Business
Orbit Garant Drilling Reports Fiscal 2013 Third Quarter Results
Revenue was $23.7 million in the third quarter of fiscal 2013 ("Q3 FY2013"), compared to $4...
About this update from Orbit Garant Drilling Inc.
[{"type":"text","content":"\n\n\n\n\n\n\nRevenue was $23.7 million in the third quarter of fiscal 2013 (\"Q3\n FY2013\"), compared to $41.7 million in the third quarter of fiscal 2012\n (\"Q3 FY2012\")\n\n\n239,960 metres drilled, compared to 396,525 metres in Q3 FY2012\n\n\nAdjusted gross margin (excluding amortization expense) was 25.3%,\n compared to 29.4% in Q3 FY2012\n\n\nEBITDA totaled $2.9 million, compared to $8.3 million in Q3 FY2012\n\n\nNet loss of $0.6 million, or $0.02 per share (basic and diluted) in Q3\n FY2013, compared to net earnings of $3.5 million, or $0.10 per share\n (basic and diluted) , in Q3 FY2012\n\n\n\nVAL-D'OR, QC, May 14, 2013 /CNW/ - Orbit Garant Drilling Inc. (TSX: OGD)\n (\"Orbit Garant\" or the \"Company\") today announced its financial results\n for the three and nine month periods ended March 31, 2013. All dollar\n amounts are in Canadian currency unless otherwise stated. Percentage\n calculations are based on numbers in the financial statements and may\n not correspond to rounded figures presented in this news release.\n\n\nQ3 FY2013 Summary\n\n\n\n\n($ amounts in millions, except earnings per\nshare)\n\n\n3 months ended\nMarch 31, 2013\n\n\n3 months ended\nMarch 31, 2012\n\n\n9 months ended\nMarch 31, 2013\n\n\n9 months ended\nMarch 31, 2012\n\n\n\n\nRevenue\n\n\n$23.7\n\n\n$41.7\n\n\n$82.8\n\n\n$111.3\n\n\n\n\nGross Profit¹\n\n\n$3.4\n\n\n$10.0\n\n\n$13.2\n\n\n$26.0\n\n\n\n\nGross Margin (%)¹\n\n\n14.5\n\n\n23.9\n\n\n16.0\n\n\n23.3\n\n\n\n\nAdjusted Gross Margin (%)¹\n\n\n25.3\n\n\n29.4\n\n\n25.0\n\n\n29.1\n\n\n\n\nEBITDA\n\n\n$2.9\n\n\n$8.3\n\n\n$12.3\n\n\n$22.3\n\n\n\n\nNet (loss) earnings\n\n\n$(0.6)\n\n\n$3.5\n\n\n$1.1\n\n\n$9.0\n\n\n\n\nNet (loss) earnings per common share\n\n\n \n\n\n \n\n\n \n\n\n \n\n\n\n\n  - Basic\n\n\n$(0.02)\n\n\n$0.10\n\n\n$0.03\n\n\n$0.27\n\n\n\n\n  - Diluted\n\n\n$(0.02)\n\n\n$0.10\n\n\n$0.03\n\n\n$0.26\n\n\n\n\nTotal metres drilled\n\n\n239,960\n\n\n396,525\n\n\n785,346\n\n\n1,087,532\n\n\n\n\n\n \n \n\n¹ In accordance with IFRS, reported gross profit and margin include\n certain amortization expenses. For comparative \npurposes, adjusted gross margin is also shown excluding these\n amortization expenses. \n\n\n\n\n\n\n\n\"We continue to experience difficult market conditions, as many of our\n junior exploration company custo...