Business
Major Drilling Reports Fourth Quarter Results
Jun. 7, 2011 (Canada NewsWire Group) -- MONCTON, NB, June 7, 2011 /CNW/ - Major Drilling Grou...
About this update from Major Drilling Group International Inc.
[{"type":"text","content":"\n\n\n Jun. 7, 2011 (Canada NewsWire Group) -- \n\n#ReleaseContent TABLE\n{\n BORDER-COLLAPSE: collapse\n}\nTR.cnwUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px solid\n}\n#ReleaseContent TABLE.cnwBorderedTable TD\n{\n BORDER-RIGHT: black 1px solid;\n PADDING-RIGHT: 2px;\n BORDER-TOP: black 1px solid;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n BORDER-LEFT: black 1px solid;\n PADDING-TOP: 2px;\n BORDER-BOTTOM: black 1px solid;\n BORDER-COLLAPSE: collapse\n}\n#ReleaseContent TABLE TD\n{\n PADDING-RIGHT: 2px;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n PADDING-TOP: 2px\n}\n\n\nMONCTON, NB, June 7, 2011 /CNW/ - Major Drilling Group International\n Inc. (TSX: MDI) today reported results for its fourth quarter of fiscal\n 2011, ended April 30, 2011.\n\n\nHighlights\n\n\n\n\nIn millions of Canadian dollars (except earnings per share)\n\n\nQ4-11\n\n\nQ4-10\n\n\nFiscal 2011\n\n\nFiscal 2010\n\n\n\n\nRevenue\n\n\n$137.3\n\n\n$97.4\n\n\n$482.3\n\n\n$307.9\n\n\n\n\nGross profit\n     As percentage of sales\n\n\n34.9\n25.4%\n\n\n22.4\n23.0%\n\n\n120.4\n25.0%\n\n\n74.4\n24.2%\n\n\n\n\nNet earnings (loss)\n\n\n9.4\n\n\n3.2\n\n\n27.6\n\n\n(0.5)\n\n\n\n\nEarnings (loss) per share\n\n\n$0.13\n\n\n$0.05\n\n\n$0.39\n\n\n($0.01)\n\n\n\n\nCash flow from operations (before changes in non-cash working capital\n items)\n\n\n$19.2\n\n\n$9.4\n\n\n$60.9\n\n\n$30.6\n\n\n\n\n\nMajor Drilling posted quarterly revenue of $137.3 million, up 41 percent\n from the $97.4 million recorded for the same quarter last year.\n\n\nNet earnings were $9.4 million or $0.13 per share ($0.13 per share\n diluted) for the quarter, compared to net earnings of $3.2 million or\n $0.05 per share ($0.04 per share diluted) for the prior year quarter.\n\n\nDuring the quarter, the Company enacted a 3 for 1 stock split.  Amounts\n per share have been adjusted accordingly and are now presented\n post-split.\n\n\n\n"As expected, demand for drilling services continued to grow during the\n quarter although weather con...