Major Drilling Group International Inc
			Symbol			MDI
			Shares Issued			23,711,073
			Close 2008-12-05			C$ 9.24
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Major Drilling Group earns $29.27-million in Q2 2009

2008-12-08 17:52 ET - News Release

Mr. Francis McGuire reports

MAJOR DRILLING REPORTS SECOND QUARTER RESULTS

Major Drilling Group International Inc. has released its results for its second quarter of fiscal year 2009 ended Oct. 31, 2008.

Highlights:

• Major Drilling posted the highest quarterly revenue in its history at $191.0-million, up 22.4 per cent from the $156.1-million recorded for the same quarter last year.
• Gross margin percentage for the quarter was 36.9 per cent, up from 35.0 per cent for the corresponding period last year.
• Earnings from continuing operations were up 28.5 per cent to $29.3-million, or $1.23 per share, for the quarter, from the $22.8-million, or 97 cents per share for the prior year quarter. This represents the highest quarterly earnings from continuing operations in the company's history.
• Cash flow from continuing operations before changes in working capital was $38.9-million for the quarter, up 24.3 per cent from the $31.3-million for the same period last year.
• The company paid its first semi-annual dividend of 20 cents per share on Oct. 31, 2008.
• Total net debt, net of cash, was at $8.0-million at quarter-end, a $14.2-million decrease from last quarter.
• During the quarter, the company purchased Forage Benoit in Quebec for $23.1-million, including customary working capital adjustments.

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