What is drifting here is the content of this thread. I don't normally paste news articles, but below is a clip from ninemsn from an hour ago which is what we were all pretty much expecting.
Volume today was something like 120mil over normal which was mostly moved during the morning. Perhaps whoever it was that had higher expectations is now gone from the scene. I still maintain there are too many shares on the loose and the company will be subject to these large movements until things are tightened up.
Mining sector blues hit Boart Longyear 19/02/2010 4:55:34 PM
Drilling services provider Boart Longyear Ltd has reported an annual net loss after mining sector cutbacks during the global financial crisis but expects to return to profitability this year.
Boart's net loss for calendar 2009 of $US14.9 million ($A16.73 million) compares to a $US156.7 million ($A175.9 million) net profit in 2008.
Junior miners found it hard to source funds and major mining companies cut back on exploration due to tighter credit amid the financial crisis.
Chief executive Craig Kipp told reporters on Friday it had been a tough year for Boart involving a lot of restructuring, but the company expected to return to profitability as market conditions improved.
"Overall, we're optimistic about 2010," Mr Kipp said.
"We are putting more rigs to work.
"There's probably 100 more rigs working than there was last year at this time.
"The backlog in our products business is increasing and we've hired over 1,000 people in the last six months.
"And we're starting to see some stabilisation of (drilling) pricing and in fact some price increases in various parts of the world depending upon the utilisation rate, the region, commodity pricing and so on.
"That's an encouraging trend for us."
Mr Kipp said the company expected revenue to rise 15 per cent to $US1.125 billion ($A1.26 billion) this year after a 47 per cent fall in revenue to $US978 million ($A1.09 billion) in 2009.
