Business
Foraco International reports Q4 2009 and year end results
Foraco International reports Q4 2009 and year end results
About this update from Foraco International Sa
[{"type":"text","content":"\n\n\n\nMar. 9, 2010 (Canada NewsWire Group) -- TORONTO, and MARSEILLE, France March 9 /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 fourth quarter and year ended December 31, 2009. All figures are reported in Euros ((euro)), unless otherwise indicated.Q4 2009 Highlights:- Total revenue for Q4 2009 ((euro)18.4 million) attained an almostequal level as in Q4 2008 ((euro)18.8 million).- Gross profit including depreciation expense amounted to (euro)4.6million for Q4 2009 compared to (euro)5.4 million for Q4 2008.- Cash flow from operations before changes in working capital rose to(euro)4.6 million in Q4 2009 from (euro)4.5 million in Q4 2008.- Net profit Income (euro)1.6 million (or (euro)0.04 per share) for Q42009 compared to (euro)2.0 million (or (euro)0.03 per share) in Q42008.- On January 20, 2010, the Company announced it has entered into abinding agreement to acquire a 50% controlling interest in LLCEastern Drilling Company (\"EDC\"), a Russian company. The Companyexpects EDC to generate approximately 10 million USD revenue in 2010through EDC's existing customer contracts.Fiscal year 2009 Highlights:Revenue in FY 2009 totaled (euro)86.1 million almost equaling revenue of FY 2008 ((euro) 86.6 million), that was a record high year for the Company.- Gross profit including depreciation expense remained stable in FY2009 at (euro)25.6 million compared to (euro)26.0 million in FY 2008.- Cash flow from operations before changes in working capital increasedto (euro)24.1 million in FY 2009 from (euro)21.8 million in FY 2008.- Net profit totaled (euro)10.0 million, or (euro)0.17 per share in FY2009 compared to (euro)10.4 million or (euro)0.18 per share in FY2008.- Cash and cash equivalents net of borrowings remained constant at yearend 2009 at (euro)9.4 million compared to (euro)9.3 million at yearend 2008. During the same period the Company completed theacquisition and fully consolidated the Australian company, Mosslake.- The Board of Directors held on March 8, 2010 has agreed to propose tothe next shareholders Meeting a 0,028 (euro) per share dividend.\"We are pleased to report that we succeeded to maintain a similar level of revenue and profitability during 2009 compared to 2008, confirming th...