Business
CE Franklin Ltd. announces Net Income of $644,000 or $0.03 per share (diluted) for the second quarter of 2007
CE Franklin Ltd. announces Net Income of $644,000 or $0.03 per share (diluted) for the second quarter of 2007.
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[{"type":"text","content":"\n\n\n\nCALGARY, July 31 /CNW/ - CE FRANKLIN LTD. (TSX.CFT, AMEX.CFK) announced\nits results for the second quarter ended June 30, 2007.\n\n\nCE Franklin reported net income of $644,000 or $0.03 per share (diluted)\nfor the quarter ended June 30, 2007 as compared to net income of $3.9 million\nor $0.21 per share (diluted) for the quarter ended June 30, 2006.\n\n\nFinancial Highlights\n--------------------\n\n Three Months Ended Six Months Ended Year Ended\n June 30 June 30 December 31\n ------------------ ----------------- -----------\n(millions of Cdn.$\n except per share\n data) 2007 2006 2007 2006 2006\n -------- -------- -------- -------- --------\n (unaudited) (unaudited)\n\nSales $ 82.9 $ 115.9 $ 237.2 $ 292.9 $ 555.2\n\nGross profit 16.8 22.5 43.1 54.7 103.5\nGross profit - % 20.3% 19.4% 18.2% 18.7% 18.6%\n\nEBITDA(1) 2.2 7.0 13.2 22.1 40.1\nEBITDA(1) as a\n % of sales 2.7% 6.1% 5.6% 7.6% 7.2%\n\nNet income $ 0.6 $ 3.9 $ 7.0 $ 12.8 $ 22.9\nPer share\n Basic (Cdn. $) $ 0.03 $ 0.21 $ 0.38 $ 0.71 $ 1.27\n Diluted (Cdn. $) $ 0.03 $ 0.21 $ 0.37 $ 0.68 $ 1.22\n\n\n"Despite the worst spring breakup since 2002 and continued reductions in\ncapital spending by oil and gas producers, CE Franklin remains profitable,"\nsaid Michael West, Chairman, President and CEO. "CE Franklin is committed to\nits core strategies. We will remain disciplined and intend to be profitable in\nall industry activity cycles."\n\n\nSales decreased 28.5% to $82.9 million for the quarter ended June 30,\n2007 as compared to $115.9 million for the quarter ended June 30, 2006. Well\ncompletions (excluding dry and service wells) decreased 34.1% to 3,057 wells\nfor the three months ended June 30, 2007 compared to 4,639 for the three\nmonths ended June 30, 2006. Average rig count for the quarter ended June 30,\n2007 decreased 49.0% to 159 rigs compared to 312 rigs for the quarter ended\nJune 30, 2006. The decline in sales is mainly due to the severe and prolonged\nspring breakup where the second quarter of 2007 showed average rig counts and\nwell completions at their lowest levels since 2002.\n\n\nAverage rig count decreased 71.8% during the second quarter of 2007 as\ncompared to the first quarter of 2007. The second quarter brings spring\nbreakup in Canada as warm weather returns and the winter's frost comes out of\nthe ground resulting in seco...