Business
CE Franklin Ltd. announces Net Income of $5.4 million or $0.29 per share (diluted) for the fourth quarter of 2006
CE Franklin Ltd. announces Net Income of $5.4 million or $0.29 per share (diluted) for the fourth quarter of 2006.
About this update from Craftport Cannabis Corp
[{"type":"text","content":"\n\n\n\nCALGARY, Jan. 30 /CNW/ - CE FRANKLIN LTD. (TSX.CFT, AMEX.CFK) announced\nits results for the fourth quarter and year ended December 31, 2006.\n\n\nCE Franklin reported net income of $5.4 million or $0.29 per share\n(diluted) for the fourth quarter ended December 31, 2006 as compared to net\nincome of $6.3 million or $0.33 per share (diluted) for the fourth quarter\nended December 31, 2005.\n\n\nFinancial Highlights\n--------------------\n\n Three Months Ended Year Ended\n(millions of Cdn.$ December 31 December 31\n except per share --------------------------------------------------\n data) 2006 2005 2006 2005\n ----------- ----------- ----------- -----------\n (unaudited) (unaudited)\n\nSales $ 130.6 $ 141.1 $ 555.2 $ 484.2\n\nGross Profit 25.0 27.5 103.5 91.3\nGross Profit - % 19.2% 19.5% 18.6% 18.9%\n\nEBITDA(1) 9.6 11.1 40.1 36.0\nEBITDA(1) as a %\n of sales 7.3% 7.8% 7.2% 7.4%\n\nNet income $ 5.4 $ 6.3 $ 22.9 $ 18.9\nPer share\n Basic $ 0.30 $ 0.36 $ 1.27 $ 1.09\n Diluted $ 0.29 $ 0.33 $ 1.22 $ 1.01\n\n\nSales decreased 7.4% to $130.6 million for the quarter ended December 31,\n2006 as compared to $141.1 million for the quarter ended December 31, 2005.\nAverage rig count for the quarter ended December 31, 2005 decreased by 21.3%\nor 474 active rigs as compared to 602 active rigs for the quarter ended\nDecember 31, 2005. Well completions (excluding dry and service wells) were up\nby 1.2% to 6,487 wells completed for the three months ended December 31, 2006\ncompared to 6,410 wells for the three months ended December 31, 2005. The 7.4%\ndecrease in sales reflects an overall reduction in industry activity during\nthe fourth quarter.\n\n\nEBITDA(1) for the quarter ended December 31, 2006 decreased 13.4% to\n$9.6 million compared to $11.1 million for the quarter ended December 31,\n2005. Net income for the quarter ended December 31, 2006 decreased 13.9% to\n$5.4 million compared to $6.3 million for the quarter ended December 31, 2005.\n\n\nNet income for the year ended December 31, 2006 increased 21.6% to\n$22.9 million or $1.22 per share (diluted) as compared to $18.9 million or\n$1.01 per share (diluted) for the year ended December 31, 2005. The $71.0\nmillion increase in sales for the year ended December 31, 2006 compared to the\nyear ended December 31, 2005 resulted in an incremental flow through to net\nincome of 5.7...