Business
Orbit Garant Drilling Inc. reports second quarter 2010 financial results
Orbit Garant Drilling Inc. reports second quarter 2010 financial results
About this update from Orbit Garant Drilling Inc.
[{"type":"text","content":"\n\n\n\nFeb. 11, 2010 (Canada NewsWire Group) -- VAL-D'OR, QC', Feb. 11 /CNW/ -- Orbit Garant Drilling Inc. (TSX: OGD) today announced its financial results for the second quarter of fiscal 2010, ended December 31, 2009. Percentage calculations are based on numbers in the financial statements and may not correspond to rounded figures presented in this release.Highlights-------------------------------------------------------------------------$ amounts in millions Q2 Fiscal Q2 Fiscal 6 months 6 monthsexcept earnings per share 2010 2009 F2010 F2009-------------------------------------------------------------------------Revenue 23.7 26.1 48.1 49.2-------------------------------------------------------------------------Gross Profit 7.6 8.6 15.6 16.2-------------------------------------------------------------------------Gross Margin 32.0% 33.1% 32.4% 32.9%--------------------------------------------------------------------------------------------------------------------------------------------------General & Administrative 1.6 1.9 3.4 3.5-------------------------------------------------------------------------Amortization 2.4 2.0 4.8 3.9-------------------------------------------------------------------------Normalized EBITDA 6.0 6.9 12.2 12.9--------------------------------------------------------------------------------------------------------------------------------------------------Net Earnings 2.4 3.2 4.9 5.9--------------------------------------------------------------------------------------------------------------------------------------------------Net earnings per common share-------------------------------------------------------------------------- Basic 0.07 0.10 0.15 0.18-------------------------------------------------------------------------- Diluted 0.07 0.10 0.15 0.18--------------------------------------------------------------------------------------------------------------------------------------------------Total Metres Drilled 287,861 280,760 566,835 514,213-------------------------------------------------------------------------* Net cash is calculated as cash minus current portion of long termdebt and long term debt\"Although market conditions remain challenging for the drilling industry, we are pleased with our results in the second quarter of fiscal 2010,\" said Eric Alexandre, President and Chief Operating Of...