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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: "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.” 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: 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 [email protected]The large mysterious drones reported flying over parts of New Jersey in recent weeks appear to avoid detection by traditional methods such as helicopter and radio, according to a state lawmaker briefed Wednesday by the Department of Homeland Security. In a post on the social media platform X, Assemblywoman Dawn Fantasia described the drones as up to 6 feet in diameter and sometimes traveling with their lights switched off. The Morris County Republican was among several state and local lawmakers who met with state police and Homeland Security officials to discuss the spate of sightings that range from the New York City area through New Jersey and westward into parts of Pennsylvania, including over Philadelphia. Javascript is required for you to be able to read premium content. Please enable it in your browser settings.The parliamentary government
Pelicans' Zion Williamson (hamstring) to practice next week“Chancer” makes way for Nyiko Former MK Party secretary general Dr Sifiso Maseko really knew that the seat he was holding in the party was hot to handle and jumped off. Lucky him that his suspension was lifted, and he is now back in government as the chief director in Gauteng health department. Shwa has noted that Fisos was actually at the wrong place as politics do not suit him. He is good as an administrator, tse tsa politiki he was actually taking chances and has made way for uBaba’s choice for the job. With Nyiko at the helm it’s gonna be a helluva drive to 2026. Sihlele sibukele njeee. Visit SW YouTube Channel for our video content
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DES MOINES, Iowa (AP) — Bennett Stirtz scored 20 points as Drake beat Belmont 65-46 on Sunday night. Stirtz added three steals for the Bulldogs (12-0, 2-0 Missouri Valley Conference). Daniel Abreu scored 15 points while shooting 5 for 11, including 3 for 9 from beyond the arc and added five rebounds. Mitch Mascari had nine points and shot 3 for 7, including 3 for 6 from beyond the arc. The Bulldogs prolonged their winning streak to 12 games. Sam Orme led the Bruins (9-4, 1-1) in scoring, finishing with 11 points. Brody Peebles added 10 points for Belmont. Jonathan Pierre had nine points. Drake took the lead with 10:21 left in the first half and never looked back. Stirtz led their team in scoring with 13 points in the first half to help put them up 39-21 at the break. Drake outscored Belmont in the second half by one point, with Abreu scoring a team-high eight points after intermission. The Associated Press created this story using technology provided by Data Skrive and data from Sportradar .Emmanuel Acho believes he has pinpointed the cause of the San Francisco 49ers' downfall this season—ego. During a segment on FS1's The Facility , the former player-turned-sports analyst shared the reasoning behind his assessment. Acho highlights several instances where unchecked ego contributed to the 49ers' unraveling of what once appeared to be a promising season. He points to Kyle Shanahan's ego, suggesting that the head coach believed he knew more about defense than his former defensive coordinator, Steve Wilks, ultimately leading to Nick Sorensen replacing Wilks. Acho also criticizes wide receiver Deebo Samuel for letting his ego lead him into a sideline altercation with long snapper Taybor Pepper. He argues that ego is also behind Samuel's claim that he isn't struggling this season, instead blaming his lackluster performance on a shortage of opportunities. Furthermore, Acho believes ego played a role in the offseason contract standoffs that hurt team chemistry. "Ego is what has led to the demise of the Niners," Acho continued. "Ego is what led the Niners to believing they could get right back to the Super Bowl because they were there the year before. "Ego is what led to [suspended LB] De'Vondre Campbell feeling as though he deserved to be in the game when Dre Greenlaw came back, when, truth be told, you deserve nothing. You earn everything in the National Football League." Acho concludes, "Ego exists within every individual on the Niners. It exists within all of us. The problem is, ego unchecked, it leads to the demise of every individual. It led to the demise of the Niners. I'm blaming ego for the Niners' downfall." "An ego unchecked leads to the demise of every individual and it lead to the demise of the Niners." pic.twitter.com/Pe79Ahjm15 This article first appeared on 49ers Webzone and was syndicated with permission.
AP Trending SummaryBrief at 5:56 p.m. ESTJust days after winning a record seventh club best-and-fairest, Monique Conti is returning to the basketball court. The dual-athlete superstar, who turns 25 later this month, will play for the 's newest outfit, Geelong United, in Round 6, just four weeks after her last game of football. United have two crucial fixtures in four days, with games against Adelaide Lightning (home) on Sunday afternoon, then a trip to Melbourne next Wednesday night to face reigning champs Southside Flyers in ESPN's Game of the Round. The midfielder's latest accolade is another addition to a bulging trophy collection. A premiership player and best-and-fairest winner as a teenager at the Western Bulldogs, Conti has claimed the Tigers' top honour in all of its six seasons of existence and in 2023 was crowned the AFLW's best and fairest. "I was trying to say in my speech, every single time (I win) I'm just as grateful as the first time. This stuff doesn't come easy, it comes from head down bum up. I don't do anything for the individual accolades, it's for team success and anything else is a bonus and a reward for the effort," Conti says. "I don't think I'm at my best, or my peak, I've got so much more to work on but when you get rewarded with something like that it makes you feel good, but you also think 'what's next?' Conti made her WNBL debut with the Melbourne Boomers as a high school student, before AFLW was even established. She took some time away from the basketball court before returning to the league with Southside for the 2020 hub season, where she was part of a championship alongside Olympians Jenna O'Hea, Sara Blicavs, and Liz Cambage. Following another breather, Conti played for Southside again in 2022-23 before returning to the Boomers last season. She followed coach Chris Lucas to Geelong when United took on the Boomers' licence ahead of season 2024-25. So, what is it that draws Conti back to basketball after a gruelling football season? "I can't sit still," she laughs. "I love basketball so much and it would be like losing a part of me if I didn't play, a missing piece. "Thanks to Chris, I found enjoyment playing again. No expectation or pressure, just having fun. I couldn't finish on last season and that be it. I feel like I've got so much more to give, and I made some sort of an impact on the team which I feel like I was kind of stripped of the past few years." Conti took a short break following the Tigers' last game on November 10 before turning focus to a different shaped ball. "I had about two weeks where I didn't really do anything and in the back end of that I was getting some shots up and as the weeks went on, I started progressing my basketball training, so I've done enough to be ready to go and my body feels good," she says. "I took it easy this year, I didn't go straight from footy into basketball like I did last season." Having played her professional WNBL and AFLW careers for teams in Melbourne until now, Conti has lived at home with her tight-knit family, but this week moved in with United teammates Keely Froling and Hannah Hank in Geelong. She's already organised for mum Simone to stock up the freezer with her famous schnitzels, lasagne and pasta sauce. "With Geelong, I love that it's history, a new club and I wanted to be part of that. It's a new experience and something different," Conti explains. "It's great to have some familiar faces in Chris and Keely, Jaz Shelley and I were Gems team mates at the Under-17 World Cup in 2016, Taylor Mole was part of that program. "Plus, summer in Geelong? Can't say no to that." With Geelong's two wins coming against their upcoming opponents, there's the chance to establish some momentum over the next week. "Sunday's a big game, if we can win that's a big tick for us. The Flyers just beat Canberra and we lost to Sydney by 35 last week but we know on our day we can beat them. "The league is so tight and anything can happen on any given day."Pride, bragging rights and more than $115M at stake when final college playoff rankings come out