Geodrill announces 2014 second quarter financial results

About this update from Geodrill Limited

[{"type":"text","content":"\n\n\nTORONTO, Aug. 11, 2014 /CNW/ - Geodrill Limited (\"Geodrill\" or the\n \"Company\") (TSX:GEO), a leading West African based drilling company,\n reported its financial results for the three-month and six-month\n periods ended June 30, 2014. All figures are reported in U.S. dollars\n ($), unless otherwise indicated. Geodrill's financial statements are\n prepared in accordance with International Financial Reporting Standards\n (\"IFRS\").\n\n\nFinancial Highlights\n\n\n\n\nUS$ 000's\n(except earnings per share)\n\n\nFor the six\nmonths ended\nJune 30, 2014\n\n\nFor the six\nmonths ended\nJune 30, 2013\n\n\nFor the three \nmonths ended \nJune 30, 2014\n\n\nFor the three \nmonths ended \nJune 30, 2013\n\n\n\n\nRevenue\n\n\n15,124\n\n\n29,622\n\n\n9,679\n\n\n14,590\n\n\n\n\nGross profit\n\n\n1,445\n\n\n14,397\n\n\n1,734\n\n\n8,005\n\n\n\n\nGross profit margin\n\n\n10%\n\n\n49%\n\n\n18%\n\n\n55%\n\n\n\n\n(Loss)/earnings per share - basic\n\n\n(0.11)\n\n\n0.10\n\n\n(0.04)\n\n\n0.07\n\n\n\n\nEBITDA(1)(2)\n\n\n(241)\n\n\n10,698\n\n\n859\n\n\n6,428\n\n\n\n\nEBITDA margin\n\n\n(2%)\n\n\n36%\n\n\n9%\n\n\n44%\n\n\n\n\nMeters drilled\n\n\n163,637\n\n\n321,871\n\n\n111,698\n\n\n145,277\n\n\n\n\n\n\n\n\n\nNotes: \n\n\n\n \n\n(1)     EBITDA = earnings before interest, taxes, depreciation and\n amortization.\n\n\n\n \n\n(2)     Please see \"Non-IFRS Measures\" below for additional discussion.\n\n\n\n\n\n\n\n\"This is the second consecutive quarter we have increased our revenue in\n what continues to be a challenging drilling market. This quarter, we\n also generated a positive gross profit, reversing the trend of the past\n three quarters,\" said Dave Harper, President and CEO of Geodrill Ltd.\n \"We believe our performance this quarter has been the result of an\n overall increase in drilling activity in West Africa and continued\n customer demand for our high performance rigs.\"\n\n\nGeodrill's interim unaudited financial statements and management's\n discussion & analysis (\"MD&A\"), for the three-month and six-month\n periods ended June 30, 2014, are available via Geodrill's website at www.geodrill-gh.com and will be available on SEDAR at www.sedar.com.\n\n\nFollowing the release, management of the Company will host a conference\n call at 10:00 am EDT to discuss the finan...

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