absolutely shameful, page-3

Boart Longyear revenue forecast to dive on falling salesFont Size: Decrease Increase Print Page: Print April 21, 2009
Article from: Dow Jones Newswires

BOART Longyear, the world's largest drilling company, today said total revenue will fall 35 per cent to 45 per cent, from the $US1.84 billion ($2.64 billion) return in 2008.

While sales and earnings for Boart's drilling services and products this year have declined, the fall in products will be more severe because of "very depressed levels of capital equipment sales activity", the company said.

Last year, Boart Longyear cut its global workforce by 30 per cent to reflect lower revenues.

Boart will record restructuring charges of about $US10 million in the six months ended June 30