MONCTON, Aug. 29 /CNW/ - Landdrill International Inc. (TSX.V:LDI) has
released results for its second quarter ended June 30, 2008. The Company
reports revenue of $5,277,000, which is an increase of $1,896,000 (56%) over
the comparable period's amount of $3,381,000. Net income of $65,000 was an
increase of $91,000 from the comparable period's loss of $26,000.
On a year to date basis the Company had revenues of $9,702,000, which is
an increase of $4,589,000 (90%) over the comparable period's amount of
$5,113,000. Net income of $309,000 was an increase of $1,144,000 from the
comparable period's loss of $835,000.
Ron Goguen Sr., the President and CEO of Landdrill said, "The Company is
pleased to report continued growth in their revenues, however the quarter's
gross margin of 30.2% was below expectations and was as a direct result of the
Mexican branche's 20.2% gross profit, during a period when they accounted for
42% of the Company's consolidated revenues. For the current third quarter,
margins are expected to return to their historical levels and revenues will be
positively affected by the July 29th acquisition of the assets of Forage
M. Lafreniere Inc. This acquisition added 7 drills to our Canadian operations,
along with experienced drillers and a strong management team. After the
acquisition, five of their seven drills were immediately re-deployed to
pre-existing contracts, with the other two expected to be operational in the
Fall. We are confident that with this acquisition, combined with continued
growth in our foreign subsidiaries that we can continue to achieve improved
For a more complete review of the first quarter results, copies of
Landdrill's financial statements for the interim period ended June 30, 2008,
along with the management discussion and analysis (MDA) can be found on SEDAR
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
30 drills operating in Canada, Mexico, Russia and Mongolia.
For detailed information on Landdrill International Inc., or to request a
bid submission for your project worldwide, please visit our website at
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.
For further information:
For further information: Ronald Goguen Sr., President and Chief
Executive Officer, Landdrill International Inc., (506) 388 - 8961