North American Construction Group Ltd. Files a Minor Correction to Its Quarterly Consolidated Financial Statements
August 01 2018 - 5:22PM
North American Construction Group Ltd. (“NACG” or “the Company”)
(TSX:NOA/NYSE:NOA) today announced that it has filed amended
consolidated financial statements for the three and six months
ended June 30, 2018, to correct a footnote table that summarizes
the effects on the Company's consolidated statements of cash flows
of adopting the new revenue standard.
The correction is included in the Notes to Interim Consolidated
Financial Statements under "Note 3(a(i)) - Revenue from Contracts
with Customers" and resulted in an amendment to the six months
ended June 30, 2018 “As Reported” and “Balances without adoption of
Topic 606” columns.
The following table summarizes the effects of adopting the new
revenue standard on the Company's consolidated statements of cash
flows for the three and six months ended June 30, 2018:
|
Three months ended June 30, 2018 |
|
Six months ended June 30, 2018 |
(in thousands) |
As Reported |
|
Adjustments |
|
Balances without adoption of Topic 606 |
|
As Reported |
|
Adjustments |
|
Balances without adoption of Topic 606 |
Cash
provided by (used in): |
|
|
|
|
|
|
|
|
|
|
|
Operating activities: |
|
|
|
|
|
|
|
|
|
|
|
Net
income |
$ |
33 |
|
|
$ |
243 |
|
|
$ |
276 |
|
|
$ |
11,164 |
|
|
$ |
23 |
|
|
$ |
11,187 |
|
Deferred
income tax expense |
8 |
|
|
91 |
|
|
99 |
|
|
4,135 |
|
|
9 |
|
|
4,144 |
|
Net changes in non-cash working capital (note
10(b)) |
12,130 |
|
|
(334 |
) |
|
11,796 |
|
|
13,733 |
|
|
(32 |
) |
|
13,701 |
|
|
25,789 |
|
|
— |
|
|
25,789 |
|
|
64,825 |
|
|
— |
|
|
64,825 |
|
Decrease in cash |
$ |
(9,269 |
) |
|
$ |
— |
|
|
$ |
(9,269 |
) |
|
$ |
(5,350 |
) |
|
$ |
— |
|
|
$ |
(5,350 |
) |
The amended consolidated financial statements supersede the
consolidated financial statements filed on July 31, 2018.
About the Company
North American Construction Group Ltd.
(www.nacg.ca) is the premier provider of heavy construction and
mining services in Canada. For more than 60 years, NACG has
provided services to large oil, natural gas and resource companies.
The Company maintains one of the largest equipment fleets in the
region.
For further information contact:
David Brunetta, CPA, CMADirector; Investor RelationsNorth
American Construction Group Ltd.(780) 969-5574dbrunetta@nacg.ca
North American Construct... (NYSE:NOA)
Historical Stock Chart
From Jun 2024 to Jul 2024
North American Construct... (NYSE:NOA)
Historical Stock Chart
From Jul 2023 to Jul 2024