bly's new announcement

BLY'S latest announcement cool...


Let me begin by reviewing our financial performance during 2008. Our revenues for the
year were US$1,839 million, or 17 percent higher than the level achieved in 2007. Our
earnings before interest expense, taxes, depreciation and amortization (“EBITDA”) were
US$356 million, which exceeded 2007 EBITDA by 20 percent. Finally, our net profit
was US$157 million or 93 percent higher than 2007. These results represented record
financial performance for Boart Longyear despite a sharp downturn in sales in the fourth
quarter due to the global financial crisis.
Improved results in 2008 were due to higher revenues and margins in our Drilling
Services division, while our Products division performed strongly for three quarters but
slowed steeply in the fourth quarter so that returns for the full year came in about the
same as in 2007. Both divisions benefitted from higher prices and volumes and the
strength of the certain foreign currencies, particularly the Australian dollar, compared to
the U.S. dollar. This was partially offset by the impact of cost inflation, restructuring

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