CE Franklin Ltd. announces 2008 Third Quarter Results

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[{"type":"text","content":"\n\n\n\nCALGARY, Oct. 27 /CNW/ - CE FRANKLIN LTD. (TSX.CFT, AMEX.CFK) announced\nits results for the third quarter of 2008.\n\n\nCE Franklin reported record third quarter net income of $5.7 million or\n$0.31 per share (basic) for the quarter ended September 30, 2008, a 39%\nincrease compared to net income of $4.1 million or $0.22 per share earned in\nthe third quarter ended September 30, 2007.\n\n\nFinancial Highlights\n--------------------\n(millions of Cdn.$ except Three Months Ended Nine Months Ended\n per share data) September 30 September 30\n ------------------- -------------------\n 2008 2007 2008 2007\n --------- -------- --------- --------\n (unaudited) (unaudited)\n\nSales $ 149.3 $ 116.8 $ 386.2 $ 354.0\n\nGross Profit 27.8 21.0 73.8 64.2\nGross Profit - % of sales 18.6% 18.0% 19.1% 18.1%\n\nEBITDA(1) 9.1 7.4 21.6 20.6\nEBITDA(1) as a % of sales 6.1% 6.4% 5.6% 5.8%\n\nNet Income $ 5.7 $ 4.1 $ 13.0 $ 11.1\nPer Share\n Basic $ 0.31 $ 0.22 $ 0.71 $ 0.61\n Diluted $ 0.31 $ 0.22 $ 0.70 $ 0.59\n\nNet Working Capital(2) $ 123.1 $ 134.7\nBank Operating Loan(2) $ 20.9 $ 44.3\n\n\n"Net income improved in the third quarter compared to the prior year\nperiod by 39% to a record $0.31 per share, outpacing the 13% increase in\nindustry well completions for the same period. This is a solid result and CE\nFranklin is well positioned to remain profitable in this volatile market,"\nsaid Michael West, President and Chief Executive Officer.\n\n\nNet income for the third quarter of 2008 was $5.7 million, up\n$1.6 million (39%) from the third quarter of 2007. Sales reached $149.3\nmillion, an increase of $32.5 million (28%) from the third quarter of 2007.\nCapital project business comprised 58% of sales, and increased $22.2 million\n(34%) over the prior year period. Continued growth of oilsands revenues and\nincreased tubular steel sales contributed the majority of the increase in\ncapital project sales. Extremely tight tubular steel supply conditions have\nresulted in product cost increases in excess of 50% during 2008, and\ncontributed to the increase in sales. Industry well completions increased by\n13% over the prior year period, resulting in increased demand for products\nused in capital projects, and contributed to the remaining increase in capital\nproject sales. The acquisition of JEN Supply in the fourth quarter of 2007\n...

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