Geodrill reports 2013 second quarter and six month financial results

About this update from Geodrill Limited

[{"type":"text","content":"\n\n\nTORONTO, Aug. 12, 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-month and six-month period\n ended June 30, 2013. 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, 2013\n\n\nFor the six\nmonths ended\nJune 30, 2012\n\n\nFor the three \nmonths ended \nJune 30, 2013\n\n\nFor the three \nmonths ended \nJune 30, 2012\n\n\n\n\nRevenue\n\n\n29,622\n\n\n42,520\n\n\n14,590\n\n\n20,860\n\n\n\n\nGross profit\n\n\n14,397\n\n\n21,035\n\n\n8,005\n\n\n9,512\n\n\n\n\nGross profit margin\n\n\n49%\n\n\n49%\n\n\n55%\n\n\n46%\n\n\n\n\nEarnings per share - basic\n\n\n0.10\n\n\n0.17\n\n\n0.07\n\n\n0.07\n\n\n\n\nEBITDA(1)(2)\n\n\n10,698\n\n\n14,263\n\n\n6,428\n\n\n6,619\n\n\n\n\nEBITDA margin\n\n\n36%\n\n\n34%\n\n\n44%\n\n\n32%\n\n\n\n\nMeters drilled\n\n\n321,871\n\n\n605,100\n\n\n145,277\n\n\n287,129\n\n\n\n\n\n\n\n\n\nNotes:\n\n\n\n\n \n\n\n(1)     \n\n\nEBITDA = earnings before interest, taxes, depreciation, and amortization\n\n\n\n\n \n\n\n(2)     \n\n\nPlease see \"Non-IFRS Measures\" below for additional discussion\n\n\n\n\n\n\n\n\"During the quarter, Geodrill continued to adapt to the changing market\n conditions by strengthening our cost cutting efforts and, as a result,\n we delivered a solid performance. With an industry-wide slowdown, we\n will continue to be prudent and disciplined in our capital expenditures\n while maintaining our strategy of employing high performance equipment\n and solid resources to remain competitive,\" said Dave Harper, President\n and CEO of Geodrill Limited.\n\n\nGeodrill's full interim financial statements and management's discussion\n & analysis (\"MD&A\"), for the three-month and six-month period ended\n June 30, 2013, 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 EST to discuss the financial res...

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