MONCTON, NB, June 1, 2011 /CNW/ - Landdrill International Inc. (TSXV:LDI) ("Landdrill" or the "Company") has released results for their first quarter ended March 31, 2011.
The Company reports revenues of $14,013,000, which is an increase 127%
from 2010's comparable amount of $6,183,000. The Company also reports
earnings before interest, taxes and depreciation ("EBITDA") of
$2,089,000 and a net profit of $1,004,000, which are increases from the
prior period's amounts of $918,000 and $224,000 respectively.
Ron Goguen Sr., the President and CEO of Landdrill said, "I am pleased
to report these significantly improved financial results. The
quarter's revenues have not only exceeded internal budgets and
forecasts, but have also established a new Company high. Our gross
margin has improved from the fourth quarter and we expect further
improvements during 2011. These first quarter results were also prior
to the effect of the March 31st acquisition in Mexico and so with this increase in capacity, combined
with a strong demand for our services - we expect to report
continuously improving results."
Management plans to make themselves available to investors and analysts
by hosting a conference call on Thursday June 2, 2011, at 10:00AM EST.
The call-in numbers are:
Local and International - (416) 644-3425
North America - 1-877-974-0445
As disclosed May 30, 2011 the Company is availing itself of the
allowable 30 day IFRS related extension prior to filing the Q1
financial statements and management discussion and analysis (MD&A).
The Company plans to file these documents on Tuesday June 28, 2011.
For a review of the Company's latest filed financial results, copies of
Landdrill's financial statements for the year ended December 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 51 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.
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:
President and Chief Executive Officer
Landdrill International Inc.
(506) 388 - 8961
Renmark Financial Communications Inc.
John Bodiman: email@example.com
Peter Mahzari: firstname.lastname@example.org
Tel.: (514) 939-3989 or (416) 644-2020