-Increased Annual Net Income by 34% and Increased Semi-Annual Dividend -
Highlights for Fiscal 2022:
- Generated revenue of
$138.6M representing a 20% increase compared to Fiscal 2021; - Increased net income to
$18.9M or$0.41 per share representing a 34% increase compared to$0.31 in Fiscal 2021; - Generated EBITDA of
$38.4M or 28% of revenue, a 30% increase compared to Fiscal 2021; - Achieved a Return on Capital Employed (ROCE) of 25% and Return on Equity (ROE) of 18%;
- Ended the year with net cash (excluding right of use liabilities) of
$9.8M ; - Delivered
CAD$0.06 in dividends to investors in 2022 compared toCAD$0.02 in 2021; - Continued to develop a diversified geographical and commodity strategy in which the Company is drilling for gold, copper, zinc and lithium; and
- Achieved new milestone of 9.9M LTI free hours.
Highlights for Q4-2022:
- Generated revenue of
$30.9M an increase of 16% compared to Q4-2021; - Delivered EBITDA margin of 24%;
- Increased net income to
$3.4M ,a 25% increase, compared to$2.7M compared to Q4-2021; - Grew earnings per share to
$0.07 per share compared to$0.06 per share for Q4-2021; - Expanded the Company's footprint into
South America with first contract inChile ; and - Maintained rig utilization of approximately 70%.
Outlook
- Demand for drilling services has continued to increase this year and the Company expects a robust mining and exploration cycle will continue into 2023;
- Gold price continues to provide a strong tailwind for exploration drilling; and
- Expanding geographical reach and commodity diversification.
Financial Summary
Results in US$ 000s (except earnings per | For the twelve months ended | For the twelve months ended | For the three | For the three |
Revenue | 138,625 | 115,214 | 30,900 | 26,741 |
Gross profit | 40,577 | 30,098 | 7,436 | 6,492 |
Gross profit margin | 29 % | 26 % | 24 % | 24 % |
EBITDA(1)(2) | 38,350 | 29,454 | 7,507 | 7,307 |
EBITDA margin | 28 % | 26 % | 24 % | 27 % |
Net Income | 18,918 | 14,118 | 3,441 | 2,758 |
Earnings per share- basic | 0.41 | 0.31 | 0.07 | 0.06 |
Notes: | |
(1) | EBITDA = earnings before interest, taxes, depreciation and amortization |
(2) | Please see "Non-IFRS Measures" below for additional discussion |
"Once again, Geodrill delivered a record year, generating an increase in annual revenue, net income and EBITDA. This accomplishment follows on the backdrop of our 2021 financial performance in which the Company also delivered significant increases on these financial metrics," said Geodrill CFO,
"The significant growth in our financial metrics does not truly reflect the real and growing momentum that we are continuing to experience on the ground. Operationally, not only have we been able to both expand our drill rig fleet count to 76, we have also been able to expand well beyond the borders of our stronghold in
The Company is also pleased to announce that the Board of Directors has declared a semi-annual dividend. The semi-annual dividend, in the amount of
Geodrill's consolidated financial statements and management's discussion & analysis ("MD&A"), for the three and twelve month periods ended
Following the release, management of the Company will host a conference call at
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About
Geodrill has been successful in establishing a leading market position in
Non-IFRS Measures
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 and twelve month periods ended
Forward Looking Information
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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