Business
Orbit Garant Drilling Reports Fiscal 2014 Fourth Quarter and Year-End Financial Results
VAL-D'OR, QC , Sept. 23, 2014 /CNW/ - Orbit Garant Drilling Inc. (TSX: OGD) ("Orbit ...
About this update from Orbit Garant Drilling Inc.
[{"type":"text","content":"\n\nVAL-D'OR, QC, Sept. 23, 2014 /CNW/ - Orbit Garant Drilling Inc. (TSX: OGD) (\"Orbit Garant\" or the \"Company\") today announced its financial results for the fourth quarter and fiscal year ended ended June 30, 2014. 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 news release. \n\nSummary\n\n\n\n\n($ amounts in millions, \n\nexcept earnings per share)\n\n\nThree months endedJune 30, 2014\n\n\nThree months endedJune 30, 2013\n\n\n12 months ended\n\nJune 30, 2014\n\n\n12 months ended June 30, 2013\n\n\n\nRevenue \n\n\n$20.2\n\n\n$21.4\n\n\n$71.5\n\n\n$104.2\n\n\n\nGross Profit \n\n\n$1.8\n\n\n$2.3\n\n\n$3.8\n\n\n$15.5\n\n\n\nGross Margin (%)\n\n\n8.4\n\n\n10.6\n\n\n5.2\n\n\n14.9\n\n\n\nAdjusted Gross Margin (%)¹\n\n\n20.5\n\n\n21.9\n\n\n18.5\n\n\n24.4\n\n\n\nEBITDA2\n\n\n$1.9\n\n\n$3.1\n\n\n$3.4\n\n\n$15.4\n\n\n\nNet loss\n\n\n$0.8\n\n\n$27.6\n\n\n$6.3\n\n\n$26.5\n\n\n\nNet loss per share\n\n\n\n\n\n\n\n\n- Basic and diluted\n\n\n$0.02\n\n\n$0.83\n\n\n$0.19\n\n\n$0.80\n\n\n\nTotal metres drilled\n\n\n234,287\n\n\n211,457\n\n\n825,271\n\n\n996,803\n\n¹ In accordance with IFRS, reported gross profit and margin include certain depreciation expenses. For comparative purposes, adjusted gross margin is also shown excluding these depreciation expenses. 2 EBITDA = Earnings before interest, taxes, restructuring charges, depreciation, amortization,  impairment of goodwill  and intangible assets. \n\n\"The mineral drilling industry continues to be impacted by highly challenging market conditions. Many senior and intermediate mining companies that scaled back their drilling programs in 2013 have exercised further restraint in 2014, as new or renewed contracts are often for shorter durations, reduced metres and involve less specialized drilling, which is typically charged at a higher rate. At the same time, exploration activities by junior mining companies remain at historically low levels due to a lack of capital. This reduced demand has created overcapacity in our industry, which has led to increased pricing pressure and lower revenue per metre drilled, resulting in margin erosion,\" said Eric Alexandre, President and CEO of Orbit Garant. \"In response to these...