Foraco International Reports Q3 2013

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[{"type":"text","content":"\n\n\nReturn to profitability \n\n\nImproved financial indicators quarter over quarter\n\n\nTORONTO AND MARSEILLE, FR, Nov. 5, 2013 /CNW/ - Foraco International SA\n (TSX:FAR) (the \"Company\" or \"Foraco\"), a leading global provider of\n mineral drilling services, today reported unaudited financial results\n for its third quarter 2013. All figures are reported in US Dollars\n (US$), unless otherwise indicated.\n\n\nThree months Q3 2013 Highlights \n\n\nRevenue \n\n\n\nQ3 2013 revenue amounted to US$ 66.2 million compared to US$ 103.2\n million in Q3 2012, a decrease of 36%.  Excluding the impact of the JND\n acquisition, revenue decreased by 51%.\n\n\n\nProfitability\n\n\n\nQ3 2013 gross profit including depreciation within cost of sales was US$\n 9.9 million (15% of revenue) compared to US$ 20.6 million in Q3 2012\n (20% of revenue).\n\n\nThe Company has adapted its structure to the contraction of the market\n with significant reduction of operating and SG&A costs. The financial\n indicators have improved quarter over quarter:\n\n\n\n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n\n\nin millions of US$ - unaudited\n\n\n \n\n\nQ3 2013\n\n\n \n\n\nQ2 2013\n\n\n \n\n\nQ1 2013\n\n\n\n\nOperations\n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n\n\n \n\n\nRevenue\n\n\n \n\n\n66.2\n\n\n \n\n\n74.6\n\n\n \n\n\n59.8\n\n\n\n\n \n\n\nCost of sales\n\n\n \n\n\n(56.3)\n\n\n \n\n\n(75.5)\n\n\n \n\n\n(68.5)\n\n\n\n\n \n\n\nGross profit\n\n\n \n\n\n9.9 \n\n\n \n\n\n(0.9)\n\n\n \n\n\n(8.7)\n\n\n\n\n \n\n\nGross profit after depreciation as a % of revenue \n\n\n \n\n\n15%\n\n\n \n\n\n(1%)\n\n\n \n\n\n(15%)\n\n\n\n\n \n\n\nGross profit before depreciation as a % of revenue\n\n\n \n\n\n30%\n\n\n \n\n\n13%\n\n\n \n\n\n3%\n\n\n\n\n \n\n\nOne-off costs in cost of sales\n\n\n \n\n\n(1.8)\n\n\n \n\n\n(7.0)\n\n\n \n\n\n(9.9)\n\n\n\n\n \n\n\nGross profit before depreciation and one-off costs\n\n\n \n\n\n21.6\n\n\n \n\n\n16.7\n\n\n \n\n\n11.7\n\n\n\n\n \n\n\nGross profit before depreciation and one-off costs as a % of revenue\n\n\n \n\n\n33%\n\n\n \n\n\n22%\n\n\n \n\n\n20%\n\n\n\n\nSG&A\n\n\n \...

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