The steel supplier to BC Place stadium Canam Group (TSX:CAM), which is involved in a lawsuit over the stadium renovation, reported a $32.5 million loss in its 2011 fourth-quarter results Wednesday.
Quebec-based Canam, which had a $1.1 million profit in 2010, saw fourth-quarter sales rise 17.4% to $286.3 million.
Losses made on BC Place as well as weak non-residential construction in the U.S. were blamed for the 2011 result.
Canam's Structural Heavy Steel Construction division is currently embroiled in a $26.15 million countersuit against France-based cable subcontractor Freyssinet, which sued Canam for $6.5 million.
"The project holdbacks have been released by [B.C. Pavilion Corporation] to PCL, and then some money to us," said Canam president Marc Dutil on a Wednesday conference call.
"The legal proceedings with third parties are ongoing and too preliminary to comment on, but this is a progressing project. They had a Grey Cup football game and everybody was happy, but we still have to finish the paperwork."
Canam was contracted by PCL Constructors Westcoast for $100 million in 2009 and told shareholders last April about cost overruns when it recorded a $34 million first-quarter liability.
Troubles with the installation of cables in fall 2010 delayed the application of roof fabric until June 2011.
Dutil characterized the dispute as "big companies trying to make their points."
"Sometimes it goes quick, sometimes it goes slow," he added. "We walked out of B.C. Place with our head high and our pockets empty. We're just trying to get a little back, [but] it might take a while."
