Major Drilling Announces Annual and Fourth Quarter Results for Fiscal 2014

About this update from Major Drilling Group International Inc.

[{"type":"text","content":"\n\n\nMONCTON, NB, June 5, 2014 /CNW/ - Major Drilling Group International\n Inc. (TSX: MDI) today reported results for the year and fourth quarter\n ended April 30, 2014.\n\n\nHighlights\n\n\n\n\n\n \n\n\n\n\nIn millions of Canadian dollars\n(except earnings per share)\n\n\nQ4-14\n\n\nQ4-13\n\n\nFiscal\n2014\n\n\nFiscal\n2013\n\n\n\n\nRevenue\n\n\n$82.6\n\n\n$135.5\n\n\n$354.9\n\n\n$695.9\n\n\n\n\nGross profit\n\n\n21.5\n\n\n43.1\n\n\n104.4\n\n\n220.3\n\n\n\n\n \n\n\nAs percentage of revenue\n\n\n26.0%\n\n\n31.8%\n\n\n29.4%\n\n\n31.7%\n\n\n\n\nEBITDA(1)\n\n\n8.4\n\n\n23.5\n\n\n44.4\n\n\n142.8\n\n\n\n\n \n\n\nAs percentage of revenue\n\n\n10.2%\n\n\n17.3%\n\n\n12.5%\n\n\n20.5%\n\n\n\n\nNet (loss) earnings\n\n\n(24.9)\n\n\n2.2\n\n\n(55.3)\n\n\n52.1\n\n\n\n\n(Loss) earnings per share - Basic\n\n\n($0.31)\n\n\n$0.03\n\n\n($0.70)\n\n\n$0.66\n\n\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\nNet cash position (net of debt) improved by $12.9 million in the quarter\n to $46.5 million.\n\n\n\n\nQuarterly revenue was $82.6 million, down 39% from the $135.5 million\n recorded for the same quarter last year.\n\n\n\n\nGross margin percentage for the quarter was 26.0%, compared to 31.8% for\n the corresponding period last year.\n\n\n\n\nDuring the quarter, the Company posted a restructuring charge of $17.2\n million, $9.7 million of which is non-cash, related to the closure of\n its Australian operations and other staff reduction initiatives\n implemented during the quarter across the Company.\n\n\n\n\nDuring the quarter, the Company posted a goodwill impairment charge of\n $2.3 million relating to its Mozambique operations.\n\n\n\n\nNet loss was $24.9 million or $0.31 per share for the quarter, compared\n to earnings of $2.2 million or 0.03 per share for the prior year\n quarter.\n\n\n\n\n\n\"Market conditions continue to be extremely difficult.  Despite this, we\n are pleased to have met our goal of generating cash while still paying\n our dividend and investing in our fleet when appropriate. Senior mining\n companies are still very cautious with their investment in exploration\n and have been focusing on expa...

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