Business
CE Franklin Ltd. announces 2009 Second Quarter Results
CALGARY, July 23 /CNW/ - CE FRANKLIN LTD. (TSX.CFT, NASDAQ.CFK) reported net income of $0.04 per ...
About this update from Craftport Cannabis Corp
[{"type":"text","content":"\n\n\n\nCALGARY, July 23 /CNW/ - CE FRANKLIN LTD. (TSX.CFT, NASDAQ.CFK) reported\nnet income of $0.04 per share (basic) for the second quarter ended June 30,\n2009, compared to $0.05 per share earned in the second quarter ended June 30,\n2008.\n\n\nFinancial Highlights\n--------------------\n(millions of Cdn.$ except Three Months Ended Six Months Ended\nper share data) June 30 June 30\n --------------------- -------------------\n 2009 2008 2009 2008\n --------------------- -------------------\n (unaudited) (unaudited)\n\nSales $ 109.1 $ 96.4 $ 249.9 $ 237.0\n\nGross profit 17.5 19.0 43.9 46.0\nGross profit - % of sales 16.0% 19.7% 17.6% 19.4%\n\nEBITDA(1) 1.7 2.3 11.3 12.4\nEBITDA(1) % of sales 1.6% 2.4% 4.5% 5.2%\n\nNet income $ 0.6 $ 1.0 $ 6.6 $ 7.2\n\nPer share - basic $ 0.04 $ 0.05 $ 0.37 $ 0.39\n - diluted $ 0.03 $ 0.05 $ 0.36 $ 0.39\n\nNet working capital(2) $ 137.0 $ 114.9\nBank operating loan(2) $ 25.3 $ 18.4\n\n\n"CE Franklin delivered solid results in the second quarter, significantly\noutperforming market activity. The integration of an oilfield supply\ncompetitor acquired June 1, 2009 is proceeding well and will strengthen the\nCompany's competitive position and profitability going forward," said Michael\nWest, President and Chief Executive Officer.\n\n\nNet income for the second quarter of 2009 was $0.6 million, down 40% from\nthe second quarter of 2008. Second quarter sales are seasonally low as\noilfield project activity is impacted by the spring breakup. Sales were $109.1\nmillion, an increase of $12.7 million (13%) compared to the second quarter of\n2008 as strong sales to oil sands customers more than offset the decline in\noilfield supply sales. Capital project business for the second quarter\ncomprised 58% of total sales (2008 - 54%), and increased $11.6 million (22%)\nover the prior year period due to continued growth of oil sands revenues.\nGross profit for the second quarter was down $1.5 million with gross profit\nmargins reducing by 3.7% from the prior year period to 16.0%. The decrease is\na result of the increase in lower margin oil sands sales. Selling, general and\nadministrative expenses decreased by $0.9 million for the quarter compared to\nthe prior year period as compensation, selling and marketing costs have been\nmanaged lower in response to the reduced oil and gas industry activity l...