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DocuSign (NASDAQ:DOCU) Surprises With Q3 Sales, Stock Jumps 17%One of America's largest health insurers reversed a change in policy Thursday after widespread outcry, saying it would not tie payments in some states to the length of time a patient went under anesthesia. Read this article for free: Already have an account? To continue reading, please subscribe: * One of America's largest health insurers reversed a change in policy Thursday after widespread outcry, saying it would not tie payments in some states to the length of time a patient went under anesthesia. Read unlimited articles for free today: Already have an account? One of America’s largest health insurers reversed a change in policy Thursday after widespread outcry, saying it would not tie payments in some states to the length of time a patient went under anesthesia. Anthem Blue Cross Blue Shield said in a statement that its decision to backpedal resulted from “significant widespread misinformation” about the policy. “To be clear, it never was and never will be the policy of Anthem Blue Cross Blue Shield to not pay for medically necessary anesthesia services,” the statement said. “The proposed update to the policy was only designed to clarify the appropriateness of anesthesia consistent with well-established clinical guidelines.” Anthem Blue Cross Blue Shield would have used “physician work time values,” which is published by the Centers for Medicare and Medicaid Services, as the metric for anesthesia limits; maternity patients and patients under the age of 22 were exempt. But Dr. Jonathan Gal, economics committee chair of the American Society for Anesthesiologists, said it’s unclear how CMS derives those values. In mid-November, the American Society for Anesthesiologists called on Anthem to “reverse the proposal immediately,” saying in a news release that the policy would have taken effect in February in New York, Connecticut and Missouri. It’s not clear how many states in total would have been affected, as notices also were posted in Virginia and Colorado. People across the country registered their concerns and complaints on social media, and encouraged people in affected states to call their legislators. Some people noted that the policy could prevent patients from getting overcharged. Gal said the policy change would have been unprecedented, ignored the “nuanced, unpredictable human element” of surgery and was a clear “money grab.” Winnipeg Jets Game Days On Winnipeg Jets game days, hockey writers Mike McIntyre and Ken Wiebe send news, notes and quotes from the morning skate, as well as injury updates and lineup decisions. Arrives a few hours prior to puck drop. “It’s incomprehensible how a health insurance company could so blatantly continue to prioritize their profits over safe patient care,” he said. “If Anthem is, in fact, rescinding the policy, we’re delighted that they came to their senses.” Prior to Anthem’s announcement Thursday, Connecticut comptroller Sean Scanlon said the “concerning” policy wouldn’t affect the state after conversations with the insurance company. And New York Gov. Kathy Hochul said in an emailed statement Thursday that her office had also successfully intervened. The insurance giant’s policy change came one day after the CEO of UnitedHealthcare, another major insurance company, was shot and killed in New York City. ___ The Associated Press Health and Science Department receives support from the Robert Wood Johnson Foundation. The AP is solely responsible for all content. Advertisement AdvertisementIVE caught up with Billboard on the red carpet at the MAMA Awards 2024.My love of movie scoundrels has been sorely tested this year. When I was young, I daydreamed of exotic heists, slick con artists and lovable crooks I’d seen on screen. For most of my moviegoing life, I’ve been a sucker for larceny done well. Most of us are, probably. Related Articles Movies | ‘Nightbitch’ review: Amy Adams goes feral in a cautionary tale of love and parental imbalance Movies | Review: Angelina Jolie glides through ‘Maria’ like an iceberg, but a chilly Callas isn’t enough Movies | ‘Sweethearts’ review: Breakup-focused romcom is largely engaging Movies | Making ‘Queer’ required openness. Daniel Craig was ready Movies | 18 most anticipated movies in holiday season 2024 But now it’s late 2024. Mood is wrong. In the real world, in America, it’s scoundrel time all the time. Maybe Charles Dickens was right. In “American Notes for General Circulation” (1842), the English literary superstar chronicled his travels and detected a widespread, peculiarly American “love of ‘smart’ dealing” across the land. In business and in politics, Dickens observed, slavish admiration of the con men among them “gilds over many a swindle and gross breach of trust.” And here we are. It’ll pass, this scoundrel reprieve of mine. In fact it just did. All it took was thinking about the conspicuous, roguish outlier on my best-of-2024 list: “Challengers.” It’s what this year needed and didn’t know it: a tricky story of lying, duplicitous weasels on and off the court. The best films this year showed me things I hadn’t seen, following familiar character dynamics into fresh territory. Some were more visually distinctive than others; all made eloquent cases for how, and where, their stories unfolded. “All We Imagine as Light,” recently at the Gene Siskel Film Center, works like a poem, or a sustained exhalation of breath, in its simply designed narrative of three Mumbai hospital workers. Fluid, subtly political, filmmaker Payal Kapadia’s achievement is very nearly perfect. So is cowriter-director RaMell Ross’ adaptation of the Colson Whitehead novel “The Nickel Boys,” arriving in Chicago-area theaters on Jan. 3, 2025. “Nickel Boys,” the film, loses the “the” in Whitehead’s title but gains an astonishingly realized visual perspective. If Ross never makes another movie, he’ll have an American masterpiece to his credit. The following top 10 movies of 2024 are in alphabetical order. Both a mosaic of urban ebb and flow, and a delicate revelation of character, director and writer Payal Kapadia’s Mumbai story is hypnotic, patient and in its more traditional story progression, a second feature every bit as good as Kapadia’s first, 2021’s “A Night of Knowing Nothing.” Mikey Madison gives one of the year’s funniest, saddest, truest performances as a Brooklyn exotic dancer who takes a shine to the gangly son of a Russian oligarch, and he to her. Their transactional courtship and dizzying Vegas marriage, followed by violently escalating complications, add up to filmmaker Sean Baker’s triumph, capped by an ending full of exquisite mysteries of the human heart. As played by Adrien Brody, the title character is a visionary architect and Hungarian Jewish emigre arriving in America in 1947 after the Holocaust. (That said, the title refers to more than one character.) His patron, and his nemesis, is the Philadelphia blueblood industrialist played by Guy Pearce. Director/co-writer Brady Corbet’s thrillingly ambitious epic, imperfect but loaded with rewarding risks, was shot mostly in widescreen VistaVision. Worth seeing on the biggest screen you can find. Opens in Chicago-area theaters on Jan. 10, 2025. Zendaya, Mike Faist and Josh O’Connor play games with each other, on the tennis court and in beds, while director Luca Guadagnino builds to a match-point climax that can’t possibly work, and doesn’t quite — but I saw the thing twice anyway. In Bucharest, production assistant Angela zigzags around the city interviewing people for her employer’s workplace safety video. If that sounds less than promising, even for a deadpan Romanian slice-of-life tragicomedy, go ahead and make the mistake of skipping this one. llinca Manolache is terrific as Angela. Like “Do Not Expect Too Much,” director Agnieszka Holland’s harrowing slice of recent history was a 2023 release, making it to Chicago in early 2024. Set along the densely forested Poland/Belarus border, this is a model of well-dramatized fiction honoring what refugees have always known: the fully justified, ever-present fear of the unknown. A quiet marvel of a feature debut from writer-director Annie Baker, this is a mother/daughter tale rich in ambiguities and wry humor, set in a lovely, slightly forlorn corner of rural Massachusetts. Julianne Nicholson, never better; Zoe Ziegler as young, hawk-eyed Lacy, equally memorable. I love this year’s nicest surprise. The premise: A teenager’s future 39-year-old self appears to her, magically, via a strong dose of mushrooms. The surprise: Writer-director Megan Park gradually deepens her scenario and sticks a powerfully emotional landing. Wonderful work from Aubrey Plaza, Maisy Stella, Maria Dizzia and everybody, really. From the horrific true story of a Florida reform school and its decades of abuse, neglect and enraging injustice toward its Black residents, novelist Colson Whitehead’s fictionalized novel makes a remarkable jump to the screen thanks to co-writer/director RaMell Ross’s feature debut. Cousins, not as close as they once were, reunite for a Holocaust heritage tour in Poland and their own search for their late grandmother’s childhood home. They’re the rootless Benji (Kieran Culkin) and tightly sprung David (Jesse Eisenberg, who wrote and directed). Small but very sure, this movie’s themes of genocidal trauma and Jewish legacy support the narrative every step of the way. Culkin is marvelous; so is the perpetually undervalued Eisenberg. To the above, I’ll add 10 more runners-up, again in alphabetical order: “Blink Twice,” directed by Zoe Kravitz. “Conclave,” directed by Edward Berger. “Dune: Part Two ,” directed by Denis Villeneuve. “Good One ,” directed by India Donaldson. “Hit Man,” directed by Richard Linklater. “Joker: Folie a Deux,” directed by Todd Phillips. “Nosferatu,” directed by Robert Eggers, opens in Chicago-area theaters on Dec. 25. “The Outrun,” directed by Nora Fingscheidt. “Soundtrack to a Coup d’Etat,” directed by Johan Grimonprez. “Tuesday,” directed by Daina O. Pusić. Michael Phillips is a Tribune critic.
MONCTON, New Brunswick, Dec. 05, 2024 (GLOBE NEWSWIRE) -- Major Drilling Group International Inc. (“Major Drilling” or the “Company”) (TSX: MDI), a leading provider of specialized drilling services to the mining sector, today reported results for the second quarter of fiscal 2025, ended October 31, 2024. Quarterly Highlights: Revenue of $189.3 million, in line with the $190.0 million generated in fiscal Q1, but down 8.6% from $207.0 million in the same period last year. Adjusted gross margin (1) of 30.5%, consistent with the 31.0% achieved in the same period last year as the Company remained focused on higher-margin specialized drilling. EBITDA (1) of $38.7 million, down from $43.6 million in the same period last year. Net earnings of $18.2 million (or $0.22 per share), down from $23.7 million (or $0.29 per share) in the same period last year. Net cash (1) increased by $23.5 million to $100.4 million, enabling the Company to react to potential growth opportunities. Subsequent to quarter end, completed the acquisition of Explomin, a leading specialty drilling contractor based in Lima, Peru, for an up-front cash payment of US$63 million (approximately C$88 million). “For Q2 of fiscal 2025, Major Drilling’s globally diversified operations and reputation as the driller-of-choice enabled us to maintain our revenue run rate relative to fiscal Q1, despite challenging conditions in certain markets,” commented Mr. Denis Larocque, President & CEO of Major Drilling. “We were pleased once again by our Australasian and Chilean operations, which continue to offset lower activity levels in North America, primarily driven by lower junior exploration expenditures.” “The Company delivered solid financial results for the quarter, supported by an adjusted gross margin of 30.5%. This represented an increase from 28.9% in fiscal Q1 and is in line with the 31.0% achieved over the same period last year as the Company remains focused on profitable operations and our best-in-class specialized drilling services,” commented Ian Ross, CFO of Major Drilling. “As previously disclosed, our 2021 McKay acquisition successfully met all of the EBITDA milestones in the earnout period, with the final contingent payment of $9.1 million made during the quarter. We also continue to modernize our drill fleet, having spent $20.1 million in capex, which includes the addition of 5 new drills and support equipment, while disposing of 4 older, less efficient rigs, bringing Major Drilling’s total fleet to 610 drills. Given another strong operational performance, our net cash position increased to $100.4 million at quarter end, while we continue to retain an industry leading balance sheet, enabling the acquisition of Explomin in early fiscal Q3,” concluded Mr. Ross. “With McKay continuing to demonstrate strong results in Australasia since its acquisition in 2021, our focus now turns to the integration of Explomin – a leading South American driller with operations in Peru, Colombia, the Dominican Republic and Spain. I am excited to welcome Explomin and its employees to the Major Drilling team. Their long-standing reputation, strong base of senior mining customers, and focus on specialized drilling, with its well-maintained fleet of rigs, complement our existing operations and offer further potential growth opportunities in South America,” said Mr. Larocque. “As Peru has been on our radar for quite some time given its status as the second largest copper producer, Explomin solidifies our South American presence, supplementing our existing operations in Brazil, Chile, Argentina, and throughout the Guyana Shield.” “Looking ahead to our seasonally slower third quarter of fiscal 2025, we are expecting programs in North America to pause for the holiday period slightly earlier than in prior years, although this is expected to be partially offset by ongoing strength in Australia and Chile. While we will be adding revenue from the Explomin operations, we expect them to have the same usual seasonality as the rest of our South American operations. Demand from senior customers for calendar 2025 is expected to remain robust, while we are optimistic regarding the activity levels of juniors following a slight increase in financing activity. The combination of elevated commodity prices, translating to increased free cash flow generation for mining companies, coupled with depleted reserve bases, should lead to increases in demand for drilling services over the years to come.” “Our well-maintained fleet ensures that we retain utilization capacity which, combined with our optimal inventory levels and experienced crews, puts us in an excellent position to capitalize on these increased levels of demand for our drilling services. Our core strategy is to remain the leader in specialized drilling as new discoveries are made in increasingly challenging and remote locations. Our solid foundation, supplemented by ongoing technological innovation, puts us in an ideal position to take on these new and exciting challenges." “I’m extremely proud to announce that our Canadian team was recently awarded the Safe Day Every Day Gold Award by the Association for Mineral Exploration, Prospectors & Developers Association of Canada, and Canadian Diamond Drilling Association. Our Canadian team achieved over 1,146,000 hours without a lost time injury, an achievement that demonstrates our ongoing dedication to maintaining high safety standards across all projects around the world,” concluded Mr. Larocque. Finally, Major Drilling announces the resignation of Mr. Robert Krcmarov from the Board of Directors effective December 5, 2024, to focus on his new role as Chief Executive Officer of Hecla Mining Company. Kim Keating, Chair of the Board, commented: “On behalf of the Board and the leadership team at Major Drilling, I would like to congratulate Rob on this appointment, and thank him for his significant contributions during his tenure on the Board. Rob’s experience and insights were of great benefit to Major Drilling’s Board and leadership team. He was instrumental in the development of Major Drilling’s Decarbonization Action Plan and in strengthening the Company’s health and safety program, as well as his timely advice regarding the most recent acquisition of Explomin Perforaciones earlier this month. We thank Rob for his invaluable advice and wish him all the best in his new role leading Hecla Mining Company.” Second Quarter Ended October 31, 2024 Total revenue for the quarter was $189.3 million, down 8.6% from revenue of $207.0 million recorded in the same quarter last year. The foreign exchange translation impact on revenue and earnings, when comparing to the effective rates for the previous year, was minimal. Revenue for the quarter from Canada - U.S. drilling operations decreased by 20.0% to $85.4 million, compared to the same period last year. While senior and intermediate activity levels increased slightly, this only partially offset the decline in demand from juniors relative to the same period last year as they continued to face challenging financing opportunities. South and Central American revenue decreased by 6.5% to $49.1 million for the quarter, compared to the same quarter last year. While operations in Chile remain robust, this was offset by slowdowns in other parts of the region. Australasian and African revenue increased by 14.4% to $54.7 million, compared to the same period last year as demand for specialized drilling services in Australia and Mongolia continue to drive growth in the region. Gross margin percentage for the quarter was 23.4%, compared to 25.3% for the same period last year. Depreciation expense totaling $13.4 million is included in direct costs for the current quarter, versus $11.8 million in the same quarter last year. Adjusted gross margin, which excludes depreciation expense, was 30.5% for the quarter, compared to 31.0% for the same period last year. Adjusted gross margin remained relatively unchanged as the Company remains disciplined with respect to pricing. General and administrative costs were $18.4 million, an increase of $0.8 million compared to the same quarter last year. This increase primarily relates to inflationary wage adjustments. Other expenses were $2.5 million, down from $3.2 million in the same quarter last year due primarily to lower incentive compensation expenses given the decreased profitability. Foreign exchange gain was $0.5 million, compared to a loss of $0.9 million for the same quarter last year. While the Company's reporting currency is the Canadian dollar, various jurisdictions have net monetary assets or liabilities exposed to various other currencies. The income tax provision for the quarter was an expense of $6.5 million, compared to an expense of $7.4 million for the prior year period. The decrease from the prior year was driven by reduced profitability. Net earnings were $18.2 million or $0.22 per share ($0.22 per share diluted) for the quarter, compared to net earnings of $23.7 million or $0.29 per share ($0.29 per share diluted) for the prior year quarter. Non-IFRS Financial Measures The Company’s financial data has been prepared in accordance with IFRS, with the exception of certain financial measures detailed below. The measures below have been used consistently by the Company’s management team in assessing operational performance on both segmented and consolidated levels, and in assessing the Company’s financial strength. The Company believes these non-IFRS financial measures are key, for both management and investors, in evaluating performance at a consolidated level and are commonly reported and widely used by investors and lending institutions as indicators of a company’s operating performance and ability to incur and service debt, and as a valuation metric. These measures do 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 should not be construed as an alternative to other financial measures determined in accordance with IFRS. EBITDA - earnings before interest, taxes, depreciation, and amortization: Adjusted gross profit/margin - excludes depreciation expense: Net cash – cash net of debt, excluding lease liabilities reported under IFRS 16 Leases: Forward-Looking Statements This news release includes certain information that may constitute “forward-looking information” under applicable Canadian securities legislation. All statements, other than statements of historical facts, included in this news release that address future events, developments, or performance that the Company expects to occur (including management’s expectations regarding the Company’s objectives, strategies, financial condition, results of operations, cash flows and businesses) are forward-looking statements. Forward-looking statements are typically identified by future or conditional verbs such as “outlook”, “believe”, “anticipate”, “estimate”, “project”, “expect”, “intend”, “plan”, and terms and expressions of similar import. All forward-looking information in this news release is qualified by this cautionary note. Forward-looking information is necessarily based upon various estimates and assumptions including, without limitation, the expectations and beliefs of management related to the factors set forth below. While these factors and assumptions are considered reasonable by the Company as at the date of this document in light of management’s experience and perception of current conditions and expected developments, these statements are inherently subject to significant business, economic and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements and undue reliance should not be placed on such statements and information. Such forward-looking statements are subject to a number of risks and uncertainties that include, but are not limited to: the level of activity in the mining industry and the demand for the Company’s services; competitive pressures; global and local political and economic environments and conditions; the level of funding for the Company’s clients (particularly for junior mining companies); the Company’s dependence on key customers; the integration of business acquisitions and the realization of the intended benefits of such acquisitions; efficient management of the Company’s growth; exposure to currency movements (which can affect the Company’s revenue in Canadian dollars); currency restrictions; safety of the Company’s workforce; risks and uncertainties relating to climate change and natural disaster; the geographic distribution of the Company’s operations; the impact of operational changes; changes in jurisdictions in which the Company operates (including changes in regulation); failure by counterparties to fulfill contractual obligations; disease outbreak; as well as other risk factors described under “General Risks and Uncertainties” in the Company’s MD&A for the year ended April 30, 2024, available on the SEDAR+ website at www.sedarplus.ca . Should one or more risk, uncertainty, contingency, or other factor materialize or should any factor or assumption prove incorrect, actual results could vary materially from those expressed or implied in the forward-looking information. Forward-looking statements made in this document are made as of the date of this document and the Company disclaims any intention and assumes no obligation to update any forward-looking statement, even if new information becomes available, as a result of future events, or for any other reasons, except as required by applicable securities laws. About Major Drilling Major Drilling Group International Inc. is the world’s leading provider of specialized drilling services primarily serving the mining industry. Established in 1980, Major Drilling has over 1,000 years of combined experience and expertise within its management team. The Company maintains field operations and offices in North America, South America, Australia, Asia, Africa, and Europe. Major Drilling provides a complete suite of drilling services including surface and underground coring, directional, reverse circulation, sonic, geotechnical, environmental, water-well, coal-bed methane, shallow gas, underground percussive/longhole drilling, surface drill and blast, a variety of mine services, and ongoing development of data-driven, high-tech drillside solutions. Webcast/Conference Call Major Drilling Group International Inc. will provide a simultaneous webcast and conference call to discuss its quarterly results on Friday, December 6, 2024 at 8:00 AM (EST). To access the webcast, which includes a slide presentation, please go to the investors/webcasts section of Major Drilling’s website at www.majordrilling.com and click on the link. Please note that this is listen-only mode. To participate in the conference call, please dial 416-340-2217, participant passcode 4769038# and ask for Major Drilling’s Second Quarter Results Conference Call. To ensure your participation, please call in approximately five minutes prior to the scheduled start of the call. For those unable to participate, a taped rebroadcast will be available approximately one hour after the completion of the call until Monday, January 6, 2025. To access the rebroadcast, dial 905-694-9451 and enter the passcode 1708283#. The webcast will also be archived for one year and can be accessed on the Major Drilling website at www.majordrilling.com. For further information: Ryan Hanley Director, Corporate Development & Investor Relations Tel: (506) 857-8636 Fax: (506) 857-9211 ir@majordrilling.com MAJOR DRILLING GROUP INTERNATIONAL INC. NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE THREE AND SIX MONTHS ENDED OCTOBER 31, 2024 AND 2023 (UNAUDITED) (in thousands of Canadian dollars, except per share information) 1. NATURE OF ACTIVITIES Major Drilling Group International Inc. (the “Company”) is incorporated under the Canada Business Corporations Act and has its head office at 111 St. George Street, Moncton, NB, Canada. The Company’s common shares are listed on the Toronto Stock Exchange (“TSX”). The principal source of revenue consists of contract drilling for companies primarily involved in mining and mineral exploration. The Company has operations in North America, South America, Australia, Asia, and Africa. 2. BASIS OF PRESENTATION Statement of compliance These Interim Condensed Consolidated Financial Statements have been prepared in accordance with IAS 34 Interim Financial Reporting (“IAS 34”) as issued by the International Accounting Standards Board (“IASB”) and using the accounting policies as outlined in the Company’s annual Consolidated Financial Statements for the year ended April 30, 2024. On December 5, 2024, the Board of Directors authorized the financial statements for issue. Basis of consolidation These Interim Condensed Consolidated Financial Statements incorporate the financial statements of the Company and entities controlled by the Company. Control is achieved when the Company is exposed or has rights to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. The results of subsidiaries acquired or disposed of during the period are included in the Consolidated Statements of Operations from the effective date of acquisition or up to the effective date of disposal, as appropriate. Intercompany transactions, balances, income and expenses are eliminated on consolidation, where appropriate. Basis of preparation These Interim Condensed Consolidated Financial Statements have been prepared based on the historical cost basis, except for certain financial instruments that are measured at fair value, using the same accounting policies and methods of computation, with the exception of those detailed in note 4 below, as presented in the Company’s annual Consolidated Financial Statements for the year ended April 30, 2024. 3. APPLICATION OF NEW AND REVISED IFRS ® ACCOUNTING STANDARDS The Company has not applied the following IASB standard amendment and standard that have been issued, but are not yet effective: IAS 21 (as amended in 2023) - The Effect of Changes in Foreign Exchange Rates - effective for periods beginning on or after January 1, 2025, with earlier application permitted. The amendments contain guidance to specify when a currency is exchangeable and how to determine the exchange rate when it is not. IFRS 18 (as issued in 2024) - Presentation and Disclosure of Financial Statements - effective for periods beginning on or after January 1, 2027, with earlier application permitted. The standard replaces IAS 1, Presentation of Financial Statements, and includes requirements for the presentation and disclosure of information in financial statements. The Company is currently in the process of assessing the impact the adoption of the above amendment and standard will have on the Consolidated Financial Statements. 4. MATERIAL ACCOUNTING POLICIES With the exception of the policy detailed below, all accounting policies and methods of computation remain the same as those presented in the Company's annual Consolidation Financial Statements for the year ended April 30, 2024. Investment in associate Associates are companies that the Company has significant influence over and are accounted for under the equity method. Significant influence is the power to participate in the financial and operating policy decisions of the investee, but is not control or joint control over those policies. Significant influence is presumed when the Company has an ownership interest greater than 20%, unless certain qualitative factors overcome this assumption. In assessing significant influence and the ownership interest, potential voting or other rights that are currently exercisable are taken into consideration. Investments in associates are accounted for using the equity method and are initially recognized at cost, inclusive of transaction costs. The Interim Condensed Consolidated Financial Statements include the Company's share of the income or loss and equity movement of equity accounted associates. The Company does not recognize losses exceeding the carrying value of its interest in the associate. 5. KEY SOURCES OF ESTIMATION UNCERTAINTY AND CRITICAL ACCOUNTING JUDGMENTS The preparation of financial statements, in conformity with IFRS, requires management to make judgments, estimates and assumptions that are not readily apparent from other sources, which affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods, if the revision affects both current and future periods. Significant areas requiring the use of management estimates relate to the useful lives of property, plant and equipment for depreciation purposes, inventory valuation, determination of income and other taxes, recoverability of deferred income tax assets, assumptions used in compilation of share-based payments, provisions, contingent considerations, impairment testing of goodwill and intangible assets and long-lived assets. The Company applied judgment in determining the functional currency of the Company and its subsidiaries, the determination of cash-generating units (“CGUs”), the degree of componentization of property, plant and equipment, the recognition of provisions, the determination of the probability that deferred income tax assets will be realized from future taxable earnings, and the determination of whether the Company exerts significant influence with respect to its investment in associate under the equity accounting method. 6. SEASONALITY OF OPERATIONS The third quarter (November to January) is normally the Company’s weakest quarter due to the shutdown of mining and exploration activities, often for extended periods over the holiday season. 7. PROPERTY, PLANT AND EQUIPMENT Capital expenditures for the three and six months ended October 31, 2024 were $20,073 (2023 - $17,443) and $41,324 (2023 - $33,717). The Company did not obtain direct financing for the three and six months ended October 31, 2024 or 2023. 8. INVESTMENT IN ASSOCIATE On July 22, 2024, the Company purchased shares in DGI Geoscience Inc. (“DGI”) for $15,000 in cash consideration, a 39.8% equity interest (that provides the Company with 42.3% of the voting rights). DGI and its subsidiaries are privately held entities, headquartered in Canada, focused on downhole survey and imaging services as well as using artificial intelligence for logging scanned rock samples. In addition to the equity interest, Major Drilling's representation on the DGI Board of Directors gives the Company significant influence over DGI. While there are special approval rights granted to the Company as part of the investment, these are more protective in nature and therefore, would not result in control, or joint control of DGI. As a result, the Company concluded that the equity method of accounting is appropriate for its investment in DGI. During the prior quarter, the Company incurred costs of $205 for this investment, relating to external legal fees and due diligence costs. These amounts have been recorded as part of the cost of the investment in associate in the Interim Condensed Consolidated Balance Sheets. In the current quarter, the Company's earnings from investment in associate is $27. 9. SHARE BUYBACK During the prior year, for the three and six months ended October 31, 2023, the Company repurchased 875,268 and 1,020,568 common shares, respectively, at an average price of $8.31 and $8.40, respectively, under its Normal Course Issuer Bid. 10. EXPENSES BY NATURE Direct costs by nature are as follows: General and administrative expenses by nature are as follows: 11. INCOME TAXES The income tax provision for the periods can be reconciled to accounting earnings before income tax as follows: The Company periodically assesses its liabilities and contingencies for all tax years open to audit based upon the latest information available. For those matters where it is probable that an adjustment will be made, the Company records its best estimate of these tax liabilities, including related interest charges. Inherent uncertainties exist in estimates of tax contingencies due to changes in tax laws. While management believes they have adequately provided for the probable outcome of these matters, future results may include favourable or unfavourable adjustments to these estimated tax liabilities in the period the assessments are made, or resolved, or when the statutes of limitations lapse. 12. EARNINGS PER SHARE All of the Company’s earnings are attributable to common shares, therefore, net earnings are used in determining earnings per share. The calculation of diluted earnings per share for the three and six months ended October 31, 2024 excludes the effect of 200,000 options for both periods (2023 - 297,000 and 205,000, respectively) as they were not in-the-money. The total number of shares outstanding on October 31, 2024 was 81,842,086 (2023 - 82,093,486). 13. SEGMENTED INFORMATION The Company’s operations are divided into the following three geographic segments, corresponding to its management structure: Canada - U.S.; South and Central America; and Australasia and Africa. The services provided in each of the reportable segments are essentially the same. The accounting policies of the segments are the same as those described in the Company’s annual Consolidated Financial Statements for the year ended April 30, 2024. Management evaluates performance based on earnings from operations in these three geographic segments before finance costs, general corporate expenses and income taxes. Data relating to each of the Company’s reportable segments is presented as follows: *Canada - U.S. includes revenue of $25,695 and $34,074 for Canadian operations for the three months ended October 31, 2024 and 2023, respectively and $57,543 and $70,762 for the six months ended October 31, 2024 and 2023, respectively. **General and corporate expenses include expenses for corporate offices and stock-based compensation. *Canada - U.S. includes property, plant and equipment as at October 31, 2024 of $64,041 (April 30, 2024 - $62,991) for Canadian operations. 14. FINANCIAL INSTRUMENTS Fair value The carrying values of cash, trade and other receivables, demand credit facilities and trade and other payables approximate their fair value due to the relatively short period to maturity of the instruments. The carrying value of contingent consideration and long-term debt approximates their fair value as the interest applicable is reflective of fair market rates. Financial assets and liabilities measured at fair value are classified and disclosed in one of the following categories: Level 1 - quoted prices (unadjusted) in active markets for identical assets or liabilities; Level 2 - inputs other than quoted prices included in level 1 that are observable for the assets or liabilities, either directly (i.e., as prices) or indirectly (i.e., derived from prices); and Level 3 - inputs for the assets or liabilities that are not based on observable market data (unobservable inputs). The Company enters into certain derivative financial instruments to manage its exposure to market risks, comprised of share-price forward contracts with a combined notional amount of $8,654, maturing at varying dates through June 2027. The fair value hierarchy requires the use of observable market inputs whenever such inputs exist. A financial instrument is classified to the lowest level of the hierarchy for which a significant input has been considered in measuring fair value. The Company’s derivatives, with fair values as follows, are classified as level 2 financial instruments and recorded in trade and other receivables (payables) in the Interim Condensed Consolidated Balance Sheets. There were no transfers of amounts between level 1, level 2 and level 3 financial instruments for the three and six months ended October 31, 2024. Credit risk As at October 31, 2024, 96.1% (April 30, 2024 - 95.9%) of the Company’s trade receivables were aged as current and 3.5% (April 30, 2024 - 3.5%) of the trade receivables were impaired. The movements in the allowance for impairment of trade receivables during the periods were as follows: Foreign currency risk As at October 31, 2024, the most significant carrying amounts of net monetary assets and/or liabilities (which may include intercompany balances with other subsidiaries) that: (i) are denominated in currencies other than the functional currency of the respective Company subsidiary; and (ii) cause foreign exchange rate exposure, including the impact on earnings before income taxes (“EBIT”), if the corresponding rate changes by 10%, are as follows (in $000s CAD): Liquidity risk The following table details contractual maturities for the Company’s financial liabilities: 15. SUBSEQUENT EVENT On November 5, 2024, the Company completed the purchase of all of the issued and outstanding shares of Explomin Perforaciones ("Explomin"), a leading specialty drilling contractor based in Lima, Peru. This acquisition provides Major Drilling with increased exposure to the copper market as Explomin is one of the largest South American drilling contractors, with the majority of their operations in Peru, while also servicing markets in Colombia, Dominican Republic, and Spain. The purchase price for the acquisition is valued at an amount up to US$85 million, consisting of: (i) a cash payment of US$63 million payable on closing, subject to working capital adjustments; and (ii) an earnout of up to US$22 million payable in cash over the next three years, based on the achievement of certain milestones. The cash portion of the purchase price has been funded from Major Drilling’s cash and existing debt facilities.Checkers scam warning
NEW YORK (AP) — Sean “Diddy” Combs was denied bail on Wednesday as he awaits a May sex trafficking trial by a judge who cited evidence showing him to be a “serious risk” of witness tampering and proof he has tried to hide prohibited communications with third parties while incarcerated. U.S. District Judge Arun Subramanian ruled in a five-page order following a bail hearing last week. At the hearing, lawyers for the hip-hop mogul argued that a $50 million bail package they proposed would be sufficient to ensure Combs doesn’t flee and doesn’t try to intimidate prospective trial witnesses. Two other judges previously had agreed with prosecutors that the Bad Boy Records founder was a danger to the community if he is not behind bars. Subramanian concurred. “There is compelling evidence of Combs's propensity for violence,” Subramanian wrote. Lawyers for Combs did not immediately respond to messages seeking comment on the decision. Nicholas Biase, a spokesperson for prosecutors, declined comment. Combs, 55, has pleaded not guilty to charges that he coerced and abused women for years, aided by associates and employees. An indictment alleges that he silenced victims through blackmail and violence, including kidnapping, arson and physical beatings. A federal appeals court judge last month denied Combs’ immediate release while a three-judge panel of the 2nd U.S. Circuit Court of Appeals in Manhattan considers his bail request. That appeal was put on hold while Subramanian, newly appointed to the case after an earlier judge stepped aside, considered the bail request for the first time. Subramanian said he took a fresh look at all the bail arguments and the evidence supporting them to make his decision. Prosecutors have insisted that no bail conditions would be sufficient to protect the public and prevent the “I'll Be Missing You” singer from fleeing. They say that even in a federal lockup in Brooklyn, Combs has orchestrated social media campaigns designed to influence prospective jurors and tried to publicly leak materials he thinks can help his case. They say he also has contacted potential witnesses through third parties. Lawyers for Combs say any alleged sexual abuse described in the indictment occurred during consensual relations between adults and that new evidence refutes allegations that Combs used his “power and prestige” to induce female victims into drugged-up, elaborately produced sexual performances with male sex workers known as “Freak Offs.” Subramanian said evidence shows Combs to be a “serious risk of witness tampering,” particularly after he communicated over the summer with a grand jury witness and deleted some of his texts with the witness. The judge also cited evidence showing that Combs violated Bureau of Prisons regulations during pretrial detention at the Metropolitan Detention Center in Brooklyn when he paid other inmates to use their phone code numbers so he could make calls to individuals who were not on his approved contact list. He said there was also evidence that he told family members and defense counsel to add other people to three-way calls so their communications would be more difficult to trace and that he made efforts to influence his trial's jury pool or to reach potential witnesses. Subramanian said his “willingness to skirt” jailhouse rules to conceal communications was “strong evidence” that any conditions of release would not prevent similar behavior. The judge said defense claims that Combs stopped using one particular phone technique criticized by prosecutors was belied by the fact that Combs apparently used it again on Sunday, two days after his bail hearing last week. Even a bail proposal that would include the strictest form of home confinement seemed insufficient, the judge said. “Given the nature of the allegations in this case and the information provided by the government, the Court doubts the sufficiency of any conditions that place trust in Combs and individuals in his employ — like a private security detail — to follow those conditions,” Subramanian wrote.