Business
/C O R R E C T I O N from source - Major Drilling Group International Inc./
/C O R R E C T I O N from source - Major Drilling Group International Inc./.
About this update from Major Drilling Group International Inc.
[{"type":"text","content":"\n\n\n\nIn c3642 sent today at 5:00e, the tables for the Consolidated Statements\n\n\nof Retained Earnings, the Consolidated Statements of Cash Flows and the\n\n\nConsolidated Balance sheets were missing from the financial result.\n\n\nCorrected copy follows:\n\n\nMajor Drilling Profits Increase by over 60%\n\n\nMONCTON, NB, Dec. 5 /CNW/ - Major Drilling Group International Inc. (TSX:\nMDI) today reported results for its second quarter of fiscal year 2007 ended\nOctober 31, 2006.\n\n\nHistorical data has been reclassified to reflect the disposition of the\nCompany's manufacturing division, UDR Group, on June 7, 2006, and the\ndiscontinuation of its Chinese operations in the first quarter of fiscal 2007.\n\n\nHighlights\n\n-------------------------------------------------------------------------\n$ millions 12 months 12 months\n(except to to\n earnings October October\n per Q2-07 Q2-06 YTD-07 YTD-06 31, 2006 31, 2005\n share) ----- ----- ------ ------ -------- --------\n-------------------------------------------------------------------------\nRevenue 101.8 85.8 196.3 169.1 343.7 291.6\n-------------------------------------------------------------------------\nGross 33.8 26.5 64.3 51.8 103.0 83.8\n profit\n As percen-\n tage of\n sales 33.2% 30.8% 32.8% 30.6% 30.0% 28.7%\n-------------------------------------------------------------------------\nEarnings\n from\n continuing\n ops 13.0 8.1 23.0 16.1 32.1 22.7\n-------------------------------------------------------------------------\nEarnings\n per share\n from\n continuing\n ops 0.56 0.36 1.00 0.71 1.39 1.02\n-------------------------------------------------------------------------\nCash flow\n from\n continuing\n ops(x) 19.8 12.9 35.5 26.7 55.8 40.3\n-------------------------------------------------------------------------\n(x) before changes in working capital\n\n\n- The Company recorded the highest quarterly earnings from continuing\n operations in its history.\n\n- Major Drilling posted the highest quarterly revenues in its history at\n $101.8 million, up 18.6 percent from the $85.8 million recorded for the\n same quarter last year.\n\n- Gross margin percentage for the quarter was 33.2 percent, compared to\n 30.8 percent for the corresponding period last year, with good\n performance from all regions.\n\n- Earnings from continuing operations were $13.0 million or $0.56 per\n ...