Business
CE Franklin Ltd. announces 2009 Third Quarter Results
CE Franklin Ltd. announces 2009 Third Quarter Results
About this update from Craftport Cannabis Corp
[{"type":"text","content":"\n\n\n\nOct. 27, 2009 (Canada NewsWire Group) -- CALGARY, Oct. 27 /CNW/ -- CE FRANKLIN LTD. (TSX.CFT, NASDAQ.CFK) reported net income of $0.01 per share (basic) for the third quarter ended September 30, 2009, compared to $0.31 per share earned in the third quarter ended September 30, 2008.Financial Highlights--------------------(millions of Cdn.$ except Three Months Ended Nine Months Endedper share data) September 30 September 30------------------- -------------------2009 2008 2009 2008--------- --------- --------- ---------(unaudited) (unaudited)Sales $ 94.1 $ 149.3 $ 344.0 $ 386.2Gross profit 17.4 27.8 61.3 73.8Gross profit - % of sales 18.5% 18.6% 17.8% 19.1%EBITDA(1) 0.5 9.1 11.7 21.6EBITDA(1) % of sales 0.5% 6.1% 3.4% 5.6%Net income $ 0.2 $ 5.7 $ 6.8 $ 13.0Per share - basic $ 0.01 $ 0.31 $ 0.38 $ 0.71- diluted $ 0.01 $ 0.31 $ 0.38 $ 0.70Net working capital(2) $ 131.1 $ 123.1Bank operating loan(2) $ 21.3 $ 20.9\"CE Franklin remained profitable despite depressed oil and gas industry activity levels. The integration of the oilfield supply competitor acquired June 1, 2009 is complete and the Company will continue to focus on its key strategic initiatives,\" said Michael West, President and Chief Executive Officer.Net income for the third quarter of 2009 was $0.2 million, down from $5.7 million in the third quarter of 2008. Third quarter sales were $94.1 million, a decrease of $55.2 million (37%) compared to the third quarter of 2008 as well completions declined 65% and rig counts declined 56% compared to 2008 levels. Capital project business for the third quarter comprised 51% of total sales (2008 - 58%), and decreased $38.2 million (44%) from the prior year period due to declines in conventional oilfield and oil sands activity. Gross profit for the third quarter was down $10.4 million with gross profit margins consistent with the prior year period. Selling, general and administrative expenses decreased by $1.5 million for the quarter compared to the prior year period. Excluding the $0.8 million ($0.2 million after tax) cost associated with the implementation of a cash settlement mechanism for the Company's stock option program in the third quarter and $0.7 million of costs associated with the integration of the second quarter acquisition of an oilfield supply competitor (\"the Acquired Business\"), selling, general and adminis...