Geodrill Announces 2017 Fourth Quarter and Year End Financial Results

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[{"type":"text","content":"\n\n\n\nGeodrill Announces 2017 Fourth Quarter and Year End Financial Results\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prngen3{\nBORDER-TOP:black 1pt solid; BORDER-RIGHT:black 1pt solid; VERTICAL-ALIGN: TOP; BORDER-BOTTOM:black 1pt solid; TEXT-ALIGN: CENTER; PADDING-LEFT:0.50em; BORDER-LEFT:black 1pt solid; PADDING-RIGHT:0.50em\n}\n.prngen2{\nBORDER-TOP:black 1pt solid; BORDER-RIGHT:black 1pt solid; VERTICAL-ALIGN: TOP; BORDER-BOTTOM:black 1pt solid; TEXT-ALIGN: LEFT; PADDING-LEFT:0.50em; BORDER-LEFT:black 1pt solid; PADDING-RIGHT:0.50em\n}\n.prngen4{\nBORDER-TOP:black 1pt solid; BORDER-RIGHT:black 1pt solid; VERTICAL-ALIGN: TOP; BORDER-BOTTOM:black 1pt solid; TEXT-ALIGN: CENTER; PADDING-LEFT:0.50em; BORDER-LEFT:black 1pt solid; PADDING-RIGHT:0.83em\n}\n.prntbls{\nBORDER-TOP: black 1px solid; BORDER-RIGHT: black 1px solid; BORDER-COLLAPSE: collapse; BORDER-BOTTOM: black 1px solid; BORDER-LEFT: black 1px solid\n}\n.prnml40{\nMARGIN-LEFT:3.33em\n}\n\n\n\n\n\n\n\nCanada NewsWire\nTORONTO, March 5, 2018\n\n\n\nTORONTO, March 5, 2018 /CNW/ - Geodrill Limited (\"Geodrill\" or the \"Company\") (TSX:GEO), a leading West African based drilling company, reported its financial results for the three and twelve month periods ended December 31, 2017. All figures are reported in U.S. dollars ($), unless otherwise indicated. Geodrill's financial statements are prepared in accordance with International Financial Reporting Standards (\"IFRS\").\n\nHighlights for Fiscal 2017:\n\n\nIncreased revenue by 13% from $73.4M to $82.6M;\nGenerated a gross margin of 41%, compared to 40% in the prior year;\nAchieved EBITDA of $15.7M;\nInvested $10.6M into CAPEX;\nSecured and renewed a number of significant multi-rig contracts including Newmont Mining, Newcrest Mining, SEMAFO, Endeavour Mining, Centamin, and West African Resources;\nEnded the year with a cash position of $5.7M; and\nExpanded the Company's rig fleet to end the year with 58 rigs.\n\nFinancial Summary\n\n\n\n\nUS$ 000s\n\n(except earnings per share, meters drilled and percentages)\n\n\nFor the three\n\nmonths ended\n\nDec 31, 2017\n\n\nFor t...

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