Business
Orbit Garant Drilling Inc. reports first quarter 2010 financial results
Orbit Garant Drilling Inc. reports first quarter 2010 financial results
About this update from Orbit Garant Drilling Inc.
[{"type":"text","content":"\n\n\n\nNov. 12, 2009 (Canada NewsWire Group) -- VAL-D'OR, QC', Nov. 12 /CNW/ -- Orbit Garant Drilling Inc. (TSX: OGD) today announced its financial results for the first quarter of fiscal 2010, ended September 30, 2009. All dollar amounts are in Canadian currency. Percentage calculations are based on numbers in the financial statements and may not correspond to rounded figures presented in this release.Highlights-------------------------------------------------------------------------3 Months ended 3 Months endedCND $millions (except per share) Sept. 30, 2009 Sept. 30, 2008-------------------------------------------------------------------------Revenue 24.4 23.1-------------------------------------------------------------------------Gross Profit 8.0 7.5-------------------------------------------------------------------------Gross Margin 32.8% 32.5%--------------------------------------------------------------------------------------------------------------------------------------------------General & Administrative 1.8 1.6-------------------------------------------------------------------------Amortization 2.4 1.9-------------------------------------------------------------------------Normalized EBITDA 6.2 6.0--------------------------------------------------------------------------------------------------------------------------------------------------Net Earnings 2.5 2.6--------------------------------------------------------------------------------------------------------------------------------------------------Net earnings per common share-------------------------------------------------------------------------- Basic 0.08 0.08-------------------------------------------------------------------------- Diluted 0.08 0.08--------------------------------------------------------------------------------------------------------------------------------------------------Metres Drilled 278,974 233,453-------------------------------------------------------------------------* Net cash is calculated as cash minus current portion of long termdebt and long term debt\"We are pleased to announce solid first quarter results, which reflect management's disciplined adherence to our proven business strategy,\" said Eric Alexandre, President and Chief Operating Officer. \"Despite the challenging economic environment, we have maintained our growt...