VAL-D'OR, QC, Sept. 26 /CNW/ - Orbit Garant Drilling Inc. (TSX: OGD)
("Orbit Garant" or the "Company") today issued a correction to the Company's
fourth quarter earnings, announced September 25, 2008.
The Company indicated that its 2008 fourth quarter earnings per share
were $0.06 per share basic and $0.05 per share diluted, as opposed to the
$0.07 per share basic and diluted figure previously reported. This correction
does not impact the earnings per share calculation for the full fiscal year of
2008 of $0.38 per share basic and $0.37 per share fully diluted. As well, all
other numbers previously reported in the news release remain unchanged. The
Company is today re-filing its Management's Discussion and Analysis dated
September 25, 2008 to reflect this correction.
Orbit Garant successfully completed an initial public offering of its
common shares on June 26, 2008, shortly before the end of its fiscal year on
June 30, 2008. In its first public company earnings announcement, the Company
reported Q4 fiscal 2008 normalized EBITDA of $6.6 million, compared to
$4.6 million in the comparable 2007 period. The Company had normalized EBITDA
for the twelve month period ending June 30, 2008 of $23.6 million compared to
$10.6 million for the comparable twleve month period ending June 30, 2007.
About Orbit Garant
Orbit Garant is one of the largest Canadian-based drilling companies,
providing both underground and surface drilling services in Canada and
internationally through its 119 drills and approximately 500 employees. Orbit
Garant provides services to major, intermediate and junior mining companies,
through each stage of mining exploration, development and production.
This press release may contain forward-looking statements (within the
meaning of applicable securities laws) relating to business of Orbit Garant
Drilling 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. They are not guarantees of future
performance and involve risks and uncertainties that are difficult to control
or predict. 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.
For further information:
For further information: Eric Alexandre, President and Chief Operating
Officer, (819) 824-2707 Ext. 233; Philip Koven, Investor Relations, (416)
447-4740 Ext. 235