Google Übersetzer
VAL-D'OR, QC, May 13 /CNW/ - Orbit Garant Drilling Inc. (TSX: OGD) today announced its financial results for the third quarter of fiscal 2009, ended March 31, 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 9 months 9 months
ended ended ended ended
March 31, March 31, March 31, March 31,
2009 2008 2009 2008
-------------------------------------------------------------------------
Amounts in C$000 except
earnings per share &
metres drilled
-------------------------------------------------------------------------
Revenue $27,695 $22,071 $76,917 $57,503
-------------------------------------------------------------------------
Gross Profit 9,196 7,516 25,366 20,080
-------------------------------------------------------------------------
Gross Margin 33.2% 34.1% 33% 34.9%
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Normalized EBITDA 7,345 6,464 20,197 17,039
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Net Earnings 3,210 2,824 9,072 7,960
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Net earnings per common
share
- Basic $0.10 $0.11 $0.28 $0.32
-------------------------------------------------------------------------
- Diluted $0.10 $0.11 $0.28 $0.31
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Total Metres Drilled 298,341 220,116 812,554 632,614
-------------------------------------------------------------------------
"We are delighted with our financial results the third quarter of 2009," said Eric Alexandre, President and Chief Operating Officer of Orbit Garant. "This strong performance, in a weak economic environment, is a direct reflection of our excellent long-term relationships with major and well-financed intermediate companies, in addition to our exposure to the gold industry. Going into the fourth quarter, we continue to manage our business conservatively, reflecting the realities of today's mining industry."
Third Quarter Results
Orbit Garant reporting record gross revenue and metres drilled for the third quarter of fiscal 2009, ended March 31, 2009. Metres drilled rose 35.5% to over 298,000 while the Company generated total revenues of $27.7 million, an increase of $5.6 million, or 25.5%, compared to the third quarter of fiscal 2008.
Drilling Canada revenue was $27.4 million compared to $18.5 million for the corresponding period last year, representing an increase of 48.2%. This strong increase is in large part attributable to the specialized drilling contracts initiated earlier in the year, as well as the acquisition of Forage+.
Drilling International revenue was $0.3 million, down by $1.1 million from the same period in fiscal 2008 due to lower activity.
Manufacturing Canada revenue was minimal, compared with $2.2 million in the third quarter of fiscal 2008. Third party demand for drills has experienced a slowdown resulting from the current economic decline. Through its subsidiary Soudure Royale Concept, Orbit Garant maintains the capacity to build new drills, and also utilizes Soudure Royale Concept to build supplies and support equipment.
The gross margin for the third quarter ended March 31, 2009 was 33.2% compared with 34.1% in the corresponding period in the previous year. The decline is a result of a number of factors, primarily including lower activity in the Drilling International and Manufacturing divisions.
Total gross profit in the third quarter of 2009 was $9.2 million compared to $7.5 million in the comparable fiscal 2008 period, representing an increase of 22.4%.
General and administrative expenses totaled $1.7 million during Q3 of fiscal 2009, compared to $1.4 million in Q3 of fiscal 2008, an increase attributable to additional administrative expenses incurred to sustain growth and new costs related to operating as a public company.
Consolidated normalized EBITDA in Q3 of fiscal 2009 was $7.3 million compared to $6.4 million in Q3 of fiscal 2008, representing an increase of 13.6%.
Income tax recorded totaled $1.6 million in the most recent quarter compared to $1.2 million in the comparable 2008 period.
Net earnings for the quarter totaled $3.2 million compared to $2.8 million in the comparable period last year, representing $0.10 per common share ($0.10 per share diluted) in the Q3 2009 quarter compared to $0.11 per common share ($0.11 per share diluted) in Q3 fiscal 2008.
Nine Months ended March 31, 2009
Gross revenue and metres drilled for the nine months ended March 31, 2009 were also at a record level. Metres drilled rose 28.4% to over 812,000 while the Company generated total revenues of $76.9 million, an increase of $19.4 million, or 33.8%, from $57.5 million in the comparable period a year earlier.
Gross margin for the first nine months of the fiscal year was 33.0% compared to 34.9% for the corresponding period last year. This decrease is correlated with the decrease in International Drilling activity and demand in the Manufacturing division.
Overall gross profit for the first nine months of the fiscal year was $25.4 million, an increase of $5.3 million from $20.1 million in the comparable nine-month period last year.
Net earnings for the nine-month period ended March 31, 2009 were $9.1 million or $0.28 per share ($0.28 per share diluted) compared to $8.0 million or $0.32 per share ($0.31 per share diluted) in the first nine months of fiscal 2008.
"In spite of the current economic environment, demand has remained stable, with 85% of our drills deployed," added Mr. Alexandre. "We have maintained our focus on the Company's proven business strategy and continue to demonstrate a proactive approach, improving operational efficiencies to ensure Orbit Garant is well positioned for the next market upswing."
Orbit Garant completed its Initial Public Offering (IPO) on June 26, 2008. The company was created through the combination of Quebec-based drilling services providers Orbit and Garant on January 31, 2007 and the acquisition of Drift Exploration Drilling Inc. on April 16, 2007. Full Financial Statements and Management's Discussion and Analysis are available on the Company website at www.orbitgarant.com and at www.sedar.com.
Conference Call
A conference call for analysts and interested listeners will be held Thursday, May 14, 2009 at 1:00 p.m. (ET). The call-in numbers for participants are 416-644-3424 and 800-594-3615. A live audio feed of the call will also be available on the Internet at:
http://www.newswire.ca/en/webcast/viewEvent.cgi?eventID(equal sign)2472360
A replay of the call will be available from 3:00 p.m. (ET) on Thursday, May 14, 2009 until 11:59 p.m. on Thursday May 21, 2009. To access the replay, call 416 640 1917 or 877 289 8525 enter pass code number 21304913, and then press the pound (No. sign) key. The replay can also be accessed over the Internet at the above address.
About Orbit Garant
Orbit Garant is one of the largest Canadian-based drilling companies, providing both underground and surface drilling services in Canada and internationally, operating with 134 drills and more than 500 employees. Orbit Garant provides services to major, intermediate and junior mining companies, through each stage of mining exploration, development and production.
Forward-looking information
This press release may contain forward-looking statements (within the meaning of applicable securities laws) relating to business of Orbit Garant Drilling Inc. (the "Company") and the environment in which it operates. Forward-looking statements are identified by words such as "believe", "anticipate", "expect", "intend", "plan", "will", "may" and other similar expressions. These statements are based on the Company's expectations, estimates, forecasts and projections. They are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. These risks and uncertainties are discussed in the Company's regulatory filings available at www.sedar.com. There can be no assurance that forward-looking statements will prove to be accurate as actual outcomes and results may differ materially from those expressed in these forward-looking statements. Readers, therefore, should not place undue reliance on any such forward-looking statements. Further, a forward-looking statement speaks only as of the date on which such statement is made. The Company undertakes no obligation to publicly update any such statement or to reflect new information or the occurrence of future events or circumstances.
%SEDAR: 00026932E