4 million in cash during the first six months ended July 31 , 2021. The Corporation remains in a good position to continue its current operations and carry out its development projects . Financial Highlights 3 Months 6 Months Periods ended July 31 , 2021 2020 2021 2020 ( In thousands of dollars , and dollars per share ) $ $ $ $ Revenues 73,171 42,496 123,558 88,293 Earnings before interest , taxes , depreciation and amortization ( EBITDA ) 3,074 4,577 9,186 7,544 Net income 1,498 2,112 5,893 2,180 _ Per share ( basic and diluted ) 0.05 0.06 0.18 0.07 Cash flows ( used in ) from operating activities ( 1,854 ) 9,575 10,376 21,622 ( In thousands ) Number Number Number Number Average number of outstanding shares ( basic and diluted ) 32,635 32,635 32,635 32,635 New Contracts The Corporation announces today the signing of new contracts totalling nearly $ 50.0 million , in Canada and the United States . The largest of these new contracts was won in the transportation infrastructure sector in the Western USA . Fabrication work is scheduled to begin in early 2022 at both ADF's plants located in Terrebonne , Quebec and in Great Falls , Montana , and run until the fall of 2022 , followed by the steel erection work of this new structure at the job site , which is scheduled to extend approximately over a 10 - month period .