Business
Major Drilling Profits Increase by over 60%
Major Drilling Profits Increase by over 60%.
About this update from Major Drilling Group International Inc.
[{"type":"text","content":"\n\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 share for the quarter, up 60.5 percent from $8.1 million or $0.36 per\n share for the prior year quarter.\n\n- Net earnings for the quarter, after gain from discontinued operations,\n were $13.1 million or $0.57 per share, up from $9.3 million or $0.41\n per share for the prior year quarter.\n\n- Cash flo...