Major Drilling Announces Annual and Fourth Quarter Results for Fiscal 2013

About this update from Major Drilling Group International Inc.

[{"type":"text","content":"\n\n\nMONCTON, NB, June 5, 2013 /CNW/ - Major Drilling Group International\n Inc. (TSX: MDI) today reported results for the year and fourth quarter\n ended April 30, 2013.\n\n\nHighlights\n\n\n\n\n \n\n\n\n\nIn millions of Canadian dollars\n(except earnings per share)\n\n\nQ4-13\n\n\nQ4-12\n\n\nFiscal\n2013\n\n\nFiscal\n2012\n\n\n\n\nRevenue\n\n\n$135.5\n\n\n$237.2\n\n\n$695.9\n\n\n$797.4\n\n\n\n\nGross profit\n\n\n43.1\n\n\n78.5\n\n\n220.3\n\n\n251.1\n\n\n\n\n \n\n\nAs percentage of revenue\n\n\n31.8%\n\n\n33.1%\n\n\n31.7%\n\n\n31.5%\n\n\n\n\nEBITDA(1)\n\n\n23.5\n\n\n57.0\n\n\n142.8\n\n\n174.4\n\n\n\n\n \n\n\nAs percentage of revenue\n\n\n17.3%\n\n\n24.0%\n\n\n20.5%\n\n\n21.9%\n\n\n\n\nNet earnings\n\n\n2.2\n\n\n30.7\n\n\n52.1\n\n\n89.7\n\n\n\n\nEarnings per share - Basic\n\n\n$0.03\n\n\n$0.39\n\n\n$0.66\n\n\n$1.18\n\n\n\n\n(1)\n\n\nEarnings before interest, taxes, depreciation and amortization,\n excluding restructuring charges, goodwill and intangible impairment and\n gain on reversal of contingent consideration (see \"non-GAAP financial\n measures\")\n\n\n\n\n\n\n\n\nExcluding restructuring charges, impairment charges and gain on reversal\n of contingent consideration, earnings before taxes for the quarter were\n $10.1 million.\n\n\n\n\nMajor Drilling posted quarterly revenue of $135.5 million, down 43% from\n the $237.2 million record for the same quarter last year.\n\n\n\n\nGross margin percentage for the quarter was 31.8%, compared to 33.1% for\n the corresponding period last year.\n\n\n\n\nThe Company posted a restructuring charge of $5.4 million accounting for\n retrenchment costs, scale down of operations, and write down of assets,\n and also posted a goodwill and intangible impairment charge of $3.3\n million during the quarter, offset by a gain on reversal of contingent\n consideration of $2.0 million.  Combined, these charges represent a\n negative impact to fourth quarter 2013 earnings before taxes of $6.8\n million.\n\n\n\n\nNet earnings (including restructuring and impairment charge) were $2.2\n million or $0.03 per share for the quarter, compared to earnings of\n $30.7 million or 0.39 per share for the prior year quarter.\n\n\n\n\nOur total net cash position (net of debt) improved by $8.6 million in\n the quarter to $38.7 million.  For the year, the Company improved its\n net cash positi...

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