MONCTON, NB, Aug. 31 /CNW/ - 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).
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 31 drills with full branch operations in Canada, Mexico, Mongolia and
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.
(506) 388 - 8961
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