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NoneOn Saturday night, Donald Trump announced he intends to appoint Kash Patel as director of the FBI. The news sparked an immediate frenzy from establishment figures across media and politics. Legal and national security “experts” were deployed to the Sunday morning news shows to characterize the move as evidence that Trump intends to politicize the FBI and use it as a weapon against his many political opponents. The political establishment’s concerns about what a Trump FBI could do mirror a lot of what we’ve heard from the right in recent years as they found themselves in the Bureau’s crosshairs. But almost all of these complaints and warnings have operated under the assumption that—with maybe the exception of a few bad episodes in the 1960s—the FBI has long been an essential crime-fighting force that has only recently become—or threatens to become—corrupted by politics. In truth, the FBI has always been used as a weapon against political movements and rivals of the established political class. That’s the reason it was created. At the end of the 1800s, left-wing anarchists were attacking heads of state all across Europe. In a few short years, the king of Italy, the prime minister of Spain, the empress of Austria, and the president of France were all assassinated by anarchists. While no communist or anarchist movement had yet to take over a country, the tenacity of these activists and revolutionaries was seriously concerning those in power in the United States. Then, in 1901, President William McKinley was shot and killed by an anarchist while attending a meet-and-greet in Buffalo, New York, which brought his vice president, Theodore Roosevelt, into office. It was President Roosevelt who tapped his Attorney General Charles Bonaparte—the grandnephew of Napoleon—to create the FBI. The AG was required by law to get congressional approval before creating this new “investigative” service of special agents within the Department of Justice. In the spring of 1908, Bonaparte officially requested the money and authority to create the FBI. Congress came back with an emphatic no. Members of the House saw through the innocuous language of the request and figured out exactly what the president and AG were doing—creating a secret police force that was answerable only to them. House Democrats like Joseph Swagar and John J. Fitzgerald and Republicans like Walter I. Smith and George Waldo all loudly condemned the proposal, saying it called for a “system of espionage” comparable to the Tsar’s secret police in Russia that stood in stark contrast to the very principles at the heart of the American system. Congress explicitly forbade the AG from creating this new Bureau. So what did Bonaparte do? He waited for Congress to break for the summer and then went ahead and created the FBI anyway. Congress was only notified about the new federal police force half a year later when Bonaparte included a quick throw-away line at the end of his annual report: “It became necessary for the department to organize a small force of special agents of its own.” So, the FBI was not created in response to out-of-control crime; its creation was a crime. Immediately, the new Bureau was unleashed on anyone and everyone who was perceived as a threat to those in power. That started with left-wing anarchists but quickly expanded to include many antiwar activists as President Wilson pulled the country into World War I. From the outset, the FBI operated primarily as a domestic intelligence agency—recruiting spies within groups they were targeting and breaking into offices and homes, intercepting mail, and tapping the phones of anyone they considered a threat. As the years wore on—like most other executive agencies—the Bureau evolved away from serving the direct interests of whoever happened to sit in the Oval Office to instead serve its own interest and the interest of the broader entrenched, permanent power structure in Washington. In the ‘50s, ‘60s, and ‘70s, the FBI conducted covert operations aimed at inciting violence between domestic groups, breaking up political organizations it disapproved of, and, perhaps most famously, collecting blackmail on Martin Luther King Jr. that they then tried to use to drive him to commit suicide. Related Articles Commentary | A new Legislative session: Time for pocketbook pragmatism Commentary | Climate activists should pivot from costly pipe dreams to realistic solutions Commentary | Privacy agency oversteps authority, jeopardizes California’s opportunity to lead in AI Commentary | Newsom’s wrongheaded special session is a misuse of gubernatorial power Commentary | Scott Horton: Can Trump actually fend off the war hawks and bring peace? Although today’s FBI acknowledges and publicly disavows these past activities, they are still carrying out egregious operations that always seem to benefit the political class. The Bureau has taken up a kind of sting operation where, over and over again, agents find isolated, gullible, often mentally-handicapped young men, pretend to be political radicals or higher-ups in a terrorist organization, and then convince the young men to plan and carry out a terrorist attack with FBI-funds and resources. Agents then step in at the end and act like they heroically stopped a real plot. The FBI did this relentlessly with young Muslim men after 9/11. The arrests helped prolong the perception that the global war on terror and extreme measures like the Patriot Act were necessary. In recent years, the FBI has conducted a number of similar schemes with right-wing groups—advancing the establishment’s narrative that Donald Trump is radicalizing “uneducated” middle Americans and turning them into violent insurrectionists. And then there are, of course, all the ways the FBI directly tried to undermine and hinder Trump’s first term. Right-wingers are correctly deriding the establishment for panicking about Trump’s FBI doing to them what they have tried to do to him. But many—on both sides—go wrong when they present the Bureau as only recently, or imminently, being corrupted into serving the interests of those in power. That’s been its role since the beginning. Connor O’Keeffe ( @ConnorMOKeeffe ) produces media and content at the Mises Institute. This commentary is republished from the Mises Institute.
SEYMOUR – Ernest (Ernie) A. Greywacz, 97, a lifelong resident of Seymour, entered into peaceful rest on Nov. 20, 2024, with his loving family by his side. He was a devoted husband of 75 years to Helen (Osowiecki) Greywacz. Ernie was born in Seymour, in the home where he resided, son of the late Ernest A. and Melvina (Pelletier) Greywacz. He was a communicant of St. Nicholas Parish/Church of the Good Shepherd and St. Augustine Church in Seymour. Ernie honorably served in the U.S. Navy during World War II. He owned his own building contracting business, Greywacz & Smith Builders, before retiring after 40 years. He was involved in the startup of the Seymour Pop Warner Football Program and volunteered as treasurer for many years. He had a love for sports and enjoyed going to see his children and grandchildren participate in all of their events, especially watching his late son, Ernest, play football from Pop Warner through his college years at SCSU. Ernie was an avid skier to the age of 82, and spent many years in Vermont with his wife and family in the home they built together, creating many lasting memories that we will always hold close to our hearts. When he wasn’t busy with a family event, he enjoyed going to the New England Patriots games, watching UConn men’s and women’s basketball, and was a legendary fan of the Boston Celtics. His love for his family was unconditional and most important to him. Each of his own children, grandchildren, and great-grandchildren are fortunate to have their own collection of stories and memories of how he influenced our lives. He always made you feel welcomed and would lend a hand to help anyone. He will be most remembered for his devotion to his family, and his heart of gold will remain with us forever. In addition to his beloved wife, Ernie is survived by his five daughters, Lynn (Ron) Brown, Ellen Moran, Martha (Eddy) Mehaylo, Lorraine (Tim) McInerney, Josephine (Shannon) Fenton; daughter-in-law Janet Greywacz; his sister Joan Carrington, his brother David Greywacz; 11 grandchildren, 17 great-grandchildren; several nieces and nephews. He was predeceased by his son, Ernest A. Greywacz III; son-in-law Daniel J. Moran; and stepgranddaughter Stacey Impelliziere. There are no calling hours. Friends are invited to a Mass of Christian Burial in celebration of Ernest’s life on Saturday, Nov. 23, at 10 a.m. at The Church of the Good Shepherd, 135 Mountain Road, Seymour. Interment will follow at the St. Augustine Cemetery, Cedar Street, Seymour. In lieu of flowers, memorial gifts can be sent to St. Augustine Church, 35 Washington Ave., Seymour, CT 06483. Arrangements have been entrusted to the Ralph E. Hull Funeral Home, 161 W. Church St., Seymour, that Greywacz & Smith Builders constructed in 1975.
MONCTON, New Brunswick, Dec. 05, 2024 (GLOBE NEWSWIRE) — Major Drilling Group International Inc. (“Major Drilling” or the “Company”) (TSX: MDI), a leading provider of specialized drilling services to the mining sector, today reported results for the second quarter of fiscal 2025, ended October 31, 2024. “For Q2 of fiscal 2025, Major Drilling’s globally diversified operations and reputation as the driller-of-choice enabled us to maintain our revenue run rate relative to fiscal Q1, despite challenging conditions in certain markets,” commented Mr. Denis Larocque, President & CEO of Major Drilling. “We were pleased once again by our Australasian and Chilean operations, which continue to offset lower activity levels in North America, primarily driven by lower junior exploration expenditures.” “The Company delivered solid financial results for the quarter, supported by an adjusted gross margin of 30.5%. This represented an increase from 28.9% in fiscal Q1 and is in line with the 31.0% achieved over the same period last year as the Company remains focused on profitable operations and our best-in-class specialized drilling services,” commented Ian Ross, CFO of Major Drilling. “As previously disclosed, our 2021 McKay acquisition successfully met all of the EBITDA milestones in the earnout period, with the final contingent payment of $9.1 million made during the quarter. We also continue to modernize our drill fleet, having spent $20.1 million in capex, which includes the addition of 5 new drills and support equipment, while disposing of 4 older, less efficient rigs, bringing Major Drilling’s total fleet to 610 drills. Given another strong operational performance, our net cash position increased to $100.4 million at quarter end, while we continue to retain an industry leading balance sheet, enabling the acquisition of Explomin in early fiscal Q3,” concluded Mr. Ross. “With McKay continuing to demonstrate strong results in Australasia since its acquisition in 2021, our focus now turns to the integration of Explomin – a leading South American driller with operations in Peru, Colombia, the Dominican Republic and Spain. I am excited to welcome Explomin and its employees to the Major Drilling team. Their long-standing reputation, strong base of senior mining customers, and focus on specialized drilling, with its well-maintained fleet of rigs, complement our existing operations and offer further potential growth opportunities in South America,” said Mr. Larocque. “As Peru has been on our radar for quite some time given its status as the second largest copper producer, Explomin solidifies our South American presence, supplementing our existing operations in Brazil, Chile, Argentina, and throughout the Guyana Shield.” “Looking ahead to our seasonally slower third quarter of fiscal 2025, we are expecting programs in North America to pause for the holiday period slightly earlier than in prior years, although this is expected to be partially offset by ongoing strength in Australia and Chile. While we will be adding revenue from the Explomin operations, we expect them to have the same usual seasonality as the rest of our South American operations. Demand from senior customers for calendar 2025 is expected to remain robust, while we are optimistic regarding the activity levels of juniors following a slight increase in financing activity. The combination of elevated commodity prices, translating to increased free cash flow generation for mining companies, coupled with depleted reserve bases, should lead to increases in demand for drilling services over the years to come.” “Our well-maintained fleet ensures that we retain utilization capacity which, combined with our optimal inventory levels and experienced crews, puts us in an excellent position to capitalize on these increased levels of demand for our drilling services. Our core strategy is to remain the leader in specialized drilling as new discoveries are made in increasingly challenging and remote locations. Our solid foundation, supplemented by ongoing technological innovation, puts us in an ideal position to take on these new and exciting challenges.” “I’m extremely proud to announce that our Canadian team was recently awarded the Safe Day Every Day Gold Award by the Association for Mineral Exploration, Prospectors & Developers Association of Canada, and Canadian Diamond Drilling Association. Our Canadian team achieved over 1,146,000 hours without a lost time injury, an achievement that demonstrates our ongoing dedication to maintaining high safety standards across all projects around the world,” concluded Mr. Larocque. Finally, Major Drilling announces the resignation of Mr. Robert Krcmarov from the Board of Directors effective December 5, 2024, to focus on his new role as Chief Executive Officer of Hecla Mining Company. Kim Keating, Chair of the Board, commented: “On behalf of the Board and the leadership team at Major Drilling, I would like to congratulate Rob on this appointment, and thank him for his significant contributions during his tenure on the Board. Rob’s experience and insights were of great benefit to Major Drilling’s Board and leadership team. He was instrumental in the development of Major Drilling’s Decarbonization Action Plan and in strengthening the Company’s health and safety program, as well as his timely advice regarding the most recent acquisition of Explomin Perforaciones earlier this month. We thank Rob for his invaluable advice and wish him all the best in his new role leading Hecla Mining Company.” Total revenue for the quarter was $189.3 million, down 8.6% from revenue of $207.0 million recorded in the same quarter last year. The foreign exchange translation impact on revenue and earnings, when comparing to the effective rates for the previous year, was minimal. Revenue for the quarter from Canada – U.S. drilling operations decreased by 20.0% to $85.4 million, compared to the same period last year. While senior and intermediate activity levels increased slightly, this only partially offset the decline in demand from juniors relative to the same period last year as they continued to face challenging financing opportunities. South and Central American revenue decreased by 6.5% to $49.1 million for the quarter, compared to the same quarter last year. While operations in Chile remain robust, this was offset by slowdowns in other parts of the region. Australasian and African revenue increased by 14.4% to $54.7 million, compared to the same period last year as demand for specialized drilling services in Australia and Mongolia continue to drive growth in the region. Gross margin percentage for the quarter was 23.4%, compared to 25.3% for the same period last year. Depreciation expense totaling $13.4 million is included in direct costs for the current quarter, versus $11.8 million in the same quarter last year. Adjusted gross margin, which excludes depreciation expense, was 30.5% for the quarter, compared to 31.0% for the same period last year. Adjusted gross margin remained relatively unchanged as the Company remains disciplined with respect to pricing. General and administrative costs were $18.4 million, an increase of $0.8 million compared to the same quarter last year. This increase primarily relates to inflationary wage adjustments. Other expenses were $2.5 million, down from $3.2 million in the same quarter last year due primarily to lower incentive compensation expenses given the decreased profitability. Foreign exchange gain was $0.5 million, compared to a loss of $0.9 million for the same quarter last year. While the Company’s reporting currency is the Canadian dollar, various jurisdictions have net monetary assets or liabilities exposed to various other currencies. The income tax provision for the quarter was an expense of $6.5 million, compared to an expense of $7.4 million for the prior year period. The decrease from the prior year was driven by reduced profitability. Net earnings were $18.2 million or $0.22 per share ($0.22 per share diluted) for the quarter, compared to net earnings of $23.7 million or $0.29 per share ($0.29 per share diluted) for the prior year quarter. The Company’s financial data has been prepared in accordance with IFRS, with the exception of certain financial measures detailed below. The measures below have been used consistently by the Company’s management team in assessing operational performance on both segmented and consolidated levels, and in assessing the Company’s financial strength. The Company believes these non-IFRS financial measures are key, for both management and investors, in evaluating performance at a consolidated level and are commonly reported and widely used by investors and lending institutions as indicators of a company’s operating performance and ability to incur and service debt, and as a valuation metric. These measures do not have a standardized meaning prescribed by IFRS and therefore may not be comparable to similarly titled measures presented by other publicly traded companies and should not be construed as an alternative to other financial measures determined in accordance with IFRS. This news release includes certain information that may constitute “forward-looking information” under applicable Canadian securities legislation. All statements, other than statements of historical facts, included in this news release that address future events, developments, or performance that the Company expects to occur (including management’s expectations regarding the Company’s objectives, strategies, financial condition, results of operations, cash flows and businesses) are forward-looking statements. Forward-looking statements are typically identified by future or conditional verbs such as “outlook”, “believe”, “anticipate”, “estimate”, “project”, “expect”, “intend”, “plan”, and terms and expressions of similar import. All forward-looking information in this news release is qualified by this cautionary note. Forward-looking information is necessarily based upon various estimates and assumptions including, without limitation, the expectations and beliefs of management related to the factors set forth below. While these factors and assumptions are considered reasonable by the Company as at the date of this document in light of management’s experience and perception of current conditions and expected developments, these statements are inherently subject to significant business, economic and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements and undue reliance should not be placed on such statements and information. Such forward-looking statements are subject to a number of risks and uncertainties that include, but are not limited to: the level of activity in the mining industry and the demand for the Company’s services; competitive pressures; global and local political and economic environments and conditions; the level of funding for the Company’s clients (particularly for junior mining companies); the Company’s dependence on key customers; the integration of business acquisitions and the realization of the intended benefits of such acquisitions; efficient management of the Company’s growth; exposure to currency movements (which can affect the Company’s revenue in Canadian dollars); currency restrictions; safety of the Company’s workforce; risks and uncertainties relating to climate change and natural disaster; the geographic distribution of the Company’s operations; the impact of operational changes; changes in jurisdictions in which the Company operates (including changes in regulation); failure by counterparties to fulfill contractual obligations; disease outbreak; as well as other risk factors described under “General Risks and Uncertainties” in the Company’s MD&A for the year ended April 30, 2024, available on the SEDAR+ website at . Should one or more risk, uncertainty, contingency, or other factor materialize or should any factor or assumption prove incorrect, actual results could vary materially from those expressed or implied in the forward-looking information. Forward-looking statements made in this document are made as of the date of this document and the Company disclaims any intention and assumes no obligation to update any forward-looking statement, even if new information becomes available, as a result of future events, or for any other reasons, except as required by applicable securities laws. Major Drilling Group International Inc. is the world’s leading provider of specialized drilling services primarily serving the mining industry. Established in 1980, Major Drilling has over 1,000 years of combined experience and expertise within its management team. The Company maintains field operations and offices in North America, South America, Australia, Asia, Africa, and Europe. Major Drilling provides a complete suite of drilling services including surface and underground coring, directional, reverse circulation, sonic, geotechnical, environmental, water-well, coal-bed methane, shallow gas, underground percussive/longhole drilling, surface drill and blast, a variety of mine services, and ongoing development of data-driven, high-tech drillside solutions. Major Drilling Group International Inc. will provide a simultaneous webcast and conference call to discuss its quarterly results on Friday, December 6, 2024 at 8:00 AM (EST). To access the webcast, which includes a slide presentation, please go to the investors/webcasts section of Major Drilling’s website at www.majordrilling.com and click on the link. Please note that this is listen-only mode. To participate in the conference call, please dial 416-340-2217, participant passcode 4769038# and ask for Major Drilling’s Second Quarter Results Conference Call. To ensure your participation, please call in approximately five minutes prior to the scheduled start of the call. For those unable to participate, a taped rebroadcast will be available approximately one hour after the completion of the call until Monday, January 6, 2025. To access the rebroadcast, dial 905-694-9451 and enter the passcode 1708283#. The webcast will also be archived for one year and can be accessed on the Major Drilling website at www.majordrilling.com. Ryan Hanley Director, Corporate Development & Investor Relations Tel: (506) 857-8636 Fax: (506) 857-9211 (in thousands of Canadian dollars, except per share information) Major Drilling Group International Inc. (the “Company”) is incorporated under the Canada Business Corporations Act and has its head office at 111 St. George Street, Moncton, NB, Canada. The Company’s common shares are listed on the Toronto Stock Exchange (“TSX”). The principal source of revenue consists of contract drilling for companies primarily involved in mining and mineral exploration. The Company has operations in North America, South America, Australia, Asia, and Africa. These Interim Condensed Consolidated Financial Statements have been prepared in accordance with IAS 34 Interim Financial Reporting (“IAS 34”) as issued by the International Accounting Standards Board (“IASB”) and using the accounting policies as outlined in the Company’s annual Consolidated Financial Statements for the year ended April 30, 2024. On December 5, 2024, the Board of Directors authorized the financial statements for issue. These Interim Condensed Consolidated Financial Statements incorporate the financial statements of the Company and entities controlled by the Company. Control is achieved when the Company is exposed or has rights to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. The results of subsidiaries acquired or disposed of during the period are included in the Consolidated Statements of Operations from the effective date of acquisition or up to the effective date of disposal, as appropriate. Intercompany transactions, balances, income and expenses are eliminated on consolidation, where appropriate. These Interim Condensed Consolidated Financial Statements have been prepared based on the historical cost basis, except for certain financial instruments that are measured at fair value, using the same accounting policies and methods of computation, with the exception of those detailed in note 4 below, as presented in the Company’s annual Consolidated Financial Statements for the year ended April 30, 2024. The Company has not applied the following IASB standard amendment and standard that have been issued, but are not yet effective: The Company is currently in the process of assessing the impact the adoption of the above amendment and standard will have on the Consolidated Financial Statements. With the exception of the policy detailed below, all accounting policies and methods of computation remain the same as those presented in the Company’s annual Consolidation Financial Statements for the year ended April 30, 2024. Associates are companies that the Company has significant influence over and are accounted for under the equity method. Significant influence is the power to participate in the financial and operating policy decisions of the investee, but is not control or joint control over those policies. Significant influence is presumed when the Company has an ownership interest greater than 20%, unless certain qualitative factors overcome this assumption. In assessing significant influence and the ownership interest, potential voting or other rights that are currently exercisable are taken into consideration. Investments in associates are accounted for using the equity method and are initially recognized at cost, inclusive of transaction costs. The Interim Condensed Consolidated Financial Statements include the Company’s share of the income or loss and equity movement of equity accounted associates. The Company does not recognize losses exceeding the carrying value of its interest in the associate. The preparation of financial statements, in conformity with IFRS, requires management to make judgments, estimates and assumptions that are not readily apparent from other sources, which affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods, if the revision affects both current and future periods. Significant areas requiring the use of management estimates relate to the useful lives of property, plant and equipment for depreciation purposes, inventory valuation, determination of income and other taxes, recoverability of deferred income tax assets, assumptions used in compilation of share-based payments, provisions, contingent considerations, impairment testing of goodwill and intangible assets and long-lived assets. The Company applied judgment in determining the functional currency of the Company and its subsidiaries, the determination of cash-generating units (“CGUs”), the degree of componentization of property, plant and equipment, the recognition of provisions, the determination of the probability that deferred income tax assets will be realized from future taxable earnings, and the determination of whether the Company exerts significant influence with respect to its investment in associate under the equity accounting method. The third quarter (November to January) is normally the Company’s weakest quarter due to the shutdown of mining and exploration activities, often for extended periods over the holiday season. Capital expenditures for the three and six months ended October 31, 2024 were $20,073 (2023 – $17,443) and $41,324 (2023 – $33,717). The Company did not obtain direct financing for the three and six months ended October 31, 2024 or 2023. On July 22, 2024, the Company purchased shares in DGI Geoscience Inc. (“DGI”) for $15,000 in cash consideration, a 39.8% equity interest (that provides the Company with 42.3% of the voting rights). DGI and its subsidiaries are privately held entities, headquartered in Canada, focused on downhole survey and imaging services as well as using artificial intelligence for logging scanned rock samples. In addition to the equity interest, Major Drilling’s representation on the DGI Board of Directors gives the Company significant influence over DGI. While there are special approval rights granted to the Company as part of the investment, these are more protective in nature and therefore, would not result in control, or joint control of DGI. As a result, the Company concluded that the equity method of accounting is appropriate for its investment in DGI. During the prior quarter, the Company incurred costs of $205 for this investment, relating to external legal fees and due diligence costs. These amounts have been recorded as part of the cost of the investment in associate in the Interim Condensed Consolidated Balance Sheets. In the current quarter, the Company’s earnings from investment in associate is $27. During the prior year, for the three and six months ended October 31, 2023, the Company repurchased 875,268 and 1,020,568 common shares, respectively, at an average price of $8.31 and $8.40, respectively, under its Normal Course Issuer Bid. Direct costs by nature are as follows: General and administrative expenses by nature are as follows: The income tax provision for the periods can be reconciled to accounting earnings before income tax as follows: The Company periodically assesses its liabilities and contingencies for all tax years open to audit based upon the latest information available. For those matters where it is probable that an adjustment will be made, the Company records its best estimate of these tax liabilities, including related interest charges. Inherent uncertainties exist in estimates of tax contingencies due to changes in tax laws. While management believes they have adequately provided for the probable outcome of these matters, future results may include favourable or unfavourable adjustments to these estimated tax liabilities in the period the assessments are made, or resolved, or when the statutes of limitations lapse. All of the Company’s earnings are attributable to common shares, therefore, net earnings are used in determining earnings per share. The calculation of diluted earnings per share for the three and six months ended October 31, 2024 excludes the effect of 200,000 options for both periods (2023 – 297,000 and 205,000, respectively) as they were not in-the-money. The total number of shares outstanding on October 31, 2024 was 81,842,086 (2023 – 82,093,486). The Company’s operations are divided into the following three geographic segments, corresponding to its management structure: Canada – U.S.; South and Central America; and Australasia and Africa. The services provided in each of the reportable segments are essentially the same. The accounting policies of the segments are the same as those described in the Company’s annual Consolidated Financial Statements for the year ended April 30, 2024. Management evaluates performance based on earnings from operations in these three geographic segments before finance costs, general corporate expenses and income taxes. Data relating to each of the Company’s reportable segments is presented as follows: *Canada – U.S. includes revenue of $25,695 and $34,074 for Canadian operations for the three months ended October 31, 2024 and 2023, respectively and $57,543 and $70,762 for the six months ended October 31, 2024 and 2023, respectively. **General and corporate expenses include expenses for corporate offices and stock-based compensation. *Canada – U.S. includes property, plant and equipment as at October 31, 2024 of $64,041 (April 30, 2024 – $62,991) for Canadian operations. The carrying values of cash, trade and other receivables, demand credit facilities and trade and other payables approximate their fair value due to the relatively short period to maturity of the instruments. The carrying value of contingent consideration and long-term debt approximates their fair value as the interest applicable is reflective of fair market rates. Financial assets and liabilities measured at fair value are classified and disclosed in one of the following categories: The Company enters into certain derivative financial instruments to manage its exposure to market risks, comprised of share-price forward contracts with a combined notional amount of $8,654, maturing at varying dates through June 2027. The fair value hierarchy requires the use of observable market inputs whenever such inputs exist. A financial instrument is classified to the lowest level of the hierarchy for which a significant input has been considered in measuring fair value. The Company’s derivatives, with fair values as follows, are classified as level 2 financial instruments and recorded in trade and other receivables (payables) in the Interim Condensed Consolidated Balance Sheets. There were no transfers of amounts between level 1, level 2 and level 3 financial instruments for the three and six months ended October 31, 2024. As at October 31, 2024, 96.1% (April 30, 2024 – 95.9%) of the Company’s trade receivables were aged as current and 3.5% (April 30, 2024 – 3.5%) of the trade receivables were impaired. The movements in the allowance for impairment of trade receivables during the periods were as follows: As at October 31, 2024, the most significant carrying amounts of net monetary assets and/or liabilities (which may include intercompany balances with other subsidiaries) that: (i) are denominated in currencies other than the functional currency of the respective Company subsidiary; and (ii) cause foreign exchange rate exposure, including the impact on earnings before income taxes (“EBIT”), if the corresponding rate changes by 10%, are as follows (in $000s CAD): The following table details contractual maturities for the Company’s financial liabilities: On November 5, 2024, the Company completed the purchase of all of the issued and outstanding shares of Explomin Perforaciones (“Explomin”), a leading specialty drilling contractor based in Lima, Peru. This acquisition provides Major Drilling with increased exposure to the copper market as Explomin is one of the largest South American drilling contractors, with the majority of their operations in Peru, while also servicing markets in Colombia, Dominican Republic, and Spain. The purchase price for the acquisition is valued at an amount up to US$85 million, consisting of: (i) a cash payment of US$63 million payable on closing, subject to working capital adjustments; and (ii) an earnout of up to US$22 million payable in cash over the next three years, based on the achievement of certain milestones. The cash portion of the purchase price has been funded from Major Drilling’s cash and existing debt facilities.
Powell Industries VP Mauney sells $284,161 in stockNoneThe Chicago Blackhawks fired coach Luke Richardson on Thursday with the team sitting at the bottom of the NHL standings. Anders Sorensen, coach of the Blackhawks' Rockford IceHogs team in the American Hockey League, was named interim head coach. The move happened with generational player Connor Bedard going through a sophomore slump and unhappy with his production. He had a recently ended a 12-game goal drought and didn't make the Canadian roster for this season's 4 Nations Face-Off . "As we have begun to take steps forward in our rebuilding process, we felt that the results did not match our expectations for a higher level of execution this season and ultimately came to the decision that a change was necessary," general manager Kyle Davidson said in a statement about the coaching move. Richardson, 55, was hired before the start of the 2022-23 season. The Blackhawks finished 30th overall, moved up three spots in the draft lottery and chose Bedard, considered the NHL's best prospect since Connor McDavid. All things Blackhawks: Latest Chicago Blackhawks news, schedule, roster, stats, injury updates and more. He was coach for Bedard's first NHL season, when the center won rookie of the year despite missing 14 games with a broken jaw . But the Blackhawks finished with the league's second worst record and a .317 points percentage. It has been more of the same, even with Chicago adding veterans Tyler Bertuzzi and Teuvo Teravainen to complement Bedard. The Blackhawks' record is 8-16-2 and they're in a 2-7-1 slump. Richardson leaves Chicago with a 57-118-15 record and won't get a chance to coach in this season's Winter Classic. Richardson is the third NHL coach to be fired this season, following the Boston Bruins' Jim Montgomery and the St. Louis Blues' Drew Bannister . Sorenson, 49, a native of Sweden, has been with the Blackhawks organization since 2013-14 and become Rockford head coach in 2021-22, making the playoffs in all three seasons.
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