Business
Orbit Garant Drilling Reports Fiscal 2013 Fourth Quarter and Year-End Financial Results
Revenue was $104.2 million in fiscal 2013, compared to $154.8 million in fiscal 2012 ...
About this update from Orbit Garant Drilling Inc.
[{"type":"text","content":"\n\n\n\nRevenue was $104.2 million in fiscal 2013, compared to $154.8 million in\n fiscal 2012\n\n\nAdjusted gross margin (excluding depreciation expense) was 24.4%,\n compared to 27.3% in fiscal 2012\n\n\nA non-cash impairment charge of $28.2 million related to goodwill and\n intangible assets was recorded in the fourth quarter due to ongoing\n market weakness\n\n\nEBITDA decreased to $15.4 million from $27.9 million in fiscal 2012\n\n\n1.0 million metres drilled in fiscal 2013, down from 1.5 million metres\n in fiscal 2012\n\n\nAdjusted net earnings, excluding impairment charges, were $1.7 million,\n or $0.05 per share (diluted) in fiscal 2013, compared to net earnings\n of $10.4 million, or $0.30 per share (diluted) in fiscal 2012\n\n\nDebt reduction of $11.7 million in fiscal 2013\n\n\nVAL-D'OR, QC, Sept. 26, 2013 /CNW/ - Orbit Garant Drilling Inc. (TSX:\n OGD) (\"Orbit Garant\" or the \"Company\") today announced its financial\n results for the fourth quarter and fiscal year end ended June 30, 2013.\n All dollar amounts are in Canadian currency unless otherwise stated.\n Percentage calculations are based on numbers in the financial\n statements and may not correspond to rounded figures presented in this\n news release.\n\n\nSummary\n\n\n($ amounts in millions, except earnings per\nshare)\n\n\n3 months endedJune 30, 2013\n\n\n3 months endedJune 30, 2012\n\n\nYear ended June 30, 2013\n\n\nYear ended June30, 2012\n\n\nRevenue\n\n\n$21.4\n\n\n$43.6\n\n\n$104.2\n\n\n$154.8\n\n\nGross Profit¹\n\n\n$2.3\n\n\n$7.7\n\n\n$15.5\n\n\n$33.7\n\n\nGross Margin (%)¹\n\n\n10.6\n\n\n17.7\n\n\n14.9\n\n\n21.8\n\n\nAdjusted Gross Margin (%)¹\n\n\n21.9\n\n\n22.6\n\n\n24.4\n\n\n27.3\n\n\nEBITDA2\n\n$3.1\n\n\n$5.5\n\n\n$15.4\n\n\n$27.9\n\n\nNet (loss) earnings\n\n\n$(27.6)\n\n\n$1.3\n\n\n$(26.5)\n\n\n$10.4\n\n\nNet (loss) earnings per common share\n\n\n \n\n\n \n\n\n \n\n\n  \n\n\n   - Basic\n\n\n$(0.83)\n\n\n$0.04\n\n\n$(0.80)\n\n\n$0.31\n\n\n   - Diluted\n\n\n$(0.83)\n\n\n$0.04\n\n\n$(0.80)\n\n\n$0.30\n\n\nAdjusted net earnings3\n\n$0.6\n\n\n$1.3\n\n\n$1.7\n\n\n$10.4\n\n\nAdjusted net earnings per common share\n\n\n \n\n\n \n\n\n \n\n\n \n\n\n     -  Basic4\n\n$0.02\n\n\n$0.04\n\n\n$0.05\n\n\n$0.31\n\n\n   &...