Business
CE Franklin Ltd. announces Net Income of $6.4 million or $0.34 per share (diluted) for the first quarter of 2007
CE Franklin Ltd. announces Net Income of $6.4 million or $0.34 per share (diluted) for the first quarter of 2007.
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[{"type":"text","content":"\n\n\n\nCALGARY, April 30 /CNW/ - CE FRANKLIN LTD. (TSX.CFT, AMEX.CFK) announced\nits results for the first quarter ended March 31, 2007.\n\n\nCE Franklin reported net income of $6.4 million or $0.34 per share\n(diluted) for the quarter ended March 31, 2007 as compared to net income of\n$8.9 million or $0.47 per share (diluted) for the quarter ended March 31,\n2006.\n\n\nFinancial Highlights\n--------------------\n Three Months Ended Year Ended\n March 31 December 31\n(millions of Cdn.$ ----------------------- -----------\n except per share data) 2007 2006 2006\n ----------------------- -----------\n (unaudited)\n\nSales $ 154.3 $ 177.0 $ 555.2\n\nGross profit 26.3 32.2 103.5\nGross profit - % 17.1% 18.2% 18.6%\n\nEBITDA(1) 11.0 15.1 40.1\nEBITDA(1) as a % of sales 7.1% 8.5% 7.2%\n\nNet income $ 6.4 $ 8.9 $ 22.9\nPer share\n Basic (Cdn. $) $ 0.35 $ 0.50 $ 1.27\n Diluted (Cdn. $) $ 0.34 $ 0.47 $ 1.22\n\n\nSales decreased 12.8% to $154.3 million for the quarter ended March 31,\n2007 as compared to $177.0 million for the quarter ended March 31, 2006. Well\ncompletions (excluding dry and service wells) increased 7.5% to 6,200 wells\nfor the three months ended March 31, 2007 compared to 5,770 for the three\nmonths ended March 31, 2006. Average rig count for the quarter ended March 31,\n2007 decreased 18.2% to 563 rigs compared to 688 rigs for the quarter ended\nMarch 31, 2006. The decline in sales is due to reductions in capital spending\nby oil and gas producers as a result of higher drilling costs and increased\ngas supplies.\n\n\nEBITDA(1) for the quarter ended March 31, 2007 decreased 27.2% to\n$11.0 million from $15.1 million for the quarter ended March 31, 2006. EBITDA\nas a percentage of sales decreased to 7.1% for the quarter ended March 31,\n2007 compared to 8.5% for the quarter ended March 31, 2006.\n\n\n"The first quarter of 2007 saw a continued decline in market activity\nwhich began in the latter half of 2006," said Michael West, Chairman,\nPresident and CEO. "CE Franklin is committed to its core strategies. We will\nremain disciplined and profitable in all industry activity cycles."\n\n\nOutlook\n\n\n-------\n\n\nThe second quarter represents spring breakup in Canada as warm weather\nreturns and the winter's frost comes out of the ground rendering many\nsecondary roads incapable of supporting heavy e...