Business
Orbit Garant Drilling Reports Fiscal 2014 First Quarter Results
Revenue was $18.5 million in the first quarter of fiscal 2014 ("Q1 FY2014"), compared to ...
About this update from Orbit Garant Drilling Inc.
[{"type":"text","content":"\n\n\n\nRevenue was $18.5 million in the first quarter of fiscal 2014 (\"Q1\n FY2014\"), compared to $34.9 million in the first quarter of fiscal 2013\n (\"Q1 FY2013\")\n\n\nAdjusted gross margin (excluding depreciation expense) was 23.5%,\n compared to 26.8% in Q1 FY2013\n\n\nEBITDA of $1.7 million compared to $6.3 million in Q1 FY2013\n\n\nNet loss of $1.1 million, or $(0.03) per share (diluted) in Q1 FY2014,\n compared to net earnings of $2.0 million, or $0.06 per share (diluted),\n in Q1 FY2013\n\n\n201,503 metres drilled in Q1 FY2014, down from 304,832 metres in Q1\n FY2013\n\n\nDebt reduction of $2.2 million in Q1 FY2014\n\n\n\nVAL-D'OR, QC, Nov. 12, 2013 /CNW/ - Orbit Garant Drilling Inc. (TSX:\n OGD) (\"Orbit Garant\" or the \"Company\") today announced its financial\n results for the three-month period ended September 30, 2013 (\"Q1\n FY2014\"). All dollar amounts are in Canadian currency unless otherwise\n stated. Percentage calculations are based on numbers in the financial\n statements and may not correspond to rounded figures presented in this\n news release.\n\n\nQ1 FY2014 Summary\n\n\n\n\n ($ amounts in millions, except earnings per share)\n\n\n3 months ended\nSeptember 30, 2013\n\n\n3 months ended\nSeptember 30, 2012\n\n\n\n\n Revenue\n\n\n$18.5\n\n\n$34.9\n\n\n\n\n Gross Profit¹\n\n\n$2.0\n\n\n$6.9\n\n\n\n\n Gross Margin (%)¹\n\n\n10.7\n\n\n19.8\n\n\n\n\n Adjusted Gross Margin (%)¹\n\n\n23.5\n\n\n26.8\n\n\n\n\n EBITDA2\n\n\n$1.7\n\n\n$6.3\n\n\n\n\n Net (loss) earnings\n\n\n$(1.1)\n\n\n$2.0\n\n\n\n\n Net (loss) earnings per common share\n\n\n \n\n\n \n\n\n\n\n  - Basic\n\n\n$(0.03)\n\n\n$0.06\n\n\n\n\n  - Diluted\n\n\n$(0.03)\n\n\n$0.06\n\n\n\n\n Total metres drilled\n\n\n201,503 \n\n\n304,832\n\n\n\n\n1 In accordance with IFRS, reported gross profit and margin include\n certain depreciation expenses. For comparative purposes, adjusted gross\n margin is also shown excluding these depreciation expenses. \n2 EBITDA = Earnings before interest, taxes, depreciation, amortization,\n impairment of goodwill and intangible assets \n\n\n\"Our fiscal 2014 first quarter financial results reflect the continued\n challenging market conditions within the contract mineral drilling\n industry, as many senior and intermediate mining companies...