Business
CE Franklin Ltd. announces Net Income of $4.1 million or $0.22 per share for the third quarter of 2007
CE Franklin Ltd. announces Net Income of $4.1 million or $0.22 per share for the third quarter of 2007.
About this update from Craftport Cannabis Corp
[{"type":"text","content":"\n\n\n\nCALGARY, Oct. 25 /CNW/ - CE FRANKLIN LTD. (TSX.CFT, AMEX.CFK) announced\nits results for the third quarter ended September 30, 2007.\n\n\nCE Franklin reported net income of $4.1 million or $0.22 per share for\nthe quarter ended September 30, 2007, down 13% from net income of $4.7 million\nor $0.26 per share earned in the quarter ended September 30, 2006.\n\n\nFinancial Highlights\n\n\n--------------------\n\n\n Three Months Ended Nine Months Ended Year Ended\n September 30 September 30 December 31\n ------------------- ------------------ -----------\n(millions of Cdn.$\n except per\n share data) 2007 2006 2007 2006 2006\n -------- -------- -------- -------- --------\n (unaudited) (unaudited)\nSales $ 116.8 $ 131.7 $ 354.0 $ 424.6 $ 555.2\n\nGross profit 21.0 23.7 64.2 78.4 103.5\nGross profit - % 18.0% 18.0% 18.1% 18.5% 18.6%\n\nEBITDA(1) 7.4 8.4 20.6 30.5 40.1\nEBITDA(1) as a %\n of sales 6.4% 6.4% 5.8% 7.2% 7.2%\n\nNet income $ 4.1 $ 4.7 $ 11.1 $ 17.5 $ 22.9\nPer share\n Basic (Cdn. $) $ 0.22 $ 0.26 $ 0.61 $ 0.97 $ 1.27\n Diluted (Cdn. $) $ 0.22 $ 0.25 $ 0.59 $ 0.93 $ 1.22\n\n\n"This is a good result produced in tough industry conditions. Despite the\ncontinued decrease in oil and gas industry activity the Company showed a\ndisciplined approach to managing expenses and posted strong earnings," said\nMichael West, Chairman, President and CEO. "CE Franklin remains committed to\nits core, long term strategies."\n\n\nSales decreased 11% to $116.8 million for the quarter ended September 30,\n2007 as compared to $131.7 million for the quarter ended September 30, 2006.\nThe decline in sales reflects the current drop in activity levels which have\nbeen impacted by economic factors including soft natural gas prices and the\nstrength of the Canadian dollar. The average rig count for the quarter ended\nSeptember 30, 2007 decreased 27% to 378 rigs compared to 516 rigs for the\nquarter ended September 30, 2006. Well completions (excluding dry and service\nwells) decreased 4% to 3,877 wells for the three months ended September 30,\n2007 compared to 4,030 for the three months ended September 30, 2006.\n\n\nEBITDA(1) for the quarter ended September 30, 2007 decreased 12% to\n$7.4 million from $8.4 million for the quarter ended September 30, 2006.\nEBITDA as a percentage of sales for the quarter ended September 30, ...