CE Franklin Ltd. announces 2008 Fourth Quarter and Year End Results

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[{"type":"text","content":"\n\n\n\nCALGARY, Jan. 29 /CNW/ - CE FRANKLIN LTD. (TSX.CFT, AMEX.CFK) reported\nrecord net income of $8.8 million or $0.48 per share (basic) for the fourth\nquarter ended December 31, 2008, an increase of 267% over the $2.4 million or\n$0.13 per share earned in the fourth quarter ended December 31, 2007. For\n2008, net income was $21.7 million or $1.19 per share (basic), an increase of\n60% over the $13.6 million or $0.74 per share of net income earned in 2007.\n\n\nFinancial Highlights\n--------------------\n\n(millions of Cdn.$ except Three Months Ended Year Ended\n per share data) December 31 December 31\n ----------------------- -----------------------\n 2008 2007 2008 2007\n ----------- ----------- ----------- -----------\n (unaudited) (unaudited)\n\nSales $ 161.2 $ 112.3 $ 547.4 $ 466.3\n\nGross profit 33.9 20.4 107.7 84.6\nGross profit - % of sales 21.0% 18.2% 19.7% 18.1%\n\nEBITDA(1) 14.3 5.1 35.8 25.7\nEBITDA(1) % of sales 8.9% 4.5% 6.5% 5.5%\n\nNet income $ 8.8 $ 2.4 $ 21.7 $ 13.6\n\nPer share - basic $ 0.48 $ 0.13 $ 1.19 $ 0.74\n - diluted $ 0.47 $ 0.13 $ 1.17 $ 0.72\n\nNet working capital(2) $ 142.8 $ 134.7\nBank operating loan(2) $ 34.9 $ 44.3\n\n\n"2008 was the second most profitable year in the Company's history. CE\nFranklin is entering a challenging business environment in 2009 with a strong\nbalance sheet and attractive strategies to strengthen its distribution\nnetwork, product lines and end use markets," said Michael West, President and\nCEO.\n\n\nNet income for the fourth quarter of 2008 was a record $8.8 million, up\n$6.4 million from the fourth quarter of 2007. Sales reached $161.2 million, an\nincrease of $48.9 million (44%) from the fourth quarter of 2007. Capital\nproject business comprised 60% of sales, and increased $34.6 million (55%)\nover the prior year period, driven by a 39% increase in well completions over\nthe comparable period. Continued growth of oil sands revenues and increased\ntubular steel sales also contributed to increased capital project sales.\nExtremely tight tubular steel supply conditions during 2008 have resulted in\nproduct cost increases in excess of 50%, and contributed to the increase in\nsales. The acquisition of JEN Supply Inc. ("JEN Supply") in the fourth quarter\nof 2007 contributed to the increase in Maintenance, Repair and Operating\nsupplies ("...

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