MONCTON, NB, April 30 /CNW/ - Landdrill International Inc. (TSX.V:LDI)
has released results for the year ended December 31, 2008. The Company reports
revenue of $24,460,000, which is an increase of $8,687,000 (55%) over 2007's
amount of $15,773,000. The income before taxes amounts for 2008 was
$1,409,000, which is an increase of $823,000 (140%) over 2007's amount of
The Company reports net income of $511,000 which was a decrease of
$260,000 (34%) from 2007's net income of $771,000. The net income was
adversely affected by one time income tax expense items, and these had a
cumulative negative effect of $496,000 to the Company's final year end net
income results. From an operational standpoint the Company increased its
operational income from $2,551,000 to $3,447,000, an increase of $896,000
Ron Goguen Sr., the President and CEO of Landdrill said, "The Company is
pleased to report continued growth in our revenue. The revenue from 2008's
Canadian business acquisition accounted for a significant portion of the
revenue growth ($4.7 million), however both the Mongolian and Mexican branches
also saw increases to both their revenue and operating income during 2008.
With the recent downturn in the global economy and its' expected effect to the
2009 mining sector, the Company is focusing on improving the drill rate
utilization in each of the four branches, while rightsizing as required to
more appropriately manage the overhead costs. Where the cost of setting up
these branches are substantially behind us, we are expecting to somewhat
offset the decreased global demand for drilling services with an improved
market share in each of these four countries. To assist the Company's
liquidity, Landdrill has recently restructured a significant portion of their
debt obligations otherwise maturing in 2009, which resulted in an improvement
to the working capital position from September 30th's $899,000 surplus, to
December 31, 2008's year end amount of $4,976,000, for a working capital
improvement of over $4 million."
For a more complete review of the Company's fourth quarter and annual
results, copies of Landdrill's financial statements for the year ended
December 31, 2008, 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 operations in Canada, Mexico, Russia and Mongolia.
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