annual report, page-3

Yes, I was surprised and disappointed by yesterday's market response to earnings announcement also, given by and large, it was very good.

Articles in The Business Speculator, The West Australian, The Bull and Adelaide Now were some I read, and all reported positively to BLY's results, future plans and forecasts.

For those who haven't read todays "Business Day" by Philip Wen, here is some of it.

"The Company reported a net profit of $US85M for the year. Earnings rose from $US111M to $US222M, as revenue surged 51% to $US1.48B.

The Company's Chief Executive Craig Kipp, said the Company expected earnings to grow a further 35% to $US300M this year with global mining exploration expenditure expected to hit a record level $US14B. We still see demand and pricing increasing in this market.....we just think we are very well positioned for where this market is right now.

An expected surge in spending by mining juniors, who have been slower to rebound from the financial crisis is expected to further fuel growth.

One analyst said Boart Longyear looked set to benefit from a robust economic environment for the next few years".

The only potential problem I took from yesterdays announcement was perhaps a labour shortage in WA, Canada and Chile. In the US and Africa there is no shortage. BLY has gone some way to address this by boosting their workforce in 2010 by 2,500 to more than 9,200.

I often comment someone/s wanting BLY'S sp capped, $4.70 seems to be that level. Although BLY is mostly sliding sideways these days, we need some big buyers to come in now following this announcement.

Pcockley, I agree..........for me this a a screaming buy.

Cheers
P.