Business
Foraco International reports Q3 and nine months results
Foraco International reports Q3 and nine months results
About this update from Foraco International Sa
[{"type":"text","content":"\n\n\n\nNov. 10, 2009 (Canada NewsWire Group) -- TORONTO and MARSEILLE, France, Nov. 10 /CNW/ -- Foraco International SA (the \"Company\" or \"Foraco\"), a leading global provider of diversified drilling services, today reported unaudited financial results for its fiscal 2009 third quarter and nine months ended September 30, 2009. All figures are reported in Euros ((euro)), unless otherwise indicated.Q3 2009 Highlights:- In spite of the current difficult economic environment, total revenueremained steady at (euro)20.2 million compared to (euro)20.5 millionin Q3 2008.- Gross profit (including depreciation as a cost of sales) increased to(euro)6.4 million (31.9% of revenue) from (euro)6.2 million (30% ofrevenue) in Q3 2008.- Net earnings were stable at (euro)2.4 million or (euro)0.04 pershare, compared to (euro)2.4 million or (euro)0.04 per share in Q32008.- Improved financial structure with a positive cash position net ofdebt amounting to (euro)5.3 million as at September 30, 2009, whichrepresents a (euro)5.6 million increase since June 30, 2009.Nine Months Highlights:- Stable total revenue of (euro)67.6 million compared to (euro)67.7million for the same nine months last year, in spite of the difficulteconomic environment persisting for the Company's customers,- The integration of Q2's Mosslake acquisition has caused Asia Pacificrevenue to jump up 50%,- Growth in the Water segment is positive as Foraco aims to betterbalance its customer mix to offset individual industry risk for thefuture,- Year-to-date net earnings were stable at (euro)8.3 million or (euro)0.14 per share, compared to (euro)8.4 million or (euro)0.15 a yearearlier.\"We are pleased to report that we generated a solid level of revenue during the third quarter of 2009, confirming our proven operating performance and the relevance of our strategy in this difficult economic environment,\" said Daniel Simoncini Chairman and Chief Executive Officer of Foraco. \"We are satisfied with the development of our new operations in northwestern Russia and in Australia during the quarter, which has added to our global market presence. We actively work to secure new orders for 2010 projects and remain attentive to new development opportunities.\"\"During the third quarter we continued to improve our operating performance when compared to the same quarter last year. This improvement...