Geodrill Ltd (GEODF)

[geodan]

TORONTO, March 6, 2017 /CNW/ - Geodrill Limited(GDLLF) ("Geodrill" or the "Company") , a leading West African based drilling company, reported its financial results for the three and twelve month periods ended December 31, 2016. All figures are reported in U.S. dollars ($), unless otherwise indicated. Geodrill's(GDLLF) financial statements are prepared in accordance with International Financial Reporting Standards ("IFRS").

Note: These are superb results, what was hoping for

Highlights for Fiscal 2016:

Increased revenue by 53% from $47.9M to $73.4M;
Generated a gross margin of 40%, a significant increase compared to 32% in the prior year;
Realized net income of $7.1M or $0.17 per share compared to a net loss of $(1.9M) or $(0.04) per share in the prior year;
Achieved the eleventh consecutive quarter of positive EBITDA margins reporting $19.2M for fiscal 2016 compared to $10.4M for the prior year;
Invested $8.9M into CAPEX;
Won a number of significant multi-rig contracts with Newmont Mining, Newcrest Mining, SEMAFO Inc., Asanko Gold, and Acacia Mining;
Achieved 2.5 million man hours LTI free milestone for the year;
Drilled more than a million meters, accomplishing a Company annual record of 1,007,549 meters;
Expanded the Company's rig fleet to 46 rigs; and
Ended the year with a net cash position of $5.0M.