Major Drilling grows revenue by 53% to a record $156.1 million; Earnings grow 75% to a record $22.8 million

About this update from Major Drilling Group International Inc.

[{"type":"text","content":"\n\n\n\nMONCTON, NB, Dec. 11 /CNW/ - Major Drilling Group International Inc.\n(TSX: MDI) today reported results for its second quarter of fiscal year 2008,\nwhich ended October 31, 2007.\n\n\nHighlights\n\n-------------------------------------------------------------------------\n$ millions of 12 12\nCanadian dollars months months\n(except earnings to to\nper share) October October\n 31, 31,\n Q2-08 Q2-07 YTD-08 YTD-07 2007 2006\n-------------------------------------------------------------------------\nRevenue $156.1 $101.8 $299.6 $196.3 $518.7 $343.7\n-------------------------------------------------------------------------\nGross profit 54.7 33.8 102.3 64.3 171.1 103.0\n As percentage\n of sales 35.0% 33.2% 34.2% 32.8% 33.0% 30.0%\n-------------------------------------------------------------------------\nEarnings from\ncontinuing\noperations 22.8 13.0 41.6 23.0 65.2 31.3\n-------------------------------------------------------------------------\nEarnings per\nshare from\ncontinuing\noperations 0.97 0.56 1.77 1.00 2.79 1.36\n-------------------------------------------------------------------------\nCash flow\nfrom continuing\noperations\n(x) 31.3 19.8 57.5 35.5 95.8 55.7\n-------------------------------------------------------------------------\n(x) before changes in non-cash working capital items\n\n\n- Major Drilling posted the highest quarterly revenue in its history\n with revenue of $156.1 million, up 53.3 percent from the\n $101.8 million recorded for the same quarter last year.\n\n- Gross margin percentage for the quarter was 35.0 percent compared to\n 33.2 percent for the corresponding period last year, with good\n performance from all segments.\n\n- The Company recorded the highest quarterly earnings from continuing\n operations in its history at $22.8 million or $0.97 per share, up\n 75.4 percent from $13.0 million or $0.56 per share for the prior year\n quarter.\n\n- Net earnings for the quarter, after loss from discontinued\n operations, were $22.6 million or $0.96 per share, up from\n $13.1 million or $0.57 per share for the prior year quarter.\n\n- Cash flow from continuing operations before changes in working\n capital was $31.3 million for the quarter compared to $19.8 million\n for the same period last year.\n\n- During the quarter, the Company acquired two businesses: Harris\n Drilling in Chile and Paragon D...

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