Geodrill reports strong 2011 second quarter and six-month results

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[{"type":"text","content":"\n\n\n\n\n\nTORONTO, Aug. 8, 2011 /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, 2011. All figures are reported in US dollars (US$),\n unless otherwise indicated. Geodrill's financial statements are\n prepared in accordance with IFRS.\n\n\nFinancial Highlights\n\n\nUS$ 000 (except earnings per share)\n\n\nFor the six months ended June 30, 2011\n\n\nFor the six months ended June 30, 2010\n\n\nFor the three months endedJune 30, 2011\n\n\nFor the three months endedJune 30, 2010\n\n\n \n\n\nQ2-11\n\n\nQ2-10\n\n\nQ2-11\n\n\nQ2-10\n\n\nRevenue\n\n\n29,032\n\n\n22,389\n\n\n16,556\n\n\n11,854\n\n\nGross profit\n\n\n17,576\n\n\n9,985\n\n\n8,738\n\n\n5,253\n\n\n      As percentage of revenue\n\n\n61%\n\n\n45%\n\n\n53%\n\n\n44%\n\n\nComprehensive income\n\n\n8,104\n\n\n4,667\n\n\n3,238\n\n\n3,249\n\n\nEarnings per share - basic\n\n\n0.19\n\n\n0.16\n\n\n0.08\n\n\n0.11\n\n\nEBITDA(1)\n(before dissolution of Cote d'Ivore)\n\n\n9,169\n\n\n7,830\n\n\n5,290\n\n\n4,694\n\n\nEBITDA margin\n(before dissolution of Cote d'Ivore)\n\n\n32%\n\n\n35%\n\n\n32%\n\n\n40%\n\n\n(1)     Please see \"Non-IFRS Measures\" below for additional discussion.\n\n\nSecond Quarter 2011 Operational Highlights:\n\n\nRevenue up 40% to $16.6 million;\n\n\nSecured new drill contracts with Pelangio Exploration Inc., Abzu Gold\n Ltd, and PMI Gold Corporation;\n\n\nIncreased the number of drill rigs in operation to 22 with an additional\n 7 rigs in transition or under manufacturing;\n\n\nPurchase orders for additional drill rigs for a total of 27 rigs in\n operation and a total of 38 rigs on order or under manufacturing by the\n end of 2012;\n\n\nStrengthened management team with the addition of Allan McConnon,\n Training and Operations Manager and Jocelyn Gingras, Country Manager\n for Burkino Faso; and\n\n\nCompleted 242,627 meters of drilling, a 92% increase for the quarter as\n compared to Q2 2010.  For the 6 month period ended June 30, 2011 the\n Company completed 429,567 meters which is a 79% increase over the same\n period of the previous year.\n\n\n\"During the second quarter of this year, we continued to benefit from a\n robust exploration mark...

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