Business
CE Franklin Ltd. announces 2009 Fourth Quarter and Year End Results
CE Franklin Ltd. announces 2009 Fourth Quarter and Year End Results
About this update from Craftport Cannabis Corp
[{"type":"text","content":"\n\n\n\nJan. 28, 2010 (Canada NewsWire Group) -- CALGARY, Jan. 28 /CNW/ -- CE FRANKLIN LTD. (TSX.CFT, NASDAQ.CFK) reported a net loss of $0.5 million or $0.03 per share (basic) for the fourth quarter ended December 31, 2009, compared to net income of $8.8 million or $0.48 per share (basic) for the fourth quarter ended December 31, 2008. For 2009, net income was $6.3 million or $0.36 per share (basic), a decrease of 71% over the $21.7 million or $1.19 per share earned in 2008.Financial Highlights--------------------(millions of Cdn.$ except Three months ended Year endedper share data) December 31 December 31------------------- -------------------2009 2008 2009 2008--------- --------- --------- ---------(unaudited) (unaudited)Sales $ 93.0 $ 161.2 $ 437.0 $ 547.4Gross profit 15.3 33.9 76.6 107.7Gross profit - % of sales 16.5% 21.0% 17.5% 19.7%EBITDA(1) 0.6 14.3 12.4 35.8EBITDA(1) % of sales 0.6% 8.9% 2.8% 6.5%Net income (loss) $ (0.5) $ 8.8 $ 6.3 $ 21.7Per share - basic $ (0.03) $ 0.48 $ 0.36 $ 1.19- diluted $ (0.03) $ 0.47 $ 0.35 $ 1.17Net working capital(2) $ 136.6 $ 142.8Bank operating loan(2) $ 26.5 $ 34.9\"2009 was a very challenging business environment for CE Franklin with the Canadian oil and gas industry reaching decade-low activity levels. Given these conditions, the Company remained diligent in executing its strategies, balancing short term results with long term goals,\" said Michael West, President and CEO.Net loss for the fourth quarter of 2009 was $0.5 million, down $9.3 million from the fourth quarter of 2008. Sales were $93.0 million, a decrease of $68.2 million (42%) from the fourth quarter of 2008. Capital project business comprised 50% of sales (2008 - 60%), and decreased $50.8 million (52%) from the prior year period, outperforming the 77% decrease in well completions from the comparable period. The rollover in tubular steel product prices from peak levels experienced in the fourth quarter of 2008 also contributed to the reduction in capital project sales. In the second quarter of 2009 the acquisition of a western Canadian oilfield supply competitor (the \"Acquired Business\") increased oilfield sales in the fourth quarter of 2009 by an estimated 17%. Gross profit decreased by $18.6 million (55%) from the prior year period due to the decrease in sales and gross profit margins. Gross profit margins for the fourt...