Major Drilling Reports Third Quarter Results

About this update from Major Drilling Group International Inc.

[{"type":"text","content":"\n\n\n Mar. 3, 2011 (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, March 3 /CNW/ - Major Drilling Group International Inc.\n (TSX: MDI) today reported results for its third quarter of fiscal 2011,\n ended January 31, 2011.\n\n\nHighlights\n\n\n\n\n\n\nIn millions of Canadian dollars (except earnings per share)\n\n\nQ3-11\n\n\nQ3-10\n\n\nYTD-11\n\n\nYTD-10\n\n\n\n\nRevenue\n\n\n$107.7\n\n\n$72.5\n\n\n$345.0\n\n\n$210.5\n\n\n\n\nGross profit\n     As percentage of sales\n\n\n23.9\n22.2%\n\n\n12.0\n16.5%\n\n\n85.5\n24.8%\n\n\n52.0\n24.7%\n\n\n\n\nNet earnings (loss)\n\n\n1.7\n\n\n(4.5)\n\n\n18.1\n\n\n(3.7)\n\n\n\n\nEarnings (loss) per share\n\n\n0.07\n\n\n(0.19)\n\n\n0.76\n\n\n(0.16)\n\n\n\n\nCash flow from operations\n(before changes in non-cash working capital items)\n\n\n11.0\n\n\n1.3\n\n\n41.7\n\n\n21.2\n\n\n\n\n\n\n\n\nMajor Drilling posted quarterly revenue of $107.7 million, up nearly 50\n percent from the $72.5 million recorded for the same quarter last year.\n\n\nGross margin percentage for the quarter was 22.2 percent compared to\n 16.5 percent for the corresponding period last year. \n\n\nNet earnings were $1.7 million or $0.07 per share for the quarter,\n compared to a net loss of $4.5 million or $0.19 per share for the prior\n year quarter.\n\n\nThe Company has declared a semi-annual dividend of $0.22 ($0.0733 per\n share post 3:1 stock split, if approved) per share to be paid on May 2,\n 2011.\n\n\n\n"The quarter ended with a pr...

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