Business
Major Drilling Reports New Records, with Revenue up 52% and Earnings from Continuing Operations up 86%
Major Drilling Reports New Records, with Revenue up 52% and Earnings from Continuing Operations up 86%.
About this update from Major Drilling Group International Inc.
[{"type":"text","content":"\n\n\n\nMONCTON, NB, Sept. 11 /CNW/ - Major Drilling Group International Inc.\n(TSX: MDI) today reported results for its first quarter of fiscal year 2008\nended July 31, 2007.\n\n\nHighlights\n-------------------------------------------------------------------------\n 12 months 12 months\n to to\n$ millions July 31, July 31,\n(except earnings per share) Q1-08 Q1-07 2007 2006\n ---------- ---------- ---------- ----------\n-------------------------------------------------------------------------\n\nRevenue 143.4 94.5 464.4 327.6\n-------------------------------------------------------------------------\nGross profit\n As percentage of sales 47.6 30.5 150.2 95.6\n 29.2% 33.2% 32.3% 32.3%\n-------------------------------------------------------------------------\nNet earnings from continuing\n operations 18.8 10.1 55.3 27.6\n-------------------------------------------------------------------------\nEarnings per share from\n continuing operations 0.80 0.44 2.38 1.20\n-------------------------------------------------------------------------\nCash flow from continuing\n operations (x) 26.2 15.8 85.5 50.5\n-------------------------------------------------------------------------\n(x) before changes in working capital\n\n\n- Major Drilling posted the highest quarterly revenue in its history with\n revenue of $143.4 million, up 51.7 percent from the $94.5 million\n recorded for the same quarter last year, and 11.2 percent above the\n previous record high of $129.0 million recorded in the fourth quarter\n of fiscal 2007.\n\n- Gross margin percentage for the quarter was 33.2 percent, up from\n 32.3 percent for the corresponding period last year.\n\n- Earnings from continuing operations were $18.8 million or $0.80 per\n share for the quarter, up 86.1 percent from the $10.1 million or\n $0.44 per share for the prior year quarter. This represents the highest\n quarterly earnings from continuing operations in the Company's history.\n\n- Net earnings for the quarter, after gains from discontinued operations,\n were $18.9 million or $0.81 per share. This compares to $22.9 million\n or $0.99 per share for the prior year quarter, which included a gain\n from the sale of the manufacturing division.\n\n- Cash flow from continuing operations before changes in working capital\n was $26.2 million for the quarter compared to $15.8 million for the\n same...