Business
Major Drilling Reports New Records - Revenues up 45% and Earnings from Continuing Operations up 90%
Major Drilling Reports New Records - Revenues up 45% and Earnings from Continuing Operations up 90%.
About this update from Major Drilling Group International Inc.
[{"type":"text","content":"\n\n\n\nMONCTON, NB, June 12 /CNW/ - Major Drilling Group International Inc.\n(TSX: MDI) today reported results for its fourth quarter of fiscal year 2007,\nended April 30, 2007.\n\n\nFinancial Highlights\n-------------------------------------------------------------------------\n$ millions Fiscal Fiscal\n(except earnings per share) Q4-07 Q4-06 2007 2006\n ---------- ---------- ---------- ----------\n-------------------------------------------------------------------------\n\nRevenue $ 129.0 $ 89.0 $ 415.4 $ 316.5\n-------------------------------------------------------------------------\nGross profit 43.5 25.9 133.1 90.4\n As percentage of sales 33.7% 29.2% 32.0% 28.6%\n-------------------------------------------------------------------------\nEarnings from continuing\n operations 17.8 9.3 46.5 25.2\n-------------------------------------------------------------------------\nEarnings per share from\n continuing operations 0.77 0.40 2.01 1.11\n-------------------------------------------------------------------------\nCash flow from continuing\n operations(x) 25.1 14.6 75.6 46.8\n-------------------------------------------------------------------------\n(x) before changes in non-cash working capital items\n\n\n- Major Drilling posted the highest quarterly revenue in its history at\n $129.0 million, up 45 percent from the same period last year. This also\n represented an increase of 27 percent from the previous high of\n $101.8 million recorded in the second quarter of this fiscal year.\n Annual revenue moved to a new record for the fifth consecutive year at\n $415.4 million, an increase of 31 percent over the previous record of\n $316.5 million set last year.\n\n- The Company posted the highest quarterly earnings in its history with\n earnings from continuing operations increasing by over 90 percent to\n $17.8 million or $0.77 per share, compared to $9.3 million or $0.40 per\n share for the prior year quarter. Earnings from continuing operations\n for fiscal 2007 increased over 84 percent, or $21.3 million to\n $46.5 million ($2.01 per share), an annual record, from earnings of\n $25.2 million ($1.11 per share) in fiscal 2006.\n\n- Gross margin percentage for the quarter was 33.7 percent, compared to\n 29.2 percent for the corresponding period last year. Annual gross\n margins were 32.0 percent for fiscal 2007 compared to 28.6 per...