Business
Orbit Garant Drilling Inc. announces strong financial results for fiscal 2009
Orbit Garant Drilling Inc. announces strong financial results for fiscal 2009
About this update from Orbit Garant Drilling Inc.
[{"type":"text","content":"\n\n\n\nSep. 23, 2009 (Canada NewsWire Group) -- VAL-D'OR, QC', Sept. 23 /CNW/ -- Orbit Garant Drilling Inc. (TSX:OGD) (Orbit Garant or the company) today announced its financial results for the fourth quarter and fiscal year ended June 30, 2009. All dollar amounts are in Canadian currency unless otherwise stated. Percentage calculations are based on numbers in the financial statements and may not correspond to rounded figures presented in this release.Highlights-------------------------------------------------------------------------3 months 3 months 12 months 12 monthsended ended ended endedJune 30, June 30, June 30, June 30,2009 2008 2009 2008-------------------------------------------------------------------------$ amounts in millionsexcept earnings per share-------------------------------------------------------------------------Revenue 28.3 24.6 105.2 82.1-------------------------------------------------------------------------Gross Profit 10.7 8.7 36.1 28.8-------------------------------------------------------------------------Gross Margin % 37.9 35.4 34.3 35.1--------------------------------------------------------------------------------------------------------------------------------------------------Normalized EBITDA 7.8 6.6 28.0 23.6--------------------------------------------------------------------------------------------------------------------------------------------------Net Earnings 3.6 1.4 12.6 9.4--------------------------------------------------------------------------------------------------------------------------------------------------Net earnings per commonshare-------------------------------------------------------------------------- Basic 0.11 0.06 0.39 0.38-------------------------------------------------------------------------- Diluted 0.10 0.05 0.38 0.37--------------------------------------------------------------------------------------------------------------------------------------------------Total Metres Drilled 296,778 239,777 1,109,332 872,392-------------------------------------------------------------------------\"We are especially pleased with our performance in the fourth quarter, which were achieved despite difficult market conditions,\" said Eric Alexandre, President and Chief Operating Officer of Orbit Garant. \"Our ability to maintain stable revenues and our strong performance, des...