Swick Mining Services Ltd. provided earnings guidance for the fiscal year 2015. For the fiscal year, the company expects that an impairment and inventory obsolescence expense in the range of $20 million - $25 million (pre-tax), comprised mainly of impairment of plant and equipment in the company's non-core surface reverse circulation and underground production (Long Hole) Drilling divisions, will be required in the company's fiscal year 2015 full year results. The final charge will be dependent on completion of the financial statements and be subject to audit by the company's auditors.

The impairment and inventory obsolescence expense is a non-cash item and does not have any impact on cash flow, will not have any impact on operations and will not have a material impact on banking covenants. The company continues to comply with its banking covenants and maintain a significant headroom. Excluding the impact of the above mentioned impairment and inventory obsolescence expense, one-off restricting costs and gain or loss arising from accounting for a business acquisition, the company's fiscal year 2015 full year group revenue is expected to be in the previously advised range of $125 million to $135 million and the underlying EBITDA margin is expected to be in the previously advised range of 13% to 16%.