I bought some shares last week ($4,35) following year end CANAM report. Canam bought back my convertible subordinate debentures in January 98 for CASH (total redem is around $41 millions CAN). I bought them some year ago.
Someone know the Canam Manac book value?
I like book value because year ago I bought Papier Rolland (RL on MSE) below their book value and I get a 250% return.
Someone know an employee or two of Canam Manac?
That will give us maybe a feeling about how go the business of this compagny. This work also pretty well for me when I bought last year Air Canada at $5,90 CAN and hold on at $12.
Waiting for some more information.
This Canam Manac report is maybe what make the stock moving up. I resume for you: 31% increase in sale last quarter, 61 millions cash flow ($1,6/Share) and backlog increasing.
Bye for now.
Ombre
Canadian Corporate News - Pointcast Network Canada Canam Manac Group Sales Reach $820,441,000 in 1997 17:14 EST Thursday, February 19, 1998
Canadian Corporate News
MONTREAL, QUEBEC--Canam Manac Group sales reached a record $820,441,000 for the fiscal year ended December 31, 1997 compared to sales of $626,721,000 in 1996, an increase of 31 percent. Sales for the fourth quarter of 1997 were $252,120,000 compared to $184,130,000 for the same 1996 period, an increase of 37 percent.
In the fourth quarter of 1997, net income totaled $7,185,000, or $0.19 per share, compared to $7,877,000, or $0.19 per share, for the same 1996 period. Net income for the fiscal year was $14,331,000, or $0.37 per share, compared to $18,078,000, or $0.45 per share, in 1996.
Operating income before taxes increased from $20,046,000 to $23,849,000 in 1997, despite lower margins in France as well as in the forestry equipment sector. An increase of $5,206,000 in income taxes, also contributed to lower profitability. Operating cash flow increased to $61,700,000 compared to $50,000,000 in 1996.
Sales of Canam metal construction components in North America were $561,498,000 compared to $423,840,000 in 1996, an increase of 32 percent. This increase was attributable to the strong performance by subsidiaries and divisions in the United States, Canada and Mexico. The best financial performance was posted by Canam Steel Works in Canada. The American subsidiary, Canam Steel Corporation, posted a $71,949,000 increase in sales. Sales for the Manac division increased to $211,419,000 in 1997 compared to $133,800,000 in 1996.
The Steel Plus Network(R) had a good year both in terms of level of activity and recruitment. Its members carried out 668 construction projects totaling 47,745 tonnes compared to 428 projects totaling 23,618 tonnes in 1996, increases of 56 percent and 102 percent respectively. Steel Plus Network(R) ended its fiscal year with a total of 74 fabricator members compared to 50 in 1996.
On January 30, 1998, Canam Manac Group completed the redemption before maturity of its 8 1/2 percent convertible subordinate debentures. The holders of debentures totaling $41,852,000 received a cash payment for the nominal value plus accrued interest as at January 30, 1998. Canam Manac Group financed the redemption program through its existing credit facilities.
Furthermore, Canam Manac Group recently completed its share buy back program under a normal course issuer bid initiated August 18, 1997. The shares were repurchased at an average price of $4.34 per share. There are currently 37,125,000 shares outstanding.
The investment programs of the last few years, for acquisition of new production units and the modernization of several others, should generate anticipated benefits in 1998, both in terms of increased sales and profitability. The metal construction components sector has a backlog of 90,349 tonnes compared to 64,498 tonnes in 1996, an increase of 40 percent. In the semitrailer market, backlog is 2,422 units, up 67 percent compared to the previous year.
Consolidated Statement of Income
(in thousands, except per share amounts)
4th quarter 12 months
1997 1996 1997 1996
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Sales $252,120 $184,130 $820,441 $626,721
Gross profit 46,493 36,936 133,308 109,141
Sales and administration
charges 23,543 19,806 71,610 59,113
Amortization of
goodwill 5,478 3,249 20,241 15,133
Financial charges 5,454 3,344 18,628 12,111
Income taxes 5,224 2,394 9,276 4,070
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Net income $7,185 $7,877 $14,331 $18,078
Net income per share
outstanding $0.19 $0.19 $0.37 $0.45
Average number of shares
outstanding 38,966 39,972
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Number of shares outstanding as
at December 31 37,939 39,350
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c Canadian Corporate News - 1997 |
