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Orbit Garant Drilling Reports Fiscal 2021 Fourth Quarter and Year - End Financial Results - Record revenue in the quarter reflects strong recovery in customer demand- VAL - D'OR , QC , Sept. 28 , 2021 / CNW / - Orbit Garant Drilling Inc. ( TSX : OGD ) ( " Orbit Garant " or the " Company " ) today announced its financial results for the three - month period ( " Q4 2021 " ) and fiscal year ended June 30 , 2021. All dollar amounts are in Canadian dollars unless otherwise stated . Financial Results Summary ( $ amounts in millions , Three months ended except per share amounts ) June 30 , 2021 Three months ended June 30 , 2020 Year ended June 30 , 2021 Revenue $ 51.1 $ 20.2 $ 163.3 Year ended June 30 , 2020 $ 137.8 Gross Profit $ 3.0 $ 2.3 $ 20.3 $ 12.9 Gross Margin ( % ) 5.9 11.5 12.4 9.4 Adjusted Gross Margin ( % ) 1 9.8 23.3 17.9 16.3 EBITDA2 $ 1.2 $ 0.3 $ 17.6 $ 6.8 Net earnings ( loss ) $ ( 2.2 ) $ ( 2.7 ) $ 2.3 $ ( 7.4 ) Net earnings ( loss ) per share - Basic and diluted Total metres drilled $ ( 0.06 ) 502,350 $ ( 0.08 ) $ 0.06 186,138 1,661,396 $ ( 0.20 ) 1,297,838 Adjusted Gross Margin is a non - IFRS financial measure and is defined as Gross Profit excluding depreciation expenses . See " Reconciliation of Non - IFRS financial measures " . 2 EBITDA is a non - IFRS financial measure and is defined as earnings before interest , taxes , depreciation , and amortization . See " Reconciliation of Non - IFRS financial measures " . " We drilled a record number of metres in the quarter and generated a historical high in quarterly revenue , reflecting the strong recovery of customer demand in Canada and West Africa following the initial impacts of the pandemic . Our drilling activity in Chile continues to be impacted by COVID - 19 related challenges and has not yet reached pre - pandemic levels , but demand is gradually ramping up . We commenced a new , long - term contract there last quarter , " said Eric Alexandre , President and CEO of Orbit Garant . " Our margins are being impacted in the short term by increased driller training , ramp - up and mobilization costs as we adapt our operations to this higher level of demand . " " Looking ahead , we expect continued high levels of customer demand supported by strong gold and copper prices . However , we also expect increased labour costs in Canada due to the industry - wide shortage of experienced drillers and higher costs of materials due to COVID - 19 related supply chain challenges . We expect to offset these higher costs with price increases on our drilling contracts . We are addressing the shortage of experienced drillers and higher training costs in Canada through our driller training program and our computerized drill technology . We expect to gradually increase our capacity utilization and driller productivity as this positive cycle progresses and grow our margins , " continued Mr. Alexandre . " We will continue to carefully monitor the impact of COVID - 19 in our markets and ensure that we are taking every appropriate measure to support the health and safety of our employees and other stakeholders . " Fourth Quarter Results Revenue for Q4 2021 totalled $ 51.1 million , a significant increase from $ 20.2 million for the three- month period ended June 30 , 2020 ( " Q4 2020 " ) , reflecting an increase in drilling activities in Canada and internationally . Canada revenue totalled $ 38.1 million in the quarter , compared to $ 16.4 million in Q4 2020. The increase reflects strong domestic demand for the Company's drilling services in Q4 2021 and the negative impact of COVID - 19 in Q4 2020 , which resulted in business restrictions including project suspensions and slowdowns . International revenue increased to $ 13.0 million in Q4 2021 , from $ 3.8 million in Q4 2020 , reflecting increased drilling activity in West Africa , the commencement of a new drilling project in Chile and the negative impact of COVID - 19 in Q4 2020 . Orbit Garant drilled a record 502,350 metres in the quarter , compared to 186,138 metres drilled in Q4 2020 , when drilling activity was severely impacted by business restrictions related to COVID - 19 .