Business
Geodrill reports 2013 first quarter financial results
TORONTO, May 13, 2013 /CNW/ - Geodrill Limited ("Geodrill" or the "Company") (TSX: GEO), a ...
About this update from Geodrill Limited
[{"type":"text","content":"\n\n\n\n\n\nTORONTO, May 13, 2013 /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 months ended March 31,\n 2013. All figures are reported in U.S. dollars ($), unless otherwise\n indicated. Geodrill's financial statements are prepared in accordance\n with IFRS.\n\n\n\n\n\nUS$ 000's\n(except earnings per share)\n\n\nFor the three months ended March 31, 2013\n\n\nFor the three months ended March 31, 2012\n\n\nRevenue\n\n\n15,032\n\n\n21,659\n\n\nGross profit\n\n\n6,391\n\n\n11,523\n\n\nGross profit margin\n\n\n43%\n\n\n53%\n\n\nEarnings per share - basic\n\n\n0.03\n\n\n0.10\n\n\nEBITDA(1)(2)(3)\n\n4,270\n\n\n7,537\n\n\nEBITDA margin\n\n\n28%\n\n\n35%\n\n\nMeters drilled\n\n\n176,494\n\n\n317,741\n\n \n \n\nNotes:\n\n \n \n\n(1)\n\n\nEBITDA = earnings before interest, taxes, depreciation, and amortization\n\n \n \n\n(2)   \n\n\nPlease see \"Non-IFRS Measures\" below for additional discussion\n\n \n \n\n(3)\n\n\nFor the three months ended March 31, 2012, the foreign exchange loss was\n included in the EBITDA calculation which was previously disclosed at\n $7.94 million.\n\n\n\n\n\n\"We improved our revenue, gross profit and EBITDA from the previous two\n quarters that were impacted by a challenging drilling environment in\n the second half of 2012,\" said Dave Harper, President and CEO of\n Geodrill Limited. \"As we continue to see volatility in 2013 and\n uncertainty in the market, we are maintaining a strategy of adaption to\n these factors by increasing efficiency of our rig operations, cutting\n back staffing levels and growth plans. Our focus in this market\n contraction is to capture new business opportunities while mitigating\n risk.\"\n\n\nQ1-2013 Operational Highlights:\n\n\nBegan drilling on a gold project for a new client in Guinea;\n\n\nContinued drilling a manganese project in Burkina Faso for a new client;\n and\n\n\nCompleted a uranium project in Niger for a new client.\n\n\nFinancial ReviewRevenue\nThe Company's revenue sequentially increased by $2.11M in Q1-2013\n compared to Q4-2012. However, on a quarter to quarter basis, the\n Company's revenue decreased 31% to $15.03M, compared to $21.66M in\n Q1-2012. The decrease in revenue in Q1-2013 was r...