-
- Generated revenue of
$34.7M for Q1-2024; - Reported gross profit to
$7.4M or 21% of revenue; - Recorded EBITDA of
$6.7M or 19% of revenue; - Generated net income of
$2.1M , or$0.04 per Ordinary Share; - Ended the quarter with 89 rigs in the Company's fleet; and
- Achieved new safety milestone of 16.2M LTI free hours.
- Demand for drilling services has continued to increase and the Company expects the robust mining and exploration cycle will continue in 2024;
- The Company continues to see strong demand for drilling services across all operations and secured contracts totalling
US$150M in the quarter, including two significant multi-rig, multi-year contracts with tier one mining companies; - The Company continues to maintain its strong presence in
Egypt supported by its long- term underground contract with a tier one client; - Gold price continues to provide a strong tailwind for exploration drilling; and
- Strengthening our position in our primary markets, expanding geographical reach and commodity diversification.
Results in US$ 000s (except earnings per share and percentages) | For the three months | For the three months |
Revenue | 34,667 | 37,562 |
Gross profit | 7,445 | 12,176 |
Gross profit margin | 21 % | 32 % |
EBITDA(1)(2) | 6,663 | 10,451 |
EBITDA margin | 19 % | 28 % |
Net Income | 2,114 | 6,130 |
Earnings per share- | 0.04 | 0.13 |
Notes:
(1) EBITDA = earnings before interest, taxes, depreciation and amortization
(2) Please see "Non-IFRS Measures" below for additional discussion
"The Company has returned to profitability in the first quarter of 2024, in contrast to the net loss reported in Q3 2023 and Q4 2023. We had a slow start to Q1 2024, but ended the quarter very strongly in terms of top-line revenue and profitability. In Q1 2024, we were able to draw down on our new medium term facility to support rig purchases and other ancillary equipment for a new underground contract. We now have numerous multi-rig, multi-year contracts with tier one miners which will drive revenue and profits for years to come" said Geodrill Chief Financial Officer,
"Our focus on securing long-term contracts is pivotal for Geodrill; strengthening our foothold in
Geodrill's consolidated financial statements and management's discussion & analysis ("MD&A"), for the three and twelve month periods ended
The Company's Annual and Special Meeting of Shareholders (the "Meeting") will be held at the Company's registered office: Ragnall House,
You can join the call by dialing 1-888-664-6392 or 416-764-8659. A live audio webcast of the conference call will also be available through: https://app.webinar.net/Gnx9BpxBX4v
Following the Annual and Special Meeting, management of the Company will host a conference call at
Q1 2024 Conference Call Information | |
Date & Time: | Monday, May 13, 2024 at 10:30 a.m. ET |
Telephone: | Toll Free ( |
International 1-416-764-8659 | |
Conference ID: | 74982698 |
Webcast: | https://app.webinar.net/GpJo2PvXQYk |
Conference Call Replay | |
Telephone: | Toll Free Replay ( |
International Replay 1-416-764-8677 | |
Entry Code: | 982698 # |
The conference call replay will be available from 12:00 p.m. ET on May 20, 2024 until 11:59 p.m. ET.
Geodrill has been successful in establishing a leading market position in
www.geodrill-gh.com
EBITDA is defined as Earnings before Interest, Taxes, Depreciation and Amortization and is used as a measure of financial performance. The Company believes EBITDA is useful to investors because it is frequently used by securities analysts, investors and other interested parties to evaluate companies in the industry. However, EBITDA is not a measure recognized by IFRS and does not have a standardized meaning prescribed by IFRS. EBITDA should not be viewed in isolation and does not purport to be an alternative to net income or gross profit as an indicator of operating performance or cash flows from operating activities as a measure of liquidity. EBITDA does not have a standardized meaning prescribed by IFRS and therefore may not be comparable to similarly titled measures presented by other publicly traded companies, and EBITDA should not be construed as an alternative to other financial measures determined in accordance with IFRS.
Additionally, EBITDA is not intended to be a measure of free cash flow for management's discretionary use, as it does not consider certain cash requirements such as capital expenditures, contractual commitments, interest payments, tax payments and debt service requirements. Please see the Company's MD&A for the three month period ended
This press release may contain "forward-looking information" which may include, but is not limited to the future financial or operating performance of the Company, its subsidiaries, future growth, results of operations, performance, business prospects and opportunities. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "believes", or variations (including negative variations) of such words and phrases, or by the use of words or phrases that state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved.
Forward-looking statements are based on certain assumptions and analyses made by the Company in light of its experience and perception of historical trends, current conditions and expected future developments and other factors it believes are appropriate. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company and/or its subsidiaries to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements contained in this press release including, without limitation those described in the Management's Discussion & Analysis for the quarter ended
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