CE Franklin Ltd. announces 2009 First Quarter Results

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[{"type":"text","content":"\n\n\n\nCALGARY, April 28 /CNW/ - CE FRANKLIN LTD. (TSX.CFT, NASDAQ.CFK) reported\nnet income of $0.33 per share (basic) for the first quarter ended March 31,\n2009, a decrease of 3% from $0.34 per share earned in the first quarter ended\nMarch 31, 2008.\n\n\nFinancial Highlights\n--------------------\n\n Three Months Ended\n(millions of Cdn.$ except per share data) March 31\n -----------------------\n 2009 2008\n ----------- -----------\n (unaudited)\n\nSales $ 140.7 $ 140.6\n\nGross profit 26.4 27.1\nGross profit - % of sales 18.8% 19.2%\n\nEBITDA(1) 9.5 10.2\nEBITDA(1) % of sales 6.8% 7.2%\n\nNet income $ 6.0 $ 6.3\n\nPer share - basic $ 0.33 $ 0.34\n - diluted $ 0.33 $ 0.34\n\nNet working capital(2) $ 153.2 $ 117.4\nBank operating loan(2) $ 40.2 $ 21.8\n\n\n"Our diversification strategies continue to progress, offsetting the\ndecline in activity levels that has affected our core oilfield supply\nbusiness," said Michael West, President and CEO.\n\n\nNet income for the first quarter of 2009 was $6.0 million, down $0.3\nmillion from the first quarter of 2008. Sales were $140.7 million, consistent\nwith the first quarter of 2008. Capital project business comprised 62% of\ntotal sales (2008 - 55%), and increased $9.5 million (12%) over the prior year\nperiod due to continued growth of oil sands revenues. Gross profit was down\n$0.7 million with margins reducing by 0.4% from the prior year period.\nSelling, general and administrative expenses remained flat at $16.9 million\nfor the quarter with increased facility costs being offset by lower variable\ncompensation costs and reduced selling and marketing costs. Lower interest\nexpense was associated with lower floating interest rates in the first quarter\nof 2009 compared to the same period in 2008. Income taxes decreased by $0.2\nmillion (3%) in the first quarter compared to the prior year period due to\nlower pre-tax earnings. The weighted average number of shares outstanding\nduring the first quarter decreased by 0.3 million shares (2%) from the prior\nyear period principally due to shares purchased for cancellation pursuant to\nthe Company's Normal Course Issuer Bid. Net income per share (basic) was $0.33\nin the first quarter of 2009, down 3% from that earned in the first quarter\n2008.\n\n\nBusiness Outlook\n\n\nThe recent upheaval in global credit markets has contri...

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