Business
CE Franklin Ltd. reports earnings of $0.21 per share in the second quarter of 2006, a 50% increase from the prior year period
CE Franklin Ltd. reports earnings of $0.21 per share in the second quarter of 2006, a 50% increase from the prior year period.
About this update from Craftport Cannabis Corp
[{"type":"text","content":"\n\n\n\n\nCALGARY, July 31 /CNW/ - CE FRANKLIN LTD. (TSX.CFT, AMEX.CFK) announced a\n50% increase in earnings per share for the second quarter ended June 30, 2006.\nCE Franklin reported net income of $3.9 million or $0.21 per share\n(diluted) for the second quarter ended June 30, 2006 as compared to net income\nof $2.5 million or $0.14 per share (diluted) for the quarter ended\nJune 30, 2005.\n\n>\n\nSales increased 25.6% to $115.5 million for the quarter ended\nJune 30, 2006 as compared to $91.9 million for the quarter ended June 30,\n2005. The 25.6% improvement in sales reflects strong commodity prices and\nimproved industry economics resulting in an increase in spending by existing\nand new customers. Key industry statistics include well completions and rig\ncounts. Well completions (excluding dry and service wells) were up 20.1% to\n4,639 wells for the three months ended June 30, 2006 compared to 3,864 for the\nthree months ended June 30, 2005. Average rig count for the quarter ended\nJune 30, 2006 increased by 28.4% to 312 rigs compared to 243 rigs for the\nquarter ended June 30, 2005.\nAverage rig count decreased 54.7% during the second quarter of 2006 as\ncompared to the first quarter of 2006. The second quarter brings spring\nbreakup in Canada as warm weather returns and the winter's frost comes out of\nthe ground resulting in secondary roads becoming incapable of supporting heavy\nequipment until the roads have dried out. As a result activity levels decline\nduring the second quarter as compared to the first quarter. Sales for the\nquarter ended June 30, 2006 dropped by 34.5% as compared to the quarter ended\nMarch 31, 2006 due to the factors associated with spring breakup.\nEBITDA(1) for the quarter ended June 30, 2006 increased 19.1% to\n$7.0 million from $5.9 million for the quarter ended June 30, 2005. The\n$23.6 million increase in sales resulted in an incremental flow through to\nEBITDA of 4.8% and 5.8% to net income.\n\"A benchmark of success for oilfield service companies is to be\nprofitable during spring breakup when activity levels drop of significantly,\"\nsaid Michael West, Chairman, President and CEO. This is the third year in a\nrow we have been profitable during breakup.\"\n\nOutlook\n-------\nWith the conclusion of spring breakup activity levels are expected to\nincrease, and continued strong commodity ...