{"id":1707,"date":"2018-05-10T13:18:47","date_gmt":"2018-05-10T17:18:47","guid":{"rendered":"https:\/\/orbitgarant.com\/?p=1707"},"modified":"2020-05-28T15:28:33","modified_gmt":"2020-05-28T19:28:33","slug":"orbit-garant-drilling-reports-fiscal-2019-third-quarter-financial-results","status":"publish","type":"post","link":"https:\/\/orbitgarant.com\/en\/orbit-garant-drilling-reports-fiscal-2019-third-quarter-financial-results\/","title":{"rendered":"ORBIT GARANT DRILLING REPORTS FISCAL 2019 THIRD QUARTER FINANCIAL RESULTS"},"content":{"rendered":"\n<p><strong>Val-d\u2019Or, Quebec, May 9, 2019<\/strong>&nbsp;\u2013 Orbit Garant Drilling Inc. (TSX: OGD) (\u201cOrbit Garant\u201d or the \u201cCompany\u201d) today announced its financial results for the three and nine-month periods ended March 31, 2019. All dollar amounts are in Canadian dollars unless otherwise stated. Percentage calculations are based on numbers in the financial statements and may not correspond to rounded figures presented in this news release.<\/p>\n\n\n\n<p><strong>Financial Summary<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td><em>($ amounts in millions,<\/em><em>except per share amounts)<\/em><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>Three months ended<br>March 31, 2019<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>Three months ended<br>March 31, 2018<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>Nine months ended<\/strong><strong>March 31, 2019<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>Nine months ended<\/strong><strong>March 31, 2018<\/strong><\/td><\/tr><tr><td>Revenue<\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>$37.4<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\">$43.1<\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>$108.4<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\">$128.6<\/td><\/tr><tr><td>Gross Profit<\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>$3.1<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\">$2.2<\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>$11.6<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\">$14.0<\/td><\/tr><tr><td>Gross Margin (%)<\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>8.2<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\">5.2<\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>10.7<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\">10.9<\/td><\/tr><tr><td>Adjusted Gross Margin (%)\u00b9<\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>14.3<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\">9.8<\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>16.7<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\">15.5<\/td><\/tr><tr><td>EBITDA<sup>2<\/sup><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>$1.4<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\">$0.9<\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>$5.7<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\">$9.2<\/td><\/tr><tr><td>Net earnings (loss)<\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>$(1.4)<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\">$(1.3)<\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>$(2.7)<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\">$1.2<\/td><\/tr><tr><td>Net earnings (loss) per share<\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>&nbsp;<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\">&nbsp;<\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>&nbsp;<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\">&nbsp;<\/td><\/tr><tr><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#8211; Basic and diluted<\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>$(0.04)<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\">$(0.04)<\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>$(0.07)<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\">$0.03<\/td><\/tr><tr><td>Total metres drilled<\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>361,642<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\">378,640<\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>989,005<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\">1,154,060<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p><em><sup>1<\/sup><\/em><em>Adjusted Gross Margin is a non-IFRS financial measure and is defined as Gross Profit&nbsp;<\/em><em>excluding depreciation expenses. See \u201cReconciliation of Non-IFRS financial measures\u201d.<\/em><\/p>\n\n\n\n<p><em><sup>2&nbsp;<\/sup><\/em><em>EBITDA&nbsp;<\/em><em>is a non-IFRS financial measure and&nbsp;<\/em><em>is defined as earnings before interest, taxes, depreciation, and amortization. See \u201cReconciliation of Non-IFRS financial measures\u201d.<\/em><\/p>\n\n\n\n<p>\u201cWe are pleased with our operating performance in the third quarter, given the continued challenging business environment in Canada,\u201d said Eric Alexandre, President &amp; CEO of Orbit Garant. \u201cOur increased gross profit, margins and EBITDA compared to the same quarter last year were primarily attributable to our international operations, particularly in Chile and Burkina Faso. We continue to see exciting opportunities to grow our business in Chile and West Africa.\u201d<\/p>\n\n\n\n<p>\u201cWe are seeing some positive trends for our domestic business. While mining finance activity weakened in January and February this year, it strengthened in March, as mining companies raised significantly more capital. We also experienced an increase in drill utilization rates in the quarter compared to the first six months of fiscal 2019,\u201d added Mr. Alexandre. \u201cLooking ahead, with our strong market position in Canada and the scale we have added in the last three years in Chile and West Africa, we are well positioned to capture new contracts and market share as drilling activity increases. We believe the long-term outlook for our business is positive, and we are encouraged that metal prices have improved from their lows last year and that depletion of reserves is becoming an increasing challenge in the mining industry.\u201d<\/p>\n\n\n\n<p><strong>Third Quarter Results<\/strong><\/p>\n\n\n\n<p>Revenue for the three-month period ended March 31, 2019 (\u201cQ3 FY2019\u201d) totalled $37.4 million, compared to $43.1&nbsp;million for the three-month period ended March 31, 2018 (\u201cQ3 FY2018\u201d). Drilling Canada revenue was $25.1&nbsp;million, compared to $30.2 million in Q3 FY2018,&nbsp;reflecting a decline in metres drilled during the quarter. Drilling International revenue, net of intersegment revenue, was $12.3 million, compared to $12.9 million in Q3 FY2018. The decline in international revenue is primarily attributable to the conclusion of a large drilling contract in Chile, partially offset by increased drilling activity in Burkina Faso.&nbsp;<\/p>\n\n\n\n<p>Orbit Garant\u2019s fleet drilled a total of 361,642 metres in the quarter, compared to 378,640&nbsp;metres drilled in Q3 FY2018. Consolidated average&nbsp;revenue per metre drilled decreased 9% to $103.27 compared to $113.56 in Q3 FY2018. The decline in consolidated average revenue per metre drilled is primarily attributable to a lower proportion of specialized drilling in international markets in the quarter, partially offset by an increase in average revenue per metre drilled in Canada.<\/p>\n\n\n\n<p>Gross profit and gross margin for Q3 FY2019 were $3.1 million and 8.2%, respectively, compared to $2.2 million and 5.2%, respectively, in Q3 FY2018. Depreciation expenses totalling $2.3 million are included in cost of contract revenue for Q3 FY2019 compared $2.0 million in Q3 FY2018. Adjusted gross margin, excluding depreciation expenses, was 14.3% in Q3 FY2019, compared to 9.8% in Q3 FY2018. The increase in gross profit and margins was primarily attributable to improved margins on international contracts. Orbit Garant\u2019s gross margins in Canada were impacted by a reduction in drilling volumes, higher employee-related fixed costs on a lower revenue base and lower productivity attributable to adverse weather conditions, compared to Q3 FY2018. &nbsp;<\/p>\n\n\n\n<p>General and administrative (G&amp;A) expenses were $4.2 million in Q3 FY2019 (representing 11.1% of revenue), compared to $3.9 million in Q3 FY2018 (representing 9.2% of revenue). Increased G&amp;A expenses are primarily attributable to integration costs related to the Company\u2019s acquisition of the drilling business&nbsp;of Projet Production International BF S.A. (\u201cPPI\u201d) in Burkina Faso during Q2 FY2019.<\/p>\n\n\n\n<p>Earnings before interest, taxes, depreciation and amortization (\u201cEBITDA\u201d)\u00b9totalled $1.4 million in Q3 FY2019, compared to $0.9 million in Q3 FY2018.&nbsp;<\/p>\n\n\n\n<p>The Company\u2019s net loss for Q3 FY2019 was $1.4 million, or $0.04 per share, compared to a net loss of $1.3 million, or $0.04 per share, in Q3 FY2018.<\/p>\n\n\n\n<p>During Q3 FY2019, Orbit Garant generated $1.0 million from financing activities, similar to Q3 FY2018. The Company repaid a net amount of $2.6 million during Q3 FY2019 on its secured, three-year revolving credit facility (the \u201cCredit Facility\u201d), compared to a withdrawal of $2.1 million in Q3 FY2018. As at&nbsp;March 31, 2019, the Company had $24.8&nbsp;million drawn under the Credit Facility, compared to $18.1 million as at June 30, 2018.<\/p>\n\n\n\n<p>As at March 31, 2019, Orbit Garant had working capital of $55.3 million ($53.3 million as at June 30, 2018), and&nbsp;37,008,756&nbsp;common shares issued and outstanding.<\/p>\n\n\n\n<p>Orbit Garant\u2019s unaudited interim condensed consolidated financial statements and management\u2019s discussion and analysis for the three and nine-month periods ended&nbsp;March 31, 2019&nbsp;are available on the Company\u2019s website at&nbsp;<a href=\"https:\/\/orbitgarant.com\/\">orbitgarant.com<\/a>&nbsp;or SEDAR at&nbsp;<a href=\"http:\/\/www.sedar.com\/\">www.sedar.com<\/a>.&nbsp;&nbsp;<\/p>\n\n\n\n<p><strong>Conference call<\/strong><\/p>\n\n\n\n<p>Eric Alexandre, President and CEO, and Alain Laplante, Vice President and CFO, will host a conference call&nbsp;for analysts and investors on Friday, May 10, 2019 at 10:00 a.m. (ET). The dial-in numbers for the conference call are 416-764-8609 or 1-888-390-0605. A live webcast of the call will be available on Orbit Garant\u2019s website at:&nbsp;<a href=\"https:\/\/orbitgarant.com\/en\/sites\/fog\/investors.aspx\">https:\/\/orbitgarant.com\/en\/sites\/fog\/investors.aspx<\/a>.&nbsp;The webcast will be archived following conclusion of the call.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<\/p>\n\n\n\n<p>To access a replay of the conference call dial 416-764-8677 or 1-888-390-0541, passcode: 984075#. The replay will be available until May 17, 2019.<\/p>\n\n\n\n<p><strong>(1)&nbsp; RECONCILIATION OF NON &#8211; IFRS FINANCIAL MEASURES<\/strong><\/p>\n\n\n\n<p>Financial data has been prepared in conformity with IFRS. However, certain measures used in this discussion and analysis do not have any standardized meaning under IFRS and could be calculated differently by other companies. The Company believes that certain non-IFRS financial measures, when presented in conjunction with comparable IFRS financial measures, are useful to investors and other readers because the information is an appropriate measure to evaluate the Company\u2019s operating performance. Internally, the Company uses this non-IFRS financial information as an indicator of business performance. These measures are provided for information purposes, in addition to, and not as a substitute for, measures of financial performance prepared in accordance with IFRS.<\/p>\n\n\n\n<p>EBITDA:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net earnings (loss) before interest, taxes, depreciation and amortization.<\/p>\n\n\n\n<p>Adjusted gross profit and margin:&nbsp;&nbsp;&nbsp; Contract revenue less operating costs. Operating expenses comprise material and service expenses, personnel expenses, other operating expenses, excluding depreciation.<\/p>\n\n\n\n<p><strong>EBITDA<\/strong><\/p>\n\n\n\n<p>Management believes that EBITDA is an important measure when analyzing its operating profitability, as it removes the impact of financing costs, certain non-cash items and income taxes. As a result, Management considers it a useful and comparable benchmark for evaluating the Company\u2019s performance, as companies rarely have the same capital and financing structure.<\/p>\n\n\n\n<p><strong>Reconciliation of EBITDA<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td><strong>(unaudited)<\/strong><strong>(in millions of dollars)<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>3 months ended<\/strong><strong>March 31, 2019<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>3 months ended<\/strong><strong>March 31, 2018<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>9 months ended<\/strong><strong>March 31, 2019<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>9 months ended<\/strong><strong>March 31, 2018<\/strong><\/td><\/tr><tr><td>Net earnings (net loss) for the period<\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>(1.4)<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\">(1.3)<\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>(2.7)<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\">1.2<\/td><\/tr><tr><td>Add:<\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>&nbsp;<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\">&nbsp;<\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>&nbsp;<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\">&nbsp;<\/td><\/tr><tr><td>Finance costs<\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>0.6<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\">0.4<\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>1.5<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\">1.3<\/td><\/tr><tr><td>Income tax expense<\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>(0.6)<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\">(0.5)<\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>(0.5)<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\">0.1<\/td><\/tr><tr><td>Depreciation and amortization<\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>2.8<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\">2.3<\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>7.4<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\">6.6<\/td><\/tr><tr><td>EBITDA<\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>1.4<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\">0.9<\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>5.7<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\">9.2<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p><strong>Adjusted Gross Profit and Margin<\/strong><\/p>\n\n\n\n<p>Although adjusted gross profit and margin are not recognized financial measures defined by IFRS, Management considers them to be important measures as they represent the Company\u2019s core profitability, without the impact of depreciation expense. As a result, Management believes they provide a useful and comparable benchmark for evaluating the Company\u2019s performance.<\/p>\n\n\n\n<p><strong>Reconciliation of Adjusted Gross Profit and Margin<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td><strong>(unaudited)<\/strong><strong>(in millions of dollars)<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>3 months ended<\/strong><strong>March 31, 2019<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>3 months ended<\/strong><strong>March 31, 2018<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>9 months ended<\/strong><strong>March 31, 2019<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>9 months ended<\/strong><strong>March 31, 2018<\/strong><\/td><\/tr><tr><td>Contract revenue<\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>37.4<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\">43.1<\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>108.4<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\">128.6<\/td><\/tr><tr><td>Cost of contract revenue (including depreciation)<\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>34.4<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\">40.9<\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>96.8<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\">114.6<\/td><\/tr><tr><td>Less depreciation<\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>(2.3)<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\">(2.0)<\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>(6.5)<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\">(5.9)<\/td><\/tr><tr><td>Direct costs<\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>32.1<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\">38.9<\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>90.3<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\">108.7<\/td><\/tr><tr><td>Adjusted gross profit<\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>5.3<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\">4.2<\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>18.1<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\">19.9<\/td><\/tr><tr><td>Adjusted gross margin (%)&nbsp;<sup>(1)<\/sup>&nbsp;<\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>14.3<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\">9.8<\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>16.7<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\">15.5<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p><em><sup>(1)<\/sup><\/em><em>&nbsp;Adjusted gross profit, divided by contract revenue X 100<\/em><\/p>\n\n\n\n<p><strong>About Orbit Garant<\/strong><\/p>\n\n\n\n<p>Headquartered in Val-d&#8217;Or, Quebec, Orbit Garant is one of the largest Canadian-based mineral drilling companies, providing both underground and surface drilling services in Canada and internationally through its 236 drill rigs and more than 1,300 employees. Orbit Garant provides services to major, intermediate and junior mining companies, through each stage of mining exploration, development and production. The Company also provides geotechnical drilling services to mining or mineral exploration companies, engineering and environmental consultant firms, and government agencies. For more information, please visit the Company&#8217;s website at&nbsp;<a href=\"https:\/\/orbitgarant.com\/\">orbitgarant.com<\/a>.<\/p>\n\n\n\n<p><strong>Forward-looking information<\/strong><\/p>\n\n\n\n<p><em>This news release may contain forward-looking statements (within the meaning of applicable securities laws) relating to business of Orbit Garant Drilling Inc. (the &#8220;Company&#8221;) and the environment in which it operates. Forward-looking statements are identified by words such as \u201cbelieve\u201d, \u201canticipate\u201d, \u201cexpect\u201d, \u201cintend\u201d, \u201cplan\u201d, \u201cwill\u201d, \u201cmay\u201d and other similar expressions. These statements are based on the Company&#8217;s expectations, estimates, forecasts and projections. They are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. These risks and uncertainties are discussed in the Company&#8217;s regulatory filings available at&nbsp;<\/em><a href=\"http:\/\/www.sedar.com\/\"><em>www.sedar.com<\/em><\/a><em>. There can be no assurance that forward-looking statements will prove to be accurate as actual outcomes and results may differ materially from those expressed in these forward-looking statements. Readers, therefore, should not place undue reliance on any such forward-looking statements. Further, a forward-looking statement speaks only as of the date on which such statement is made. The Company undertakes no obligation to publicly update any such statement or to reflect new information or the occurrence of future events or circumstances.<\/em><\/p>\n\n\n\n<p><strong>For further information:<\/strong><\/p>\n\n\n\n<p>Alain Laplante&nbsp;<br>Vice President and Chief Financial Officer<br>(819) 824-2707 ext. 122&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<\/p>\n\n\n\n<p>Bruce Wigle<br>Investor Relations<br>(647) 496-7856<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Val-d\u2019Or, Quebec, May 9, 2019 \u2013 Orbit Garant Drilling Inc. (TSX: OGD) (\u201cOrbit Garant\u201d or the \u201cCompany\u201d) today announced its financial results for the three and nine-month periods ended March 31, 2019. All dollar amounts are in Canadian dollars unless otherwise stated. Percentage calculations are based on numbers in the financial statements and may not correspond to rounded figures presented in this news release.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[33,18],"tags":[],"class_list":["post-1707","post","type-post","status-publish","format-standard","hentry","category-2018-en","category-news","no-post-thumbnail"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>ORBIT GARANT DRILLING REPORTS FISCAL 2019 THIRD QUARTER FINANCIAL RESULTS - Orbit Garant Drilling<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/orbitgarant.com\/en\/orbit-garant-drilling-reports-fiscal-2019-third-quarter-financial-results\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"ORBIT GARANT DRILLING REPORTS FISCAL 2019 THIRD QUARTER FINANCIAL RESULTS - Orbit Garant Drilling\" \/>\n<meta property=\"og:description\" content=\"Val-d\u2019Or, Quebec, May 9, 2019 \u2013 Orbit Garant Drilling Inc. (TSX: OGD) (\u201cOrbit Garant\u201d or the \u201cCompany\u201d) today announced its financial results for the three and nine-month periods ended March 31, 2019. All dollar amounts are in Canadian dollars unless otherwise stated. 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