Business
Major Drilling Reports Record Earnings, Announces Dividend
MONCTON, NB, Sept. 9 /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, Sept. 9 /CNW/ - Major Drilling Group International Inc.\n(TSX: MDI) today reported results for its first quarter of fiscal year 2009\nended July 31, 2008.\n\n\nHighlights\n\n-------------------------------------------------------------------------\nC$ millions Q1-09 Q1-08 12 months 12 months\n(except earnings ----- ----- --------- ---------\n per share) to July to July\n ------- -------\n 31, 2008 31, 2007\n -------- --------\n-------------------------------------------------------------------------\nRevenue $178.2 $143.4 $625.1 $464.4\n-------------------------------------------------------------------------\nGross profit\n As percentage of sales 63.3 47.6 211.1 150.2\n 35.5% 33.2% 33.8% 32.3%\n-------------------------------------------------------------------------\nNet earnings from continuing\n operations 26.3 18.8 82.1 55.3\n-------------------------------------------------------------------------\nEarnings per share from\n continuing operations 1.11 0.80 3.47 2.38\n-------------------------------------------------------------------------\nCash flow from continuing\n operations ((x)) 36.5 26.2 119.4 86.0\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 $178.2 million, up 24.3 percent from the $143.4 million\n recorded for the same quarter last year.\n\n- Gross margin percentage for the quarter was 35.5 percent, up from\n 33.2 percent for the corresponding period last year.\n\n- Earnings from continuing operations were up 40 percent to $26.3 million\n or $1.11 per share for the quarter, from the $18.8 million or $0.80 per\n 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 were $26.3 million or $1.11 per share\n compared to $18.9 million or $0.81 per share for the prior year\n quarter.\n\n- Cash flow from continuing operations before changes in working capital\n was $36.5 million for the quarter, up 39.3 percent from the\n $26.2 million for the same period last year.\n\n- The Company institutes a semi-annual dividend of $0.20 per share.\n\n- Subsequent to quarter end, the Company announced the acquisition of\n Forage Benoit in Qu...