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Q3 2021 Earnings Conference Call
spk_0: this conference is being recorded. Said conferences registry. Good morning, ladies and gentlemen. And welcome to the third quarter 2021 results. Conference call.
spk_2: I'm now,
spk_0: like, turn the meeting over to shuttle. Beneficial. Please go ahead, Ms Manasso.
spk_3: Thank you and good morning, everyone. As mentioned, we would like to welcome you to major drillings Conference call for the third quarter of fiscal 2021. On our call, we will have Danny Laraque, president and CEO, and Ian Ross, our chief financial officer. A results were released yesterday evening and can be found on our website at www dot major drilling dot com. We also invite you to visit our site for further information. Before we get started, we'd like to caution you. During this conference call, we will be making forward looking statements about future events or the future financial performance of the These states are forward looking in nature and actual events over major for material Evo, The anticipated statement. I laughed at the presentation over two days. Please go ahead.
spk_1: Yeah. Good morning, everyone. And then thank you for joining us today. Pleased by the level of activity generated quarter both before and after all the period. Third quarter is always impacted by a field down over Christmas at certain objects, but November is a particularly, particularly good month and continued progression. The experience in the previous old December usual anticipated action in operations over the holidays. Wow in Canada, January got off a quicker start than previous years. These factors contributed to a revenue increase of 23% for the quarter, and it does provide a strong indication that we are moving into a mining up cycle margins as as as usual for this quarter were impacted by substantial. So we're all work holiday people. Additionally, the company incurred significant training, mobilization and setup costs to meet the pickup of activity and increased demand. We are seeing for services as we move into the fourth quarter and beyond. Yeah, this performance generated iveta of 8.7 million, an increase of 232 126% over last year. It's turning into an increase of 6.6 million of net cash, bringing our net cash position to 14.2 million. I want to commend our employees throughout the organization have been able to work through strict protocols and logistical challenges and deliver this kind of growth while remain safe and healthy. I also want to highlight an Indian Divisions safety performance which has now operated over 7.5 million hours over six half years without the lost time injury, the safety and well being or our cruise is our highest responsibility when we work on any progress and we work hard to earn the trust and support of our crews and we are pleased to see their success with that, Ian will walk us through the financials and then I'd like to discuss the market outlook further before opening up the call.
spk_2: Ian, thanks to me for the quarter was 100.4 million, up 23% from June of 80.7 million reported in the same quarter last year. JOE programs continued later into December and started out early in January in our biggest readings. The unfavorable foreign exchange translation impact on revenue for the quarter, when comparing to the effective rates for the same period last year was approximately $2.5 million with a minimal impact on network. Despite the continued challenges of Covid, 19 in certain jurisdictions pleased to report our highest third quarter revenue in over eight years as we are seeing, increased the end driven by senior gold projects and juniors deploying the capital raised last year. The overall gross margin, excluding depreciating for the quarter was 20.3% compared to 17.6% for the same period last year. Seasonality of the third quarter has an impact on margins as we take the opportunity to overhaul rigs that shut down also this quarter in response to the increased activity level and potential demand we are seeing in Q four and beyond. We stepped up painting efforts to ensure we can satisfy our customers' needs in what is shaping up to be a busy calendar. 2021 g and A Costs were down one million and 11.7 million when compared to the same quarter last year. The decrease is mainly related to reduce travel in various effects impacts. The income tax provisions for the quarter was compared to an expensive 300,000 for the prior year period. The income tax provisions