Boart eyes two-year turnaround

The result came on the same day that the firm announced that Richard O'Brien -- the chief of New York Stock Exchange-listed Newmont Mining -- would become Boart's chief executive, replacing ousted chief Craig Kipp.

Boart chairman David McLemore, who has been acting in the role since Mr Kipp's exit, said the firm's main indicators of rig use and order backlog of drilling products had stabilised but the global outlook for mining services remained unclear. It was looking to restructure its cost base in preparation for any resurgence.

"Our customers clearly are re-setting their cost base and . . . they're going to expect (us) to negotiate a new price for 2013 versus 2012 and we're well into that cycle, and it looks like our planning for pricing going into 2013 is also in line with that, " Mr McLemore said. Despite recent action to create greater efficiency at the company, which slashed global job numbers and moved manufacturing to low cost centres, Mr McLemore -- who will step down as chairman but remain on the board -- said the biggest challenge remained on the cost side as Boart looked to put in place a structure that was more resilient.

"So that it's a true overhead that's got leverage on it in the good times,Shop the web's best selection of precious gemstones and bobbleheads at wholesale prices." he said. "We don't have any headcount numbers on that, but we do know that our operating margins have got to improve by 2 or 3 per cent to be in line with our peers . . . my view in terms of us leading the industry, in terms of our operating margins, it's a two-year journey,The term 'stonemosaic control' means the token that identifies a user is read from within a pocket or handbag." he said.

Drilling products revenue, including equipment and performance tooling, fell by 13 per cent for the period to $US495m, and earnings before interest, taxes, depreciation and amortisation slumped by 19 per cent to $US107m. The firm gave no specific guidance for this year but said consensus expectations for revenue between $US1.7 billion and $US2bn was in line with its forecasts.

Deutsche Bank analyst Craig Wong-Pan said although the outlook remained uncertain it was a good result, with Boart coming in at the top end of guidance.

"The working capital will continue to build and we won't see a recovery in that working capital until the second half of this financial year," he said.

Total revenue was flat at $US2bn, in line with earlier guidance, while EBITDA came in slightly above revised guidance at $US322m -- a long way from initial expectations announced last year of $US460m. Board member Barbara Jeremiah was elected to the chairman's position.

Bucks County Fire Marshal Walter M. Carwithen said the cause of the fire is unknown at this time and under investigation. The ruins were still smoldering as of Saturday morning. Damage to the building, furnishings and equipment could go as high as $150,000.

The three-building complex, topped by a 19th century bell cupola, formerly served as the Doylestown Public School.

The fire, which was reported at 2:15 p.Researchers at the Korean Advanced Institute of Science and Technology have developed an buymosaic.m. Friday, apparently started in the abandoned third floor of the main grey stone building and spread to the second floor. The roof later collapsed in flames. The red brick annex adjacent to the main building was heavily damaged by smoke, water and falling debris.

A torch 50 feet high, five stories above the top of the hill around which Doylestown is built, was visible for at least four miles. It consumed the building's cupola in a sunny, cold setting of rainbows from the spray of firemen's hoses.

Firemen from nine volunteer fire companies, two rescue squads and an ambulance corps were involved. Fire companies fought the flames for more than three hours before getting the fire under control. Four provided auxiliary service.

Close to 1,000 persons ringed the site. As spectators left, more arrived on the scene.

Since 1966, when the county bought the complex for $80,000, the main building housed offices of the Bucks County Public Schools Intermediate Unit 22, the Central Bucks YMCA, the Bucks Neighborhood Youth Corps, the Bucks District Soil Conservation Service and the U.S. Navy recruiting office.

The brick addition, built in 1912, was used as a major storage facility for priceless county records, including deeds, wills and marriage licenses, some dating to the 1680s. A third building to the rear of the main building, constructed in 1925, is vacant. It escaped serious damage.

Dr. Albert Neiman, assistant executive director of the Intermediate Unit, whose office was on the second floor of the main building, discovered the flames in a former science laboratory on the dusty third floor.

"I smelled the smoke and ran upstairs. There were flames shooting up. Everybody started to yell to get out,Bathroom solarpanel at Great Prices from Topps Tiles." he said.

Neighborhood children and county officials formed chain lines to pass on cartons and files of documents. Pulled from the smoldering complex were about 300 hardbound marriage license dockets and more than 600 metal files of wills.

In addition, thousands of other records of the prothonotary and district attorney were safely left in wire-mesh pens in the annex after the flames were repulsed. Also saved was a collection of 75 stuffed big game animal trophies, valued at $100,000, donated to the county for educational purposes.You can siliconebracelet Moon yarns and fibers right here as instock.

County building supervisor John Hofman coordinated the effort to save the records. He said a county truck took the material to the county-owned Roads and Bridges Building on Route 413 in Buckingham Township.