Business
Major Drilling Reports Record Third Quarter Revenue and Profits
MONCTON, NB, March 4 /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, March 4 /CNW/ - Major Drilling Group International Inc.\n(TSX: MDI) today reported results for its third quarter of fiscal year 2008,\nended January 31, 2008.\n\n\nFinancial Highlights\n\n-------------------------------------------------------------------------\n$ millions of 12 12\n Canadian dollars months months\n (except earnings to to\n per share) January January\n 31, 31,\n Q3-08 Q3-07 YTD-08 YTD-07 2008 2007\n ------ ------ ------ ------ -------- --------\n-------------------------------------------------------------------------\nRevenue $120.8 $90.1 $420.3 $286.4 $549.4 $375.3\n-------------------------------------------------------------------------\nGross profit 33.7 25.2 136.0 89.6 179.5 115.5\n As percentage\n of sales 27.9% 28.0% 32.4% 31.3% 32.7% 30.8%\n-------------------------------------------------------------------------\nEarnings from\n continuing ops 7.7 5.7 49.3 28.7 67.1 38.0\n-------------------------------------------------------------------------\nEarnings per share\n from continuing\n ops 0.32 0.25 2.09 1.24 2.86 1.65\n-------------------------------------------------------------------------\nCash flow from\n continuing\n ops (x) 16.3 14.9 73.8 50.4 98.9 65.1\n-------------------------------------------------------------------------\n(x) before changes in non-cash working capital items\n\n\n- Revenue increased over 34 percent in the third quarter to\n $120.8 million, compared to $90.1 million recorded in the same period\n last year. This represents the highest level of third quarter revenue\n in the Company's history.\n\n- Weather conditions caused gross margins for the quarter to remain\n relatively flat at 27.9 percent compared to 28.0 percent for the\n corresponding period last year. Gross profit for the quarter was\n $33.7 million compared to $25.2 million for the prior year quarter.\n\n- Record third quarter earnings from continuing operations were reported\n at $7.7 million or $0.32 per share, up over 35 percent from\n $5.7 million or $0.25 per share for the prior year quarter.\n\n- Net earnings for the quarter, after loss on discontinued operations,\n were $7.2 million or $0.31 per share, up from $5.0 million or\n $0.22 per share for the prior year quarter.\n\n- Cash from operations, before changes in non-cash working capital items,\n was $16.3 million for the quarter, compar...