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CE Franklin Ltd. announces 2007 Fourth Quarter and Year End Results
CALGARY, Jan. 31 /CNW/ - CE FRANKLIN LTD. (TSX.CFT, AMEX.CFK) announced its results for the 2007 ...
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[{"type":"text","content":"\n\n\n\nCALGARY, Jan. 31 /CNW/ - CE FRANKLIN LTD. (TSX.CFT, AMEX.CFK) announced\nits results for the 2007 fourth quarter and year end results.\n\n\nCE Franklin reported net income of $2.4 million or $0.13 per share\n(basic) for the fourth quarter ended December 31, 2007 as compared to net\nincome of $5.4 million or $0.30 per share for the fourth quarter ended\nDecember 31, 2006. For 2007, net income was $13.6 million or $0.74 per share\n(basic) as compared to $22.9 million or $1.27 per share of net income earned\nin 2006.\n\n\nFinancial Highlights\n--------------------\n\n(millions of Cdn.$ except Three Months Ended Year Ended\n per share data) December 31 December 31\n ----------------------- -----------------------\n 2007 2006 2007 2006\n ----------- ----------- ----------- -----------\n (unaudited) (unaudited)\nSales $ 112.3 $ 130.6 $ 466.3 $ 555.2\n\nGross Profit 20.4 25.0 84.6 103.5\nGross Profit - % of sales 18.2% 19.1% 18.1% 18.6%\n\nEBITDA(1) 5.1 9.6 25.7 40.1\nEBITDA(1) as a % of sales 4.5% 7.4% 5.5% 7.2%\n\nNet income $ 2.4 $ 5.4 $ 13.6 $ 22.9\nPer share\n Basic $ 0.13 $ 0.30 $ 0.74 $ 1.27\n Diluted $ 0.13 $ 0.29 $ 0.72 $ 1.22\n\n\n"Despite significantly reduced oil and gas activity in western Canada in\n2007, the Company remained profitable," said Michael West, Chairman, President\nand CEO. "In December, we advanced our competitive position in the\neast-central Alberta market through the acquisition of JEN Supply Inc. CE\nFranklin will continue to invest in its strategies to diversify its products\nand services in its pursuit to build market share over time."\n\n\nSales decreased 14% to $112.3 million for the quarter ended December 31,\n2007 as compared to $130.6 million for the quarter ended December 31, 2006.\nThe 14% decrease in sales reflects an overall reduction in industry activity\nduring the fourth quarter compared to the prior year period. The average rig\ncount for the fourth quarter decreased by 19% and well completions (excluding\ndry and service wells) were down 23% from the prior year period.\n\n\nEBITDA(1) for the quarter ended December 31, 2007 decreased 47% to\n$5.1 million compared to $9.6 million for the quarter ended December 31, 2006\ndue to a similar reduction in gross profit. The decrease in gross profit\nreflected lower sales levels combined with a reduction in supplier reba...