GEODRILL REPORTS STRONG FIRST QUARTER 2011 RESULTS

About this update from Geodrill Limited

[{"type":"text","content":"\n\n\n May 9, 2011 (Canada NewsWire Group) -- \n\n#ReleaseContent TABLE\n{\n BORDER-COLLAPSE: collapse\n}\nTR.cnwUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px solid\n}\n#ReleaseContent TABLE.cnwBorderedTable TD\n{\n BORDER-RIGHT: black 1px solid;\n PADDING-RIGHT: 2px;\n BORDER-TOP: black 1px solid;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n BORDER-LEFT: black 1px solid;\n PADDING-TOP: 2px;\n BORDER-BOTTOM: black 1px solid;\n BORDER-COLLAPSE: collapse\n}\n#ReleaseContent TABLE TD\n{\n PADDING-RIGHT: 2px;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n PADDING-TOP: 2px\n}\n\n\nTORONTO, May 9 /CNW/ - Geodrill Limited ("Geodrill" or "the Company")\n (TSX: GEO), a leading West African based drilling company, reported its\n financial results for the three-month period ended March 31, 2011. All\n figures are reported in US dollars (US$), unless otherwise indicated.\n Geodrill's financial statements are prepared in accordance with IFRS.\n\n\nFinancial Highlights\n\n\n\n\n$ millions (except earnings per share)\n\n\nFor the three\nmonths ended\n  March 31, 2011  \n\n\nFor the three\nmonths ended\n  March 31, 2010  \n\n\n\n\n \n\n\nQ1-11\n\n\nQ1-10\n\n\n\n\nRevenue\n\n\n$12.5\n\n\n$10.5\n\n\n\n\nGross profit\n\n\n$8.8\n\n\n$4.7\n\n\n\n\n          As percentage of revenue\n\n\n71%\n\n\n45%\n\n\n\n\nComprehensive income\n\n\n$4.9\n\n\n$1.4\n\n\n\n\nEarnings per share - basic\n\n\n$0.11\n\n\n$0.05\n\n\n\n\nCash flow (outflow) from operating activities\n\n\n($4.2)\n\n\n$2.0\n\n\n\n\nEBITDA(1)\n\n\n$5.9\n\n\n$3.1\n\n\n\n\nEBITDA margin (adjusted)(2)\n\n\n31%\n\n\n30%\n\n\n\n\n\n\nNotes: \n\n\n\n\n(1)\n\n\nPlease see "Non-IFRS Measures" below for additional discussion.\n\n\n\n\n(2)\n\n\nEBITDA margin was 47% of revenue in Q1-2011. The margin reflects the\n reduction in cost of sales associated with the reversal of $2M of VAT\n and salary taxes no longer considered to be an obligati...

More updates from Geodrill Limited