Major Drilling Announces Second Quarter Results, Net Cash Position Improves by $18 Million

About this update from Major Drilling Group International Inc.

[{"type":"text","content":"\n\n\nMONCTON, NB, Dec. 4, 2013 /CNW/ - Major Drilling Group International\n Inc. (TSX: MDI) today reported results for its second quarter of fiscal\n year 2014, ended October 31, 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\n \n\n\nQ2-14\n\n\n \n\n\nQ2-13\n\n\n \n\n\nYTD-14\n\n\n \n\n\nYTD-13\n\n\n\n\nRevenue\n\n\n \n\n\n$92.3\n\n\n \n\n\n$199.6\n\n\n \n\n\n$200.5\n\n\n \n\n\n$437.2\n\n\n\n\nGross profit\n\n\n \n\n\n30.0\n\n\n \n\n\n66.7\n\n\n \n\n\n65.1\n\n\n \n\n\n148.0\n\n\n\n\n \n\n\nAs percentage of sales\n\n\n \n\n\n32.5%\n\n\n \n\n\n33.4%\n\n\n \n\n\n32.5%\n\n\n \n\n\n33.8%\n\n\n\n\nAdjusted EBITDA(1)\n\n\n \n\n\n15.7\n\n\n \n\n\n47.9\n\n\n \n\n\n35.3\n\n\n \n\n\n107.9\n\n\n\n\n \n\n\nAs percentage of revenue\n\n\n \n\n\n17.0%\n\n\n \n\n\n24.0%\n\n\n \n\n\n17.6%\n\n\n \n\n\n24.7%\n\n\n\n\nNet (loss) earnings\n\n\n \n\n\n(19.1)\n\n\n \n\n\n22.3\n\n\n \n\n\n(17.6)\n\n\n \n\n\n54.2\n\n\n\n\n(Loss) earnings per share\n\n\n \n\n\n(0.24)\n\n\n \n\n\n0.28\n\n\n \n\n\n(0.22)\n\n\n \n\n\n0.69\n\n\n\n\n\n\n(1) \n\n\nEarnings before interest, taxes, depreciation and amortization,\n excluding restructuring charges and goodwill impairment (see \"non-GAAP\n financial measures\")\n\n\n\n\n\n\n\n\nNet cash position (net of debt) has improved by $18.1 million and stands\n at $48.5 million.\n\n\n\n\nMajor Drilling posted quarterly revenue of $92.3 million, down 54% from\n the $199.6 million recorded for the same quarter last year.\n\n\n\n\nGross margin percentage for the quarter was 32.5%, compared to 33.4% for\n the corresponding period last year.\n\n\n\n\nDuring the quarter, the Company posted a goodwill impairment charge of\n $12.1 million, a combined write down and unrecognized tax losses of\n $5.5 million, and $0.7 million in restructuring charges.  Combined,\n these charges represent a negative impact to second quarter 2014\n earnings of $18.3 million.\n\n\n\n\nNet loss was $19.1 million or $0.24 per share ($0.24 per share diluted)\n for the quarter, compared to net earnings of $22.3 million or $0.28 per\n share ($0.28 per share diluted) for the prior year quarter.\n\n\n\n\n\n\n\"The curre...

More updates from Major Drilling Group International Inc.