HIGHLIGHTS Revenues of $331.0 million, up by $80.1 million or 32% from the previous fiscal year. Net income of $37.6 million, up by 152% from the fiscal year ended January 31, 2023. Cash flow from operations of $77.9 million for the fiscal year ended January 31, 2024. The Corporation's order backlog (1) reached $510.9 million as at January 31, 2024. TERREBONNE, QC, April 11, 2024 /CNW/ -  ADF GROUP INC. ("ADF" or the "Corporation") (TSX: DRX) recorded revenues of $331.0 million during the fiscal year ended January 31, 2024, compared with $250.9 million the previous fiscal year.  Gross margin, as a percentage of revenues (1), went from 14.2% for the fiscal year ended January 31, 2023, to 22.0% for the fiscal year ended January 31, 2024. This increase as a percentage of revenues is explained by a higher fabrication volume, generating better absorption of fixed costs, and by the improvement in internal efficiency generated by investments made in recent years in robotization and increased automation of fabrication processes at ADF's plant located in Terrebonne, Quebec. Earning before interest, taxes, depreciation, and amortization (adjusted EBITDA) (2) for the fiscal year ended January 31, 2024, totalled $55.9 million, which is $29.8 million or 114% higher than at the same date a year earlier. For the fiscal year ended January 31, 2024, ADF posted net income of $37.6 million ($1.15 per share basic and diluted) compared with net income of $14.9 million ($0.46 per share, basic and diluted) a year earlier. As at January 31, 2024, the Corporation had a working capital (1) of $110.1 million, 68% more than at the same date a year ago. In addition, the Corporation generated cash flow from operating activities totalling $77.9 million during the fiscal year ended January 31, 2024. As at January 31, 2024, the Corporation's order backlog (1) stood at $510.9 million, compared with $376.5 million as at January 31, 2023. The majority of projects in hand will be completed progressively by the second semester of the fiscal year ending January 31, 2026. Financial Highlights Fiscal Years Ended January 31, 2024 2023 (In thousands of Canadian dollars, and dollars per share) $ $ Revenues 331,023 250,890 Adjusted EBITDA (2) 55,939 26,119 Income before income tax expense 46,406 16,854 Net income for the year 37,622 14,935 —    Basic and diluted per share 1.15 0.46 Cash flows from (used in) operating activities 77,860 (2,612) (In thousands) Number Number Average number of outstanding shares (basic and diluted) 32,640 32,640 Outlook "These results reflect ADF's efforts and strategies over the past few years, from the construction of our state-of-the-art fabrication plant in Great Falls, Montana nearly 10 years ago, to our investment in robotization and increased automation of our fabrication process at our Terrebonne plant, in Québec," said Jean Paschini, Chairman of the Board of Directors and Chief Executive Officer. Mr. Paschini concluded, "during this period, ADF has invested over $110 million to strengthen its position as one of North America's leading fabricators of all types of steel structures and heavy steel components. Today, we are reaping the fruits of this work and the sustained efforts of all ADF employees." ________________________________ 1. The order backlog, gross margin as a percentage of revenues and working capital are additional financial measures. Refer to the "Non-GAAP and Other Financial Measures" section herein for the definition of these indicators. 2. Adjusted EBITDA is a non-GAAP financial measure.  Refer to the "Non-GAAP Financial Measures and Other Financial Measures" section of this press release for the definition of this indicator. Dividend On April 10, 2024, ADF Group announced the payment of a semi-annual dividend of $0.01 per subordinate voting share and per multiple voting shares, which will be paid on May 15, 2024, to Shareholders of Record as at April 26, 2024. Conference Call with Investors A conference call with investors is scheduled for Thursday, April 11, 2024, at 10 a.m. (Montreal time) to discuss the results of fiscal year ended January 31, 2024. To join the conference call without operator assistance, you can register with your phone number on https://emportal.ink/4bZ6lFj to receive an instant automatic reminder. You can also join the conference call with operator assistance by dialing 1-888-390-0620 a few minutes prior to the conference call scheduled start time. A replay of this conference call will be available from 1:00 p.m. on April 11, 2024, to April 18, 2024, by dialing 1-888-259-6562, followed by access code 855225 #. The conference call (audio) will also be available at the www.adfgroup.com. Members of the media are invited to join in listening mode. ____________________________________________________________________________________________ ANNUAL GENERAL MEETING OF SHAREHOLDERS FOR THE FISCAL YEAR ENDED JANUARY 31, 2024 ADF Group Inc.'s Annual Meeting of Shareholders will be held on: Date:     Tuesday, June 11, 2024 Time: 11 a.m. Location: Sheraton Laval Hotel 2440, Autoroute des Laurentides, Laval, Quebec, Canada Results for the first quarter ended April 30, 2024, will also be released at the Annual Meeting of Shareholders. ___________________________________________________________________________________________ About ADF Group Inc. | ADF Group Inc. is a North American leader in the design and engineering of connections, fabrication, including the application of industrial coatings, and installation of complex steel structures, heavy steel built-ups, as well as in miscellaneous and architectural metals for the non-residential infrastructure sector. ADF Group Inc. is one of the few players in the industry capable of handling highly technically complex mega projects on fast-track schedules in the commercial, institutional, industrial and public sectors. The Corporation operates two fabrication plants and two paint shops, in Canada and in the United States, and a Construction Division in the United States, which specializes in the installation of steel structures and other related products. Forward-Looking Information | This press release contains forward-looking statements reflecting ADF's objectives and expectations. These statements are identified by the use of verbs such as "expect" as well as by the use of future or conditional tenses. By their very nature these types of statements involve risks and uncertainty. Consequently, reality may differ from ADF's expectations. Non-GAAP Financial Measures and Other Financial Measures | Are measures derived primarily from the consolidated financial statements but are not a standardized financial measure under the financial reporting framework used to prepare the Corporation's financial statements. Therefore, readers should be careful not to confuse or substitute them with performance measures prepared in accordance with GAAP. In addition, readers should avoid comparing these non-GAAP financial measures to similarly titled measures provided or used by other issuers. The definition of these indicators and their reconciliation with comparable International Financial Reporting Standards measures issued by the International Accounting Standards Board ("IFRS Accounting Standards") is as follows: Adjusted EBITDA Adjusted EBITDA shows the extent to which the Corporation generates profits from operations, without considering the following items: Net financial expenses; Income tax expense ; Foreign exchange losses, and Depreciation and amortization of property, plant and equipment, intangible assets, and right-of-use assets. Net income is reconciled with adjusted EBITDA in the table below: Fiscal Years Ended January 31, 2024 2023 (In thousands of Canadian dollars) $ $ Net income 37,622 14,935 Income tax expense 8,784 1,919 Net financial expenses 2,573 1,999 Amortization 5,800 5,323 Foreign exchange loss 1,160 1,943 Adjusted EBITDA 55,939 26,119 Gross Margin as a Percentage of Revenues Gross margin as a percentage of revenue indicator is used by the Corporation to assess the level of profitability for a given period based on the project mix for that same period. This indicator is subject to fluctuations in project prices and also in the operational efficiency of the Corporation. The indicator of gross margin as a percentage of revenues results from dividing gross margin by revenues. Order Backlog The order backlog is a measure used by the Corporation to assess future revenue levels. The order backlog includes firm orders obtained by the Corporation, either through a firm contract or a formal notice to proceed confirmed by the client. The order backlog disclosed by the Corporation therefore includes the portion of confirmed contracts that have not been put into production. Working Capital The working capital indicator is used by the Corporation to assess whether current assets are sufficient to meet current liabilities. It is therefore equal to current assets, less current liabilities. All amounts are in Canadian dollars unless otherwise specified. CONSOLIDATED STATEMENTS OF FINANCIAL POSITION As at January 31,