Business
Major Drilling Reports Record Third Quarter Profits
Major Drilling Reports Record Third Quarter Profits.
About this update from Major Drilling Group International Inc.
[{"type":"text","content":"\n\n\n\nRevenue up 54%, Earnings from continuing operations of $0.25 per share\n\n\nMONCTON, NB, March 4 /CNW/ - Major Drilling Group International Inc.\n(TSX: MDI) today reported results for its third quarter of fiscal year 2007,\nended January 31, 2007.\n\n\nFinancial Highlights\n\n\n-------------------------------------------------------------------------\n$ millions 12 months 12 months\n (except to to\n earnings per January January\n share) Q3-07 Q3-06 YTD-07 YTD-06 31, 2007 31, 2006\n ----- ----- ------ ------ --------- ---------\n-------------------------------------------------------------------------\nRevenue $90.1 $58.4 $286.4 $227.5 $375.3 $303.4\n-------------------------------------------------------------------------\nGross\n profit 25.2 12.7 89.6 64.5 115.5 87.2\n As\n percentage\n of sales 28.0% 21.8% 31.3% 28.3% 30.8% 28.7%\n-------------------------------------------------------------------------\nEarnings\n (loss) from\n continuing\n ops 5.7 (1.0) 28.7 15.9 38.0 24.3\n-------------------------------------------------------------------------\nEarnings\n (loss) per\n share from\n continuing\n ops 0.25 (0.05) 1.24 0.70 1.65 1.07\n-------------------------------------------------------------------------\nCash flow\n from\n continuing\n ops ((x)) 14.9 5.5 50.5 32.2 65.1 43.0\n-------------------------------------------------------------------------\n((x)) before changes in non-cash working capital items\n\n- Revenue increased over 54 percent in the third quarter at\n $90.1 million, compared to $58.4 million recorded in the same period\n last year. This represents the highest level of third quarter revenues\n in the Company's history.\n\n- Gross margins for the quarter were 28.0 percent, compared to\n 21.8 percent for the corresponding period last year. Gross profit for\n the quarter was $25.2 million compared to $12.7 million for the prior\n year quarter.\n\n- Record third quarter earnings from continuing operations at\n $5.7 million or $0.25 per share, up from a loss of $1.0 million or\n $0.05 per share for the prior year quarter.\n\n- Net earnings for the quarter, after loss on discontinued operations,\n were $5.0 million or $0.22 per share compared to a net loss, after\n gain on discontinued operations, of $0.7 million or $0.03 per share\n for the prior year quarter.\n\n- Increase of 171 percent in cash from oper...