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Orbit Garant Drilling Reports Fiscal 2022 First Quarter Financial Results Continued year - over - year growth in revenue and metres drilled reflects increased capacity utilization to meet strong customer demand- VAL - D'OR , QC , Nov. 11 , 2021 / CNW / - Orbit Garant Drilling Inc. ( TSX : OGD ) ( " Orbit Garant " or the " Company " ) today announced its financial results for the three - month period ended September 30 , 2021 ( " Q1 2022 " ) . All dollar amounts are in Canadian dollars unless otherwise stated . Financial Results Summary ( $ amounts in millions , except per share amounts ) Revenue Gross Profit Gross Margin ( % ) Three months ended Three months ended September 30 , 2021 $ 50.6 $ 3.8 September 30 , 2020 $ 35.6 $ 8.7 24.6 31.3 ETT Adjusted Gross Margin ( % ) ¹ EBITDA² Net earnings ( loss ) Net earnings ( loss ) per share - Basic and diluted Total metres drilled 12.3 $ 2.7 $ ( 1.3 ) $ 8.4 $ 3.5 $ ( 0.04 ) 463,755 $ 0.09 351,373 1 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 achieved record first quarter revenue and metres drilled . Our continued year - over - year growth in revenue and metres drilled reflects the increased capacity utilization of our drill fleet as we strive to meet this high level of customer demand , " said Eric Alexandre , President and CEO of Orbit Garant . " Similar to last quarter , our margins were impacted by increased driller training , project ramp - up and mobilization costs . This quarter we also absorbed higher costs for materials and supplies due to supply chain issues , which are currently impacting the entire global economy . We expect our margins to expand over the course of the fiscal year as driller productivity improves , short - term mobilization costs fall away , and we offset cost pressures through contract price increases . We expect supply chain issues to be largely resolved by early 2022. " " We are encouraged by our positive business outlook . Gold and copper prices remain strong , and our customers are signalling that they will maintain high levels of exploration and development spending in their budgets for the 2022 calendar year , " added Mr. Alexandre . " We will continue to focus on margin enhancement as we adapt to this sustained high level of business activity . " First Quarter Results Revenue for Q1 2022 totalled $ 50.6 million , an increase of 41.9 % compared to $ 35.6 million for the three - month period ended September 30 , 2020 ( " Q1 2021 " ) , reflecting an increase in drilling activities in Canada and internationally . Canada revenue totalled $ 37.9 million in the quarter , an increase of 20.7 % compared to $ 31.4 million in Q1 2021 , reflecting strong domestic demand for the Company's drilling services . International revenue increased to $ 12.7 million in Q1 2022 , from $ 4.2 million in Q1 2021 , reflecting increased drilling activities . Orbit Garant drilled 463,755 metres in the quarter , an increase of 32.0 % compared to 351,373 metres drilled in Q1 2021. The Company's average revenue per metre drilled in Q1 2022 was $ 108.46 , compared to $ 100.51 in Q1 a year ago . The increase in average revenue per metre drilled is primarily attributable to improved pricing in Canada on drilling activities du to increase of customer demand , partially offset by a lower proportion of specialized drilling activity .