Boart Longyear Limited Announces Consolidated Earnings Results for Half Year Ended June 30, 2018
August 22, 2018 at 06:43 pm EDT
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Boart Longyear Limited announced consolidated earnings results for the half year ended June 30, 2018. For the period, the company reported the company reported revenue of $394.2 million compared to $356.2 million a year ago. Statutory EBITDA was $28.3 million compared to LBITDA of $12.0 million a year ago. Adjusted EBITDA was $36.6 million compared to $21.4 million a year ago. These improvements had been driven by strong flow-through from increased volume, a focus on delivery, productivity improvement and operating cost initiatives and continued reduction in SG&A cost base despite the high revenues. These gains were, however, partially offset by marginally weaker FX and some one-off negatives. Also, a positive to see the statutory EBITDA, inclusive of restructuring cost, was $40 million higher year-on-year. In terms of adjusted net profit after tax, while still negative at negative $10 million, improved by $44 million year-on-year and again, statutory NPAT improved by $67 million. Statutory net loss after tax was $16.3 million compared to $85.2 million a year ago. Adjusted net loss after tax was $9.7 million compared to $53.5 million a year ago. Net cash flows used in operating activities was $12.0 million compared $57.7 million a year ago. Net Debt was $650 million compared to $599 million a year ago. Operating profit was $9.9 million compared loss of $38.7 million a year ago. Profit from Trading Activities was $23.0 million compared to loss of $1.1 million a year ago. Cash used in operations was $2.0 million compared to $50.5 million a year ago. Capital expenditures (accrual) was $20.5 million compared to $15.2 million a year ago. Capital expenditures (cash) was $19.4 million compared to $14.3 million a year ago. Loss per share (basic and diluted) was 0.1 cents compared to 9.1 cents a year ago. Loss for the period attributable to equity holders of the parent was $16,323,000 compared to $85,234,000 a year ago. Purchase of property, plant and equipment was $19,020,000 compared to $12,593,000 a year ago. The positive news is that EBITDA improved by 14% with volume and improved rig uptime. Revenue is up 11% or $38 million. Adjusted EBITDA, up $16 million; and adjusted NPAT, up $44 million.
Boart Longyear Group Ltd. is a provider of drilling services, drilling equipment, and performance tooling for mining and drilling companies. It also has a presence in aftermarket parts and service, energy, mine de-watering, oil sands exploration, production drilling, and down-hole instrumentation. It operates in two segments: Global Drilling Services and Global Products, which includes the Veracio business. The Global Drilling Services segment provides a broad range of drilling services to companies in mining, energy and other industries. Its Global Drilling Services division operates for a diverse mining customers base spanning a range of commodities, including copper, gold, nickel, zinc, uranium, and other metals and minerals. The Global Products segment, which includes Veracio, manufactures and sells drilling equipment and performance tooling to customers in the drilling services and mining industries. Its water services include dewatering, water supply drilling, and pump services.