Landdrill International Inc - Year-end Financial Results
02 May 2011 - 10:00PM
PR Newswire (Canada)
MONCTON, NB, May 2 /CNW/ -- 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). About Landdrill 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
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.
Forward-looking information 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. To
view this news release in HTML formatting, please use the following
URL: http://www.cnw.ca/en/releases/archive/May2011/02/c8258.html p
Ronald Goguenbr/ President and Chief Executive Officerbr/ Landdrill
International Inc.br/ (506) 388 - 8961 /p p bRenmark Financial
Communications Inc./bbr/ John Bodiman: a
href="mailto:jboidman@renmarkfinancial.com"
cr="true"jboidman@renmarkfinancial.com/abr/ Peter Mahzari: a
href="mailto:pmahzari@renmarkfinancial.com"
cr="true"pmahzari@renmarkfinancial.com/abr/ Tel.: (514) 939-3989 or
(416) 644-2020br/ a href="http://www.renmarkfinancial.com"
cr="true"www.renmarkfinancial.com/a /p
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