We haven't bottomed yet: Boart Drill contractor Boart Longyear has flagged that its earnings are yet to bottom, following a heavy June half loss on slowing mine sector activity. Directors said the company ""expects the 2H 2013 results to be lower than the 1H 2013"." ""Rig utilisation dropped to approximately 50 per cent in August from approximately 60 per cent in May,"" it said. ""The current backlog in the company's products business has also decreased from May levels, consistent with declines in utilisation rates of drilling services contractors."" Boart has guided investors to the lower range of estimates of $US116 million to $US159 million for the full year to December gross profit, as measured by earnings before interest, depreciation, interest and amortisation. ""But significant industry volatility in the second half could materially impact performance,"" it warned, signalling earnings could fall even further. ""Operating conditions and key performance indicators have continued to deteriorate early in the second half of the year and are similar to levels experienced during the previous market downturn in 2009,"" it said. ""The company expects its second-half 2013 result to be lower than the adjusted result for the first half despite the benefit of restructuring initiatives."" Investors may not be fully aware of the ""risk of price erosion in the second half and may assume larger benefits in 2013 from the company's cost reduction efforts than are likely to be achieved,"" it warned investors this morning.