Business
Clarke Inc. Reports 2010 Second Quarter Results
Clarke Inc. Reports 2010 Second Quarter Results
About this update from Clarke Inc.
[{"type":"text","content":"\n\n\n\n Aug. 3, 2010 (Canada NewsWire Group) -- \n\n \n \n \nTR.cnwUnderlinedCell TD {\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD {\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD {\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell {\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell {\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell {\n BORDER-BOTTOM: #000000 3px solid\n}\n\nTSX: CKI, CKI.DB; CKI.DB.A\n\nHALIFAX, Aug. 3 /CNW/ - Clarke Inc. ("Clarke" or the "Company") today announced its results for the three and six months ended June 30, 2010.\nClarke had net income for the three and six months ended June 30, 2010 of $2.8 million and $5.8 million respectively, compared to net income of $16.8 million and $6.7 million respectively, for the three and six months ended June 30, 2009. During the three and six months ended June 30, 2010, the Company incurred other-than-temporary-impairments on available for sale and significantly influenced investments of $3.2 million, compared to nil and $12.9 million for the three and six months ended June 30, 2009. Clarke also incurred income tax expense of $1.3 million and $3.0 million for the three and six months ended June 30, 2010 compared to an income tax recovery of $8.2 million and $9.8 million for the same respective periods in 2010.\nThe first half of 2010 offered improved income from continuing operations, which increased to $6.0 million compared to $4.4 million for the same period in 2009. The Company experienced a slight improvement in the operating environment facing its Freight Transportation segment, and efficiencies established throughout 2009 have begun to generate improved performance in a sector that continues to be highly competitive. Although we continued to build on the momentum generated in 2009 in the Steel Tanks segment, appreciation in the value of the Canadian dollar has led to reduced earnings on a year over year comparative basis.\n\nRESULTS OF OPERATIONS\n\nHighlights of the interim consolidated financial statements for the three and six months ended June 30, 2010 compared to the three and six months ended June 30, 2009 are as follows:\n\n\n >\n\n\nTHREE AND SIX MONTHS ENDED JUNE 30, 2010\n\nRevenue and other income decreased by $10.5 million, or 16% for the thre...