Business
Orbit Garant Drilling Inc. announces strong financial results for fiscal 2008
- Record 872,392 metres drilled - Normalized EBITDA increases to $23.6 million - Financial flexib...
About this update from Orbit Garant Drilling Inc.
[{"type":"text","content":"\n\n\n\n- Record 872,392 metres drilled\n- Normalized EBITDA increases to $23.6 million\n- Financial flexibility enhanced; long-term debt reduced to\n $5.8 million from $24.5 million at the IPO\n\n\nVAL-D'OR, QC, Sept. 25 /CNW/ - Orbit Garant Drilling Inc. (TSX OGD)\n(Orbit Garant or the company) today announced its financial results for the\nfourth quarter and fiscal year ended June 30, 2008. The company completed its\nInitial Public Offering (IPO) on June 26, 2008, resulting in a five-day stub\nperiod prior to fiscal year-end on June 30, 2008. Accordingly, to enable\ninvestors to get a better understanding of the company's financial and\noperating results, Orbit Garant reported results for the full 2008 fiscal\nyear. In addition, to facilitate a comparison with the previous year, the\ncompany provided comparable 12 month 2007 results. Full Financial Statements\nand Management's Discussion and Analysis are available on the Company website\nat www.orbitgarant.com.\n\n\n"The successful completion of our IPO has provided Orbit Garant with the\nenhanced financial flexibility to continue the strong growth we have delivered\nin recent years," said Eric Alexandre, President and Chief Operating Officer.\n"We expect to continue to grow with our major and intermediate mining company\ncustomers in Canada, the United States, Mexico, and other stable mining\njurisdictions, where our operations are protected from operating and currency\nrisks."\n\n\n"As a result of our leading market position, low-cost operations, focus\non specialized drilling services and vertical integration, our shareholders\ncan expect to see solid momentum in both revenues and earnings," added Mr.\nAlexandre.\n\n\n"The Abitibi mining region remains the focus of Orbit Garant's\noperations. Over the years, this region has produced millions of ounces of\ngold in addition to base metals. Today, this region is seeing a renaissance,\nas mining companies explore and develop around previous deposits and drill\nestablished ore bodies to deeper depths. This area is also the only gateway to\nprospective mining regions further north, towards James Bay and northeast,\ntowards Chibougamau," said Mr. Alexandre.\n\n\nOrbit Garant is also pleased to note that, despite the recent turbulence\nin capital markets and general illiquidity, the Company ...