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Canam reinstates dividend as Q3 profit surges to 10 million on higher

Canam reinstates dividend as Q3 profit surges to $10 million on higher revenues by Ross Marowits, The Canadian Press Posted Oct 23, 2013 3:52 pm MDT AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to RedditRedditShare to 電子郵件Email MONTREAL – Canam Group is reinstating its quarterly dividend after the fabricator of steel structures for the construction industry saw profits surge to $10 million in the third quarter on a strong boost in revenue.The Quebec-based company earned 24 cents per share for the period ended Sept. 28, compared with 15 cents a year earlier when net income was $6.5 million.Sales increased nearly 26 per cent to $285 million, mainly due to higher light structural steel sales.Canam (TSX:CAM) says improved conditions will allow it to pay a dividend for the first time since 2011 without sacrificing its ability to invest and take advantage of business opportunities. The four cents per share dividend will be paid Jan. 3 to shareholders of record on Dec. 15. It represents a yield of 1.5 per cent.The strong results caused the company’s shares to close at their highest level in more than five years. On the Toronto Stock Exchange, they gained 60 cents, or 5.7 per cent, to $11.10 in Wednesday trading.The company said the higher profit was due to increased revenues and improved profit margins in its three operating segments — buildings, structural steel and bridges.“Both the volume and quality of the orders constitute encouraging signs,” said president and CEO Marc Dutil. “Our backlog reflects the gradual improvement seen in the heavy structural steel market.”Canam’s backlog of orders was $636 million up from $619 million as of June 29, 2013. Its net debt, excluding convertible debentures, was $147.6 million, $31.6 million lower than Dec. 31.Sara O’Brien of RBC Capital Markets said the results beat her estimates and the 19 cents per share consensus of analysts.“We view these results as positive given the significant lift in sales,” she wrote in a report.Canam Group is the largest fabricator of steel components in North America and employs 3,500 people in Canada, the United States, Romania, India and Hong Kong. read more

Magistracy has jurisdiction to hear extradition proceedings High Court Judge rules

….as Lawyers for US fugitive accused of murder to appeal decisionJustice JoAnn Barlow on Friday ruled that the Magistrate’s Court has the authority to proceed in the extradition case of Troy Thomas which is to continue there (Providence Magistrate’s Courts) on June 26.Accused: Troy Thomas (file photo)Thomas, of South Ozone Park, Queens, New York, who is accused of murdering Keith Frank on December 11, 2011, in the US, was earlier in this year arrested in Guyana by ranks of the Guyana Police Force.At the High Court on Friday, attorney for Thomas, Nigel Hughes requested a three weeks stay in the matter at the High Court which would allow him time to appeal the judge’s decision.This was objected to by Solicitor General, Kim Kyte Thomas who stated that their is no merit for the appeal.The stay was denied by Judge Barlow who stated that the time leading up to the continuation date is sufficient enough for Hughes to make his appeal.Thomas’ lawyers ( Nigel Hughes, Darren Wade and Bernard DaSilva) had moved to the High Court in a bid to block his extradition case on the grounds that the Magistrate’s Court had no jurisdiction to hear the case.Attorney-at-Law Wade had disputed that the extradition treaty between the United States of America (USA) and Guyana was never introduced into local law, and therefore it would have no effect, alluding to several cases in the past.Thomas was being hunted by the New York Police Department, and a wanted bulletin was issued for him in connection with the murder of Frank after an altercation outside of a South Richmond Hill party.It was then disclosed by US law enforcement agents that Thomas had fled the country to Canada within hours of his alleged crime.Shortly after, the man reportedly traveled to Guyana before the wanted bulletin which was issued by the US had reached Interpol. Share this:Click to share on Twitter (Opens in new window)Click to share on Facebook (Opens in new window)Related2011 US murder: Magistrate’s Court has no jurisdiction to hear case- Lawyers for the accusedMarch 27, 2018In “Court”Guyanese man wanted for murder in US extraditedApril 24, 2019In “Crime”US fugitive wanted for murder remanded as extradition proceedings to beginMarch 20, 2018In “Court” read more