Geodrill reports 2013 third quarter financial results

About this update from Geodrill Limited

[{"type":"text","content":"\n\n\nTORONTO, Nov. 11, 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 nine-month\n period ended September 30, 2013. All figures are reported in U.S.\n dollars ($), unless otherwise indicated. Geodrill's financial\n statements are prepared in accordance with International Financial\n Reporting Standards (\"IFRS\").\n\n\nFinancial Highlights\n\nUS$ 000's\n(except earnings per share)\n\n\nFor the ninemonths endedSept 30, 2013\n\n\nFor the ninemonths endedSept 30, 2012\n\n\nFor the three months ended Sept 30, 2013\n\n\nFor the three months ended Sept 30, 2012\n\n\nRevenue\n\n\n33,653\n\n\n52,665\n\n\n4,031\n\n\n10,146\n\n\nGross profit\n\n\n13,783\n\n\n20,044\n\n\n(613)\n\n\n(990)\n\n\nGross profit margin\n\n\n41%\n\n\n38%\n\n\n(15%)\n\n\n(10%)\n\n\nEarnings per share - basic\n\n\n0.02\n\n\n0.05\n\n\n(0.08)\n\n\n(0.12)\n\n\nEBITDA(1)(2)\n\n9,122\n\n\n10,275\n\n\n(1,576)\n\n\n(3,988)\n\n\nEBITDA margin\n\n\n27%\n\n\n20%\n\n\n(39%)\n\n\n(39%)\n\n\nMeters drilled\n\n\n351,170\n\n\n689,999\n\n\n33,352\n\n\n84,997\n\n\n\n\n\n\n\n\nNotes: \n\n \n\n(1)     \n\n\nEBITDA = earnings before interest, taxes, depreciation, and amortization\n\n \n\n(2)     \n\n\nPlease see \"Non-IFRS Measures\" below for additional discussion\n\n\n\n\n\n\"Our third quarter financial results were significantly impacted by the\n challenges facing the drilling industry globally coupled by a wet\n season in West Africa.  We continue to actively manage our operations\n to support margins and ensure financial flexibility,\" said Dave Harper,\n President and CEO of Geodrill Limited.  \"With a number of new contracts\n recently secured, we continue to focus on maintaining our core\n capabilities to remain competitive.\"\n\n\nGeodrill's full interim financial statements and management's discussion\n & analysis (\"MD&A\"), for the three-month and nine-month period ended\n September 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 results.  \n\n\nYou can join the call...

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