MONCTON, NB, May 31 /CNW/ - 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).
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 now has 34 drills with full branch operations in Canada, Mexico, Mongolia and Russia.
For detailed information on Landdrill International Inc., or to request a bid submission for your project worldwide, please visit our website at www.landdrill.com.
Caution Concerning Forward Looking Statements
This press release includes certain statements that would be deemed "forward-looking statements". These statements are "forward-looking" because they are based on current expectations, estimates and assumptions about the markets the Company operates in, the world economic climate as it relates to the mining industry, the Canadian economic environment and the Company's ability to attract and retain customers and to manage its assets and costs.
Actual results could differ materially from expectations if known or unknown risks affect the business, or if estimates or assumptions turn out to be inaccurate. The Company does not guarantee any forward-looking statement will materialize and, therefore, investors are cautioned not to place reliance on these forward looking statements. The Company disclaims any intention to update or revise any statement of forward-looking information whether as a result of new information, future events or otherwise.
On behalf of the Board of Directors,
Ronald Goguen Sr.
President and Chief Executive Officer
Landdrill International Inc.
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.
SOURCE Landdrill International Inc.
For further information: For further information: Ronald Goguen Sr., President and Chief Executive Officer, Landdrill International Inc., (506) 388-8961