Business
Major Drilling Reports Record Annual and Quarterly Results
MONCTON, NB, June 10 /CNW/ - Major Drilling Group International Inc. (TSX: MDI) today reported re...
About this update from Major Drilling Group International Inc.
[{"type":"text","content":"\n\n\n\nMONCTON, NB, June 10 /CNW/ - Major Drilling Group International Inc.\n(TSX: MDI) today reported results for its fourth quarter of fiscal year 2008,\nended April 30, 2008.\n\n\nFinancial Highlights\n\n\n-------------------------------------------------------------------------\n$ millions (except\nearnings per share) Q4-08 Q4-07 Fiscal 2008 Fiscal 2007\n ----- ----- ----------- -----------\n-------------------------------------------------------------------------\nRevenue $ 170.0 $ 129.0 $ 590.3 $ 415.4\n-------------------------------------------------------------------------\nGross profit 59.4 43.5 195.4 133.1\n As percentage of sales 35.0% 33.7% 33.1% 32.0%\n-------------------------------------------------------------------------\nEarnings from\n continuing operations 25.3 17.8 74.6 46.5\n-------------------------------------------------------------------------\nEarnings per share\n from continuing\n operations 1.07 0.77 3.16 2.01\n-------------------------------------------------------------------------\nCash flow from\n continuing\n operations((x)) 35.3 25.1 109.1 75.6\n-------------------------------------------------------------------------\n((x)) before changes in non-cash working capital items\n\n\nFrancis McGuire, President & CEO of Major Drilling, summarized the results\nas follows: "Fiscal year revenue is up 42% and earnings are up 60%, all while\nmaintaining low debt levels."\n\n- Major Drilling posted the highest quarterly revenue in its history at\n $170.0 million, up 31.8 percent from the same period last year. Annual\n revenue moved to a new record for the sixth consecutive year at\n $590.3 million, despite foreign currency movements, an increase of\n 42.1 percent over the previous record of $415.4 million set last year.\n\n- The Company posted the highest quarterly earnings in its history with\n earnings from continuing operations for the quarter increasing by over\n 42.1 percent to $25.3 million or $1.07 per share, compared to\n $17.8 million or $0.77 per share for the prior year quarter. Earnings\n from continuing operations for fiscal 2008 increased over 60.4 percent,\n to $74.6 million ($3.16 per share), an annual record, from earnings of\n $46.5 million ($2.01 per share) recorded in fiscal 2007.\n\n- Gross margin percentage for the quarter was 35.0 percent, compared to\n 33.7 percent f...