CE Franklin Ltd. announces 2008 First Quarter Results

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[{"type":"text","content":"\n\n\n\nCALGARY, April 24 /CNW/ - CE FRANKLIN LTD. (TSX.CFT, AMEX.CFK) announced\nits results for the first quarter of 2008\n\n\nCE Franklin reported net income of $6.3 million or $0.34 per share\n(basic) for the first quarter ended March 31, 2008, comparable to net income\nof $6.4 million or $0.35 per share earned in the first quarter ended March 31,\n2007.\n\n\nFinancial Highlights\n--------------------\n\n(millions of Cdn.$ Three Months Ended\nexcept per share data) March 31\n -----------------------\n 2008 2007\n ----------- ----------\n (unaudited)\n\nSales $ 140.6 $ 154.3\n\nGross Profit 27.1 26.3\nGross Profit - % of sales 19.2% 17.1%\n\nEBITDA(1) 10.2 11.0\nEBITDA(1) as a % of sales 7.2% 7.1%\n\nNet Income $ 6.3 $ 6.4\nPer Share\n Basic $ 0.34 $ 0.35\n Diluted $ 0.34 $ 0.34\n\nNet Working Capital(2) $ 117.4 $ 124.0\nBank Operating Loan(2) 21.8 33.6\n\n\n"The Company's bottom line performance remained consistent and net\nworking capital efficiency improved in the first quarter compared to the prior\nyear period, despite a 26% decline in western Canadian well completions which\nadversely impacted demand for CE Franklin's products," said Michael West,\nChairman, President and CEO.\n\n\nNet income for the first quarter of 2008 was $6.3 million, down\n$0.1 million (1%) from the first quarter of 2007. Sales declined by 9% due to\nan overall reduction in industry capital expenditure activity in the first\nquarter of 2008 as well completions declined by 26% compared to the prior year\nperiod. This was partially offset by increased sales from JEN Supply Inc. and\nFull Tilt Field Services Limited acquired in the last half of 2007. Gross\nprofit increased by $0.8 million over the prior year period as the impact of\nlower sales was more than offset by the increase in gross profit margins.\nGross profit margins reached 19.2% up from 17.1% in the prior year period due\nmainly to increased high margin MRO sales and a large, low margin oilsands\norder in the first quarter of 2007. Selling, general and administrative\nexpenses increased by $1.6 million to $16.9 million due mainly to the addition\nof people and facility costs associated with the two acquisitions completed in\nthe last half of 2007. Lower interest expense was associated with reduced\naverage debt levels and floating interest rates in the first quarter of 2008.\nI...

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