MONCTON, NB, April 30, 2012 /CNW/ - Landdrill International Inc. (TSXV: LDI) ("Landdrill" or the "Company") has released results for their fiscal year ended December 31, 2011.
Landdrill reports record gross revenue of $65 million for the fiscal year ended December 31, 2011. The increase in revenue is as a result of both the addition of 26 drilling rigs during fiscal 2011 along with a general increase in the global demand for drilling services. The increase in revenues represents an 85% increase over 2010's comparable amount of $35 million and is the second consecutive year of significant growth.
The Company was adversely impacted by several extraordinary events, including losses due to foreign exchange fluctuations along with additional expenses arising as a result of a delay in winding-up the Russian branch due to Russian bureaucracy. The Company also incurred several one-time expenses as a result of the acquisition of HD Drilling, s. de r.l. de c.v. and Inflight S. de r.l. de c.v. and the integration of their operation into Landdrill Mexico's operation. These costs totalled in excess of $2.3 million.
The large expansion program resulted in Landdrill doubling their labour force for the second year in a row. Driller recruitment and retention proved to be a challenge as the Company had significant turnover and this negatively affected job performance and profitability. This along with the aforementioned one-time costs, resulted in the Company posting a $1.6 million net loss for fiscal 2011.
Ron Goguen, Sr., the President and CEO of Landdrill commented, "2011 was a pivotal year strategically for Landdrill. We successfully executed on the objectives of fleet modernization and expansion. While we were impacted by some growing pains which we anticipate impacting 2012's Q1 results, overall we have managed to position Landdrill very well for the future. Our organizational focus for 2012 is to maximize the returns from our recent growth and modernized fleet. We are excited for the future, we have managed to quadruple revenues in the past two years and for 2012 we are confident that we will attain further revenue increases along with significant improvements to earnings".
Management plans to make themselves available to investors and analysts by hosting a conference call on Tuesday, May 1, 2012, at 11:00 AM EST. The call-in numbers are:
|Toronto and International -||+1 647 427-7450|
|North America -||+1 888 231-8191|
Participant Replay Numbers are as follows (available from Tuesday May 1, 2012 at 2:00 PM EST to Tuesday May 8, 2012 at 11:59 PM EST)
|Toronto and International -||+1 416 849-0833|
|North America -||+1 855 859-2056|
For a review of the Company's latest filed financial results, copies of Landdrill's financial statements 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 has 48 drills with full branch operations in Canada, Mexico and Mongolia.
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.
For further information:
Ronald J. Goguen
President and Chief Executive Officer
Landdrill International Inc.
(506) 388 - 8961