MONCTON, NB, May 2 /CNW/ - Landdrill International Inc. (TSXV: LDI) ("Landdrill" or the"Company") has released results for the year-ended December 31, 2010. The
Company reports revenue of $34,677,000 which is an increase of
$19,720,000 (132%) from 2009's comparable amount of $14,957,000. A net
loss of $216,000 was incurred in 2010, compared to the prior years' net
loss of $4,487,000.
Ron Goguen Sr., the President and CEO of Landdrill said, "On an overall
basis the 2010 year was a significant turnaround from 2009, however the
final year-end results were disappointing as the fourth quarter margins
were well below expectations and our historical average. While
disappointed with the fourth quarter margins, on a year to date basis
the 2009 year resulted in overall gross margins of 26%, which is still
in excess of many of our competitors. The 2010 revenues exceeded the
prior year on a quarter over quarter basis and we are seeing a
continued increase in the demand for our services. Our revenues for
the first quarter of 2011 will establish a company high and when
considering this demand and our extra capacity from the acquisition in
Mexico and other organic drill additions - we believe that 2011 will
produce significantly improved financial results."
For a more complete review of the Company's year-end 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 49 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
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: firstname.lastname@example.org
Peter Mahzari: email@example.com
Tel.: (514) 939-3989 or (416) 644-2020