Business
Major Drilling Reports Strong Growth in its Second Quarter Results
Major Drilling Reports Strong Growth in its Second Quarter Results
About this update from Major Drilling Group International Inc.
[{"type":"text","content":"\n\n\n\n Dec. 7, 2010 (Canada NewsWire Group) -- \n\n#ReleaseContent TABLE\n{\n BORDER-COLLAPSE: collapse\n}\nTR.cnwUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px solid\n}\n#ReleaseContent TABLE.cnwBorderedTable TD\n{\n BORDER-RIGHT: black 1px solid;\n PADDING-RIGHT: 2px;\n BORDER-TOP: black 1px solid;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n BORDER-LEFT: black 1px solid;\n PADDING-TOP: 2px;\n BORDER-BOTTOM: black 1px solid;\n BORDER-COLLAPSE: collapse\n}\n#ReleaseContent TABLE TD\n{\n PADDING-RIGHT: 2px;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n PADDING-TOP: 2px\n}\n\n\nMONCTON, NB, Dec. 7 /CNW/ - Major Drilling Group International Inc.\n (TSX: MDI) today reported results for its second quarter of fiscal year\n 2011 ended October 31, 2010.\n\n\nHighlights\n\n\n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n\n\nIn millions of Canadian dollars (except earnings per share)\n\n\nQ2-11\n\n\n   Q2-10\n\n\n   YTD-11\n\n\n   YTD-10\n\n\n\n\nRevenue\n\n\n$127.8\n\n\n$75.5\n\n\n$237.3\n\n\n$138.0\n\n\n\n\nGross profit\n\n\n35.1\n\n\n22.8\n\n\n61.6\n\n\n40.0\n\n\n\n\n\n \n\n\nAs percentage of sales\n\n\n27.5%\n\n\n30.2%\n\n\n26.0%\n\n\n29.0%\n\n\n\n\nNet earnings\n\n\n11.4\n\n\n4.1\n\n\n16.5\n\n\n0.8\n\n\n\n\nEarnings per share\n\n\n0.48\n\n\n0.17\n\n\n0.69\n\n\n0.03\n\n\n\n\nCash flow from operations (before changes in non-cash working capital\n items)\n\n\n18.6\n\n\n12.3\n\n\n30.7\n\n\n19.9\n\n\n\n\n\n\n\n\nMajor Drilling posted quarterly revenue of $127.8 million, up nearly 70\n percent from the $75.5 million recorded for the same quarter last year.\n\n\n\n\nGross margin percentage for the quarter was 27.5 percent, compared to\n 30.2 percent for the corresponding period last year, an increase from\n the 24.2 percent in the first quarter of 2011.\n\n\n\n\nNet earnings were $11.4 million or $0.48 per share for the quarter,\n compared to net earnings of $4.1 million or $0.17 per share for the\n prior year quarter.\n\n\n\n\nTh...