Major Drilling announces record quarterly results

*before changes in non-cash operating working capital items, finance costs and income taxes

• Major Drilling posted the highest quarterly revenue in its history at $213.9 million, up 67% from the $127.8 million recorded for the same quarter last year.
• Gross margin percentage for the quarter improved significantly to 34.6%, compared to 27.5% last year.
• Net earnings were $31.6 million or $0.43 per share ($0.42 per share diluted) for the quarter, compared to net earnings of $11.3 million or $0.16 per share ($0.16 per share diluted) for the prior year quarter. This represents the highest quarterly earnings in the Company’s history.
• Effective September 30, 2011, the Company acquired Bradley Group Limited.  Revenue for the quarter from Bradley (one month) was $11 million.

“In this quarter, the Company achieved record quarterly revenue of $213.9 million, and record quarterly earnings of $31.6 million. Activity levels continued to be robust in every region and we continue to see inquiries from all categories of customers, although many customers are still in the process of finalizing their budgets,” said Francis McGuire, President and CEO of Major Drilling Group International Inc. “Excluding the $11 million in revenue contributed by Bradley in the month of October, the Company still generated $203 million in revenue, well above the previous record of $191 million achieved in the second quarter of fiscal 2009.”

Read the full news release