Business
Exco Technologies Limited: First Quarter ended December 31, 2006 and Quarterly Dividend Declared
Exco Technologies Limited: First Quarter ended December 31, 2006 and Quarterly Dividend Declared.
About this update from Exco Technologies Limited
[{"type":"text","content":"\n\n\n\nTORONTO, Jan. 31 /CNW/ - Exco Technologies Limited (TSX-XTC) today\nannounced results for its first quarter ended December 31, 2006. In addition,\nthe Company announced that a quarterly cash dividend of $0.015 per share will\nbe paid March 30, 2007 to shareholders of record on March 16, 2007.\n\n\n-------------------------------------------------------------------------\n 3 Months ended\n December 31\n ($000s, except per share amounts)\n\n 2006 2005\n ---- ----\nSales $48,751 $50,189\nNet income before taxes $1,837 $2,959\nNet income $1,108 $1,996\nBasic and Diluted earnings per share $0.03 $0.05\nCommon shares outstanding 41,445,000 41,593,000\n\n-------------------------------------------------------------------------\n\n\nConsolidated sales for the quarter ended December 31, 2006 were down 3%\nfrom last year at $48.8 million. The Casting and Extrusion segment reported\nfirst quarter sales of $30.1 million - a decrease of about $1 million from\nlast year. Sales at the extrusion die businesses and Castool were up\napproximately 8% over last year. These two business units sell predominantly\ninto industrial markets and have been consistently growing over the last year.\nBoth these businesses also benefited from consolidation among their customer\nbase. These global customers rely on established and reliable suppliers such\nas Exco to meet their increased demand. Large mould sales and Techmire\nshipments were down over last year. Large mould tooling orders were slow as\ntheir customers focused on design issues and conserving cash. Techmire also\ncontinued to experience weak demand for its traditional zinc products and\ntechnical issues delayed shipment of wheel weight machines to the second\nquarter.\n\n\nThe Automotive Solutions segment reported slightly weaker sales compared\nto last year of $18.6 million in the quarter. Combined North American sales by\nNeocon and Polytech have declined over last year as domestic North American\ncarmakers have reduced production. Production volumes of SUVs and light trucks\nhave not returned to traditional levels during the quarter and are only likely\nto do so after the full launch of next generation SUVs, light trucks and CUVs\nis complete. Polydesign sales to the European market, however, continued its\ngrowth trend with a 30% increase in quarterly sales over last year.\n\n\nNet inc...