Business
CE Franklin Ltd. announces 2010 Third Quarter Results
CE Franklin Ltd. announces 2010 Third Quarter Results
About this update from Craftport Cannabis Corp
[{"type":"text","content":"\n\n\n\n Oct. 28, 2010 (Canada NewsWire Group) -- \n\n#ReleaseContent TABLE\n{\n BORDER-COLLAPSE: collapse\n}\nTR.cnwUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px solid\n}\n#ReleaseContent TABLE.cnwBorderedTable TD\n{\n BORDER-RIGHT: black 1px solid;\n PADDING-RIGHT: 2px;\n BORDER-TOP: black 1px solid;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n BORDER-LEFT: black 1px solid;\n PADDING-TOP: 2px;\n BORDER-BOTTOM: black 1px solid;\n BORDER-COLLAPSE: collapse\n}\n#ReleaseContent TABLE TD\n{\n PADDING-RIGHT: 2px;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n PADDING-TOP: 2px\n}\n\nCALGARY, Oct. 28 /CNW/ - CE FRANKLIN LTD. (TSX.CFT, NASDAQ.CFK) reported net income of $2.2 million or $0.12 per share for the third quarter ended September 30, 2010, compared to net income of $0.2 million or $0.01 per share earned in the third quarter ended September 30, 2009.\n\n\n >\n\n\n"Third quarter sales increased by 40% over the prior year period. Year over year improvement in oil and gas industry well completions and rig counts has continued to strengthen as the year has progressed and has contributed to increased CE Franklin sales. This momentum should continue as the year progresses," said Michael West, President and CEO.\nThe Company recorded net income for the third quarter of 2010 of $2.2 million, an increase of $2.0 million from the third quarter of 2009. Third quarter sales, which are seasonally stronger than the second quarter, were $132.2 million, an increase of $38.1 million (40%) from the third quarter of 2009. Improvements in and stability of oil prices, as well as improved general economic conditions have lead to higher activity levels in the oil and gas industry, which in turn has lead to improved oilfield and oil sands sales compared to the prior year. Increased oilfield supply sales were driven by a 78% increase in industry well completions over the prior year period. Gross profit was up $1.8 million (10%) as the impact of increased sales activity was partially offset by a 4.0% de...