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PRESS RELEASE HIGHLIGHTS ADF GROUP INC . ANNOUNCES THE RESULTS FOR THE THREE - MONTH AND NINE - MONTH PERIODS ENDED OCTOBER 31 , 2021 ADF Group Inc. ( All amounts are in Canadian dollars , unless otherwise indicated . ) Revenues of $ 110.2 million and $ 233.7 million recorded in the three ( 3 ) month and nine ( 9 ) month periods ended October 31 , 2021 , respectively , representing significant increases compared with the corresponding periods a year earlier . Order backlog of $ 310.3 million as at October 31 , 2021 . Net income of $ 8.7 million , for the nine - month period ended October 31 , 2021 , up 82 % from the same period a year earlier . Limited impact of COVID - 19 on ADF's operations during the nine - month period ended October 31 , 2021 . Terrebonne , Quebec , December 8 , 2021 ADF GROUP INC . ( " ADF " or the " Corporation " ) ( Ticker symbol : TSX / DRX ) , recorded revenues of $ 110.2 million during the third quarter ended October 31 , 2021 , compared with $ 47.2 million for the same period a year earlier . After the first nine months of the fiscal year , revenues totaled $ 233.7 million , which is $ 98.3 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 15.9 % for the 3 - month period ended October 31 , 2020 , to 5.6 % for the same period ended October 31 , 2021. Gross margin , as a percentage of revenues , went from 14.6 % , during the nine- month period ended October 31 , 2020 , to 8.4 % for the same period ended October 31 , 2021. As indicated in the press release of the previous quarter , these variations are mainly explained by the pressure on margins brought by the start of fabrication of a number of projects signed at lower prices . For the quarter ended October 31 , 2021 , ADF recorded a net income of $ 2.8 million ( $ 0.09 per share , basic and diluted ) compared with a net income of $ 2.6 million ( $ 0.08 per share , basic and diluted ) a year earlier . At the close of the nine - month period , that is October 31 , 2021 , net income totaled $ 8.7 million ( $ 0.27 per share , basic and diluted ) compared to net income of $ 4.8 million ( $ 0.15 per share , basic and diluted ) for the same period one year earlier . The Corporation's backlog stood at $ 310.3 million as at October 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 October 31 , 2021 , the Corporation's working capital stood at $ 33.3 million . Operating activities generated $ 16.0 million in cash during the first nine months ended October 31 , 2021. The Corporation remains in a good position to continue its current operations and carry out its development projects . Financial Highlights Periods ended October 31 , 3 Months 9 Months 2021 2020 2021 2020 ( In thousands of dollars , and dollars per share ) $ $ $ $ Revenues 110,189 47,158 233,747 135,451 Earnings before interest , taxes , depreciation and amortization ( EBITDA ) Net income 4,698 5,020 13,884 12,564 2,788 2,579 8,681 4,759 -Per share ( basic and diluted ) 0.09 0.08 0.27 0.15 Cash flows from operating activities 5,659 6,193 16,035 27,815 ( In thousands ) Number Number Average number of outstanding shares ( basic and diluted ) 32,635 32,635 Number 32,635 Number 32,635 Page 1 of 3