Business
Orbit Garant Drilling Inc. reports first quarter 2009 financial results
VAL-D'OR, QC, Nov. 14 /CNW/ - Orbit Garant Drilling Inc. (TSX OGD) (Orbit Garant or the company) ...
About this update from Orbit Garant Drilling Inc.
[{"type":"text","content":"\n\n\n\nVAL-D'OR, QC, Nov. 14 /CNW/ - Orbit Garant Drilling Inc. (TSX OGD) (Orbit\nGarant or the company) today announced its financial results for the first\nquarter of fiscal 2009, ended September 30, 2008. All dollar amounts are in\nCanadian currency unless otherwise stated. Percentage calculations are based\non numbers in the financial statements and may not correspond to rounded\nfigures presented in this release.\n\n\n"We are pleased to announce that, in continuing with our solid growth\nstrategy of aligning ourselves with well financed major and intermediate\nmining companies, we have been awarded two significant contracts this\nquarter." said Eric Alexandre, President and Chief Operating Officer.\n\n\n"Given the current uncertainty and turbulence in the markets, we are\nparticularly enthusiastic to be entering into two important contracts with\nsuch established and reputable companies. Our new contracts this quarter with\nAgnico Eagle, on its Meadowbank project, and Newmont Mining, on its Hope Bay\nproject, are a perfect demonstration of Orbit Garant's strategy for the growth\nof the Company." added Mr. Alexandre\n\n\nDrilling is scheduled to begin at Meadowbank in the current quarter, and\nHope Bay in the third quarter of fiscal 2009.\n\n\nOrbit Garant completed its Initial Public Offering (IPO) on June 26,\n2008, created by the combination of Quebec-based drilling services providers\nOrbit and Garant on January 31, 2007 and the acquisition of Drift Exploration\nDrilling Inc. on April 16, 2007. Full Financial Statements and Management's\nDiscussion and Analysis are available on the Company website at\nwww.orbitgarant.com and at www.sedar.com.\n\n\n-------------------------------------------------------------------------\nCND$000 (except per share\n or where indicated) Fiscal 2009 Fiscal 2008\n-------------------------------------------------------------------------\n Quarter 1 Quarter 1\n --------- ---------\n-------------------------------------------------------------------------\nRevenue $23,116 $17,378\n-------------------------------------------------------------------------\nGross Profit $7,523 $6,249\n-------------------------------------------------------------------------\nGross Margin 32.5% 36.0%\n-------------------------------------------------------------------------\n\n-----------------...