Moncton, NB. August 30, 2010 - Landdrill International Inc. (TSX.V:LDI) has released results for the second quarter ended June 30, 2010
The Company reports revenues of $7,567,000 which is an increase of $4,501,000 (147%) from 2009’s comparable amount of $3,066,000. The Company generated pre-tax net income of $581,000 as compared to 2009’s pre-tax loss of $1,372,000 and the net income was $331,000, as compared to a net loss of $1,063,000 for 2009’s comparable period.
On a year to date basis the Company reports revenues of $13,750,000 which is an increase of $6,422,000 (88%) from 2009’s comparable amount of $7,328,000. The Company generated pre-tax net income of $1,165,000 as compared to 2009’s pre-tax loss of $1,973,000 and the net income was $555,000, as compared to a net loss of $1,693,000 for 2009’s comparable six month period.
Ron Goguen Sr., the President and CEO of Landdrill said, “I am pleased to report back to back quarters of profit after experiencing the negative effects of the 2009 global slowdown on Landdrill’s financial results. While the profit is modest it is a significant improvement over 2009’s comparable period. The Company has benefited from a turnaround in commodity prices and the financial markets, and management has made significant business development initiatives over the last year which has all combined to substantially increase the demand for Landdrills’ services. The Company has also successfully re-financed its more significant loans that were otherwise maturing, resulting in a significant improvement to the Company’s working capital position. The Company now has 23 of their 37 drills active on contracts with commitments to have another 5 drills deployed shortly. We are confident that Landdrill will continue to report improving results for the rest of 2010.”
For a more complete review of the Company’s results, copies of Landdrill’s financial statements for the three and six months ended June 30, 2010, along with the management discussion and analysis (MD&A) can be found on SEDAR (www.sedar.com).
Moncton, NB. August 10, 2010 - Appointment of Mr. Edward Stringer to the Company’s Board of Directors and Mr. Brian Maude as Corporate Secretary
Edward Stringer of Sudbury, Ontario has been involved in mining and mineral exploration for the past 42 years, first as an underground miner for 12 years and the next 30 years in mineral exploration. Since 1983 to the present, he has been President, Owner and Manager of Stringer Explorations Ltd., a private exploration company involved in all phases of exploration including consulting, contract management and specializing in contract diamond drilling using light weight helicopter portable drills. He has held management positions in both private and public companies, most recently as President, CEO and Director of Garson Resources Ltd., a CNQ listed company, and as Executive Chairman and Director of Garson Gold Corp., a TSX Venture listed company. He is a Lifetime Permanent Ontario Prospector and a Lifetime Permanent Member of the Prospectors and Developers Association of Canada.
Brian Maude of Moncton, NB has been a practicing lawyer for 12 years. He practiced law in Calgary, Alberta before coming back to Moncton in 1999. Since opening his own practice in 2003, Brian has taught Commercial Law at Mount Allison University in Sackville, New Brunswick, and given seminars on technology for the Canadian Bar Association. Brian was appointed an Adjudicator of the Small Claims Court of New Brunswick in September 2007. He is a Past President of the Moncton Area Lawyers Association, served as Vice-Chair of the New Brunswick Appeal Board on Teacher Certification from 2002 to 2005 and currently chairs the Law Practice Management and Technology section of the New Brunswick branch of the Canadian Bar Association. Brian holds an undergraduate degree from Université Laval in Québec City, QC, and a law degree from the Université de Moncton in Moncton, NB.
Ron Goguen Sr., the President and CEO of Landdrill said, “I am very pleased to welcome Mr. Stringer as an independent director and Mr. Maude as Corporate Counsel and Corporate Secretary of the Company. Ed’s mining and public company experience make him a valuable addition to our Board and Brian’s legal and governance expertise is a great addition to our senior management team. We look forward to working closely with both of them.”
Moncton, NB. May 31, 2010 - First Quarter Financial Results
Landdrill International Inc. (TSX.V:LDI) has released results for their first quarter ended March 31, 2010. The Company reports revenue of $6,183,000 which is an increase of $1,921,000 (45%) from 2009’s comparable amount of $4,262,000. The Company generated pre-tax net income $585,000 as compared to 2009’s pre-tax loss of $602,000 and the net income was $224,000, as compared to a net loss of $630,000 for 2009’s comparable period.
The Company also reports an EBITDA of $918,000, a significant improvement over 2009 as the Company more then doubled the prior year’s amount of $421,000.
Ron Goguen Sr., the President and CEO of Landdrill said, “I am pleased to report these improved financial results after experiencing a very tough 2009. The Company has benefited from a turnaround in commodity prices, financial markets and the demand for exploration drilling services. Management has made significant business development initiatives over the last nine months and this has also contributed to these results. The Company has not only seen a significant increase to the number of signed contracts, but there is also a much larger number of prospective contracts then as compared to 2009. We are optimistic that we can secure our share of these new jobs and expect to report continuing improved results for the rest of 2010.”
For a more complete review of the Company’s year end results, copies of Landdrill’s financial statements for the three months ended March 31, 2010, along with the management discussion and analysis (MD&A) can be found on SEDAR (www.sedar.com).
Moncton, NB. April 30, 2010 - Year End Financial Results
On a year to date basis the Company has revenues of $12,458,000, which is a decrease of $4,522,000 (27%) over the comparable period’s amount of $16,980,000. The net loss of $2,345,000 was a decrease from the comparable period’s net income $528,000Moncton, NB. April 30, 2010. Landdrill International Inc. (TSX.V:LDI) has released results for the year ended December 31, 2009. The Company reports revenue of $14,957,000 which is a decrease of $9,503,000 (39%) from 2008’s comparable amount of $24,460,000. A net loss of $4,487,000 was incurred in 2009, compared to net income of $511,000 in 2008.
The Company’s EBITDA was a positive $52,000, however this amount was reduced by significant charges for foreign exchange losses and income tax expense. For 2009s’ fiscal year the Company incurred foreign exchange losses in the amount of $1,160,000. These currency losses are mostly as a result of the strengthening of the Canadian dollar relative to the US dollar, creating a loss on the Canadian parent companies’ US dollar denominated receivables from their three ‘wholly’ owned foreign subsidiaries, whose individual currencies did not similarly strengthen against the US dollar. Also during the period the Company expensed $944,000 in future income tax assets. These tax assets still exist, however where there was no certainty of using them in the immediate future, management took a valuation allowance against these assets, which resulted in a reduction to income.
Ron Goguen Sr., the President and CEO of Landdrill said, “Although the results for 2009 were down from the prior year, caused by the global slowdown that negatively impacted the mining industry at the end of 2008 and 2009, revenue from drilling services has significantly increased during 2010. During the first quarter for 2010 the Company’s revenues have increased 39% over the prior years’ comparable amount. I am confident that this increased level of drilling can be sustained for the rest of the year.
For a more complete review of the Company’s year end results, copies of Landdrill’s financial statements for the year ended December 31, 2009, along with the management discussion and analysis (MD&A) can be found on SEDAR (www.sedar.com).
Moncton, NB. November 30, 2009
Landdrill International Inc. (TSX.V:LDI) has released results for their third quarter ended September 30, 2009. The Company reports revenue of $5,130,000, which is a decrease of $2,148,000 (30%) from 2008’s comparable amount of $7,278,000. A net loss of $652,000 was incurred in 2009, compared to net income of $220,000 in 2008.
On a year to date basis the Company has revenues of $12,458,000, which is a decrease of $4,522,000 (27%) over the comparable period’s amount of $16,980,000. The net loss of $2,345,000 was a decrease from the comparable period’s net income $528,000.
During the third quarter the Company reports positive earnings before income taxes, amortization and depreciation (“EBITDA”) of $730,000 which was comparable to the prior years’ amount of $967,000. However this EBITDA amount was then reduced for non-cash foreign currency losses of $712,000 for the three months ended September 30, 2009. These currency losses occur as a result of the strengthening of the Canadian dollar relative to the US dollar, creating a loss on the Canadian parent companies’ US dollar denominated receivables from their three “wholly” owned foreign subsidiaries.
Ron Goguen Sr., the President and CEO of Landdrill said, “The financial results for the third quarter were expected to be down from the prior period as a direct result of the expected decrease in revenues. The net earnings were also negatively affected by the foreign exchange losses on loans made to the Companies three foreign subsidiaries. The 30% decrease in the quarters revenues while significant, is favourable in comparison to most of our competitors as the 2009 slowdown in global exploration spending has caused the demand for drilling to fall in excess of this 30% amount. We can report that at this time the Company is seeing an increased interest in drilling opportunities in all four branches, however most of this interest is for the 2010 year. Management is optimistic that there will be increased drilling opportunities in the very near term and that the Company will be able to secure a significant increase in the number of contracts for next year’s drilling season. ”
For a more complete review of the Company’s second quarter results, copies of Landdrill’s financial statements for the three months and nine months ended September 30, 2009, along with the management discussion and analysis (MD&A) can be found on SEDAR (www.sedar.com).
Moncton, NB. November 23, 2009
Landdrill International Inc. (TSX.V:LDI) is pleased to announce the appointment of Mr. Roger Clinch and Mr. Richard Ormston to the Company’s Board of Directors.
J. Roger Clinch of Bathurst, New Brunswick has a B.A. from the University of St. Thomas along with a Bachelor of Education from the University of Moncton. He has significant experience in the public forum as a high school Principal, Mayor and Member of Parliament. He also has extensive consulting experience with a focus on human resource management and labour relations. Over the past 20 years, Mr. Clinch has held various senior management positions with a NB mining company.
Richard “Rick” Ormston of Halifax, Nova Scotia has a Bachelor of Commerce degree from Mount Allison University, followed by a professional Chartered Accounting designation through PricewaterhouseCoopers (“PwC”). Mr. Ormston spent over 30 years with PwC, becoming a partner in 1980 and leading their Halifax office’s tax department for most of his time with the firm. Subsequent to his 2005 retirement from PwC, he has been a consultant and director for various private companies and is currently the CFO for REM Forest Products Inc.
Ron Goguen Sr., the President and CEO of Landdrill said, “The Company is very pleased to welcome Mr. Clinch and Mr. Ormston as independent directors of the Company. Both Roger and Rick have significant experience in a variety of undertakings locally, provincially and nationally. Their experience and knowledge in the both the mining industry, along with their tax and governance expertise, are great assets to Landdrill and our management team looks forward to working closely with them.”
Moncton, NB: August 31, 2009
Landdrill International Inc – Second Quarter Financial Results
Moncton, NB. August 31, 2009. Landdrill International Inc. (TSX.V:LDI) has released results for their second quarter ended June 30, 2009. The Company reports revenue of $3,066,000, which is a decrease of $2,211,000 (42%) from 2008’s comparable amount of $5,277,000. A net loss of $1,063,000 was incurred in 2009, compared to net income of $65,000 in 2008.
On a year to date basis the Company has revenues of $7,328,000, which is a decrease of $2,374,000 (25%) over the comparable period’s amount of $9,702,000. The net loss of $1,693,000 was a decrease from the comparable period’s net income $309,000.
Ron Goguen Sr., the President and CEO of Landdrill said, “The results from the second quarter were expected to be down significantly from prior periods as a direct result of the much slower start to various contracts, combined with the unprecedented slowdown to the global mining market. The second quarter was much slower than historically experienced and originally anticipated by management. However in anticipation of this decrease in volume, during May of this year the Company made the previously announced cuts to wages and discretionary administrative expenses, thereby significantly reducing overhead expenses. With those layoffs being effective during May and June, the Company is just now realizing the financial benefit of these cost reductions during our third quarter. In addition to cutting costs, since the end of the second quarter the company has doubled the number of drills being utilized. At this current level of activity the Company is generating improved financial results and a positive cash flow. The recent cuts to overhead costs combined with increased drilling from the strengthening global mining market, will allow the Company to report significantly improved results.”
For a more complete review of the Company’s second quarter results, copies of Landdrill’s financial statements for the three months and six months ended June 30, 2009, along with the management discussion and analysis (MD&A) can be found on SEDAR (www.sedar.com).
Moncton, NB: May 29, 2009
Landdrill International Inc – First Quarter Results.
Landdrill International Inc.(TSX.V:LDI) has released results for their first quarter ended March 31, 2009.The Company reports revenue of $4,262,000, which is a decrease of $163,000 (4%) from 2008’s comparable amount of $4,425,000.A net loss of $630,000 was incurred in 2009, compared to net income of $245,000 in 2008.From an operational standpoint the Company maintained consistent results and reports operating income of $422,000 in 2009 as compared to $489,000 in 2008.
Ron Goguen Sr., the President and CEO of Landdrill said, “The results from the first quarter are consistent with management’s original expectations as the first quarter results are normally affected by seasonality factors in three of the Company’s four branches.Since the end of the first quarter the contract starts have been much slower then originally anticipated, however recent indicators show that the second half of the year should be much improved from the first half, but still below management’s forecasted levels for the 2009 year.As a result of this slowdown, the Company is making significant cost cuts.Wage related cuts are expected to reduce expenses by $1.0 million over a 12 month period.With these layoffs being effective in late May, the cost reductions will be realized in June and will be fully in place by the end of July.The total savings from these cuts and other changes from management’s original plans will result in approximately $703,000 in reductions to 2009’s budgeted general and administrative expenses.The majority of this reduction to expenses would come from layoffs while there would also be reductions to discretionary administrative expenses.Furthermore, should this slowdown to the mining industry continue to adversely affect the Company’s ability to generate sufficient revenues, management will initiate other action as required.”
For a more complete review of the Company’s first quarter results, copies of Landdrill’s financial statements for the three months ended March 31, 2009, along with the management discussion and analysis (MD&A) can be found on SEDAR (www.sedar.com).
Moncton, NB: April 30, 2009
Landdrill International Inc – Year End Financial Results.
Landdrill International Inc. (TSX.V:LDI) has released results for the year ended December 31, 2008. The Company reports revenue of $24,460,000, which is an increase of $8,687,000 (55%) over 2007’s amount of $15,773,000. The income before taxes amounts for 2008 was $1,409,000, which is an increase of $823,000 (140%) over 2007’s amount of $586,000.
The Company reports net income of $511,000 which was a decrease of $260,000 (34%) from 2007’s net income of $771,000. The net income was adversely affected by one time income tax expense items, and these had a cumulative negative effect of $496,000 to the Company’s final year end net income results. From an operational standpoint the Company increased its operational income from $2,551,000 to $3,447,000, an increase of $896,000 (35%).
Ron Goguen Sr., the President and CEO of Landdrill said, “The Company is pleased to report continued growth in our revenue. The revenue from 2008’s Canadian business acquisition accounted for a significant portion of the revenue growth ($4.7 million), however both the Mongolian and Mexican branches also saw increases to both their revenue and operating income during 2008. With the recent downturn in the global economy and its’ expected effect to the 2009 mining sector, the Company is focusing on improving the drill rate utilization in each of the four branches, while rightsizing as required to more appropriately manage the overhead costs. Where the cost of setting up these branches are substantially behind us, we are expecting to somewhat offset the decreased global demand for drilling services with an improved market share in each of these four countries. To assist the Company’s liquidity, Landdrill has recently restructured a significant portion of their debt obligations otherwise maturing in 2009, which resulted in an improvement to the working capital position from September 30th’s $899,000 surplus, to December 31, 2008’s year end amount of $4,976,000, for a working capital improvement of over $4 million.”
For a more complete review of the Company’s fourth quarter and annual results, copies of Landdrill’s financial statements for the year ended December 31, 2008, along with the management discussion and analysis (MD&A) can be found on SEDAR (www.sedar.com).
Moncton, NB: February 03, 2009
Landdrill International Inc – Appointment of Mr. John Martin and Mr. Frank Smeenk to its Board of Directors.
John Martin currently of Miramichi, New Brunswick has a B.A.Sc. from the University of Toronto. He is a registered professional engineer with over 38 years experience in the mining
