Geodrill Reports First Quarter 2016 Financial Results

Geodrill (TSX:GEO) has reported its financial results for the three month period ending March 31, 2016.
As quoted in the press release:

Highlights for Q1-2016:

• Increased revenue by 65% compared to Q1-2015;
• Realized a gross profit margin of 43%, compared to 21% in Q1-2015;
• Increased EBITDA by 305% to $4.8M, compared to $1.2M in Q1-2015;
• Achieved net income of $1.6M or $0.04 per share compared to a net loss of $(1.4)M for Q1-2015 or $(0.03) per share; and
• Increased meters drilled by 96% compared to Q1-2015.

David Harper, president and CEO said:

Despite tough markets, we saw improved drilling activity, revenue, and margins during the first financial quarter. Significantly, the first quarter marks our twelfth consecutive quarter of positive gross profit margins ranging from 18% to 43%; and our eighth consecutive quarter of positive EBITDA margins ranging from 9% to 33%. These improved metrics underscore the success of our strategy of maintaining a strong position in our core market and the value of our high performance rig fleet and highly skilled drillers.

Click here for the full press release.