Landdrill International Inc. - Third Quarter Financial Results

MONCTON, NB, Nov. 24, 2011 /CNW/ - Landdrill International Inc. (TSXV: LDI) ("Landdrill" or the "Company") has released results for their third quarter ended September 30, 2011.  The Company reports record revenues of $20.2 million, which is a 74% increase from 2010's comparable amount of $11.6 million.  Landdrill also reports company high earnings before interest, taxes and depreciation ("EBITDA") of $3.1 million, as compared to the prior year's amount of $1.8 million.  The Company had foreign exchange and investment losses of $723,000 and as a result the net earnings for the quarter were $388,000, as compared to $643,000 for 2010's comparable period.

On a year to date basis the Company reports revenues of $49.6 million which is an increase of 96% from 2010's comparable amount of $25.3 million.  The Company also reports an EBITDA of $6.1 million as compared to the prior year's amounts of $3.1 million and the net earnings of $1.3 million were similar to the 2010 period.

Ron Goguen Sr., the President and CEO of Landdrill said, "I am pleased to report corporate high revenues of over $20 million.  We made significant efforts in 2011 to add to our drill fleet and this increased capacity which when combined with our successful business development efforts and the overall increase to the demand for exploration drilling services, have led to these record revenues.  Due to temporary inefficiencies from managing the extreme growth at the Mexico branch, the Company's consolidated gross margins were 5% ($1.0 million) under management's expectations.  We are actively engaged in assisting the Mexico Branch's transition and so we expect to see gross margins return to normalized levels for the 2012 year.  It should also be noted that, after reversing the effects of valuation and foreign exchange losses of $1.1 million, the quarter's normalized pre-tax earnings would have been $1.6m."

Management plans to make themselves available to investors and analysts by hosting a conference call on Thursday November 24, 2011, at 11:00 AM EST.  The call-in numbers are:

Local and International - +1 416 644-3426
North America - +1 800 731-5319

Participant Replay Numbers are as follows (available from Thursday November 24, 2011 at 2:00 PM EST to Thursday December 1, 2011 at 11:59 PM EST)

Local and International - +1 416 640-1917
North America - +1 877 289-8525
Access Code: 4489293#

For a review of the Company's latest filed financial results, copies of Landdrill's financial statements along with the management discussion and analysis (MD&A) can be found on SEDAR (www.sedar.com).

About Landdrill

Landdrill is a growth oriented international drilling company with a focus on the metals and minerals industry. The Company continues to explore opportunities for growth in key markets, either through establishment of new branch offices or through acquisitions as opportunities arise.  The Company has 57 drills with full branch operations in Canada, Mexico, Mongolia and Russia.

Landdrill is a forward looking company that has drilled in Canada, Mexico and Asia.  Our people have drilled at altitudes over 15,000 feet and in temperatures ranging from -50 degrees Celsius to +50 degrees Celsius.

We view all our customers as partners in every venture because we know that their success ensures our future!

We offer customized drilling programs to meet your every need and we always look forward to our next challenge.

For detailed information on Landdrill International Inc., or to request a bid submission for your project, please visit our website at www.landdrill.com.

Forward-looking information

This press release may contain forward-looking statements (within the meaning of applicable securities laws) relating to business of Landdrill International Inc. (the "Company") and the environment in which it operates. Forward-looking statements are identified by words such as "believe", "anticipate", "expect", "intend", "plan", "will", "may" and other similar expressions. These statements are based on the Company's expectations, estimates, forecasts and projections. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, including, without limitation that all terms of the contracts will be fulfilled in their entirety, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include commodity prices, availability of personnel, materials and equipment, actual performance of equipment and processes relative to specifications and expectations, unanticipated environmental impacts and continued availability of capital and financing and general economic, market or business conditions. These risks and uncertainties are discussed in the Company's regulatory filings available at www.sedar.com.

There can be no assurance that forward-looking statements will prove to be accurate as actual outcomes and results may differ materially from those expressed in these forward-looking statements. Readers, therefore, should not place undue reliance on any such forward-looking statements. Further, a forward-looking statement speaks only as of the date on which such statement is made. The Company undertakes no obligation to publicly update any such statement or to reflect new information or the occurrence of future events or circumstances, except as required by law.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE LANDDRILL INTERNATIONAL INC.

For further information:

Ronald Goguen
President and Chief Executive Officer
Landdrill International Inc.
(506) 388 - 8961

Renmark Financial Communications Inc.
John Bodiman: jboidman@renmarkfinancial.com
Arash Shahi: ashahi@renmarkfinancial.com
Tel.: (514) 939-3989 or (416) 644-2020
www.renmarkfinancial.com

Profil de l'entreprise

LANDDRILL INTERNATIONAL INC.

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