Exco Technologies Limited - First Quarter ended December 31, 2007 and Quarterly Dividend Increased

About this update from Exco Technologies Limited

[{"type":"text","content":"\n\n\n\nTORONTO, Jan. 30 /CNW/ - Exco Technologies Limited (TSX-XTC) today\nannounced results for its first quarter ended December 31, 2007. In addition,\nthe Company announced a 17% increase in its quarterly cash dividend to $0.0175\nper share which will be paid March 31, 2008 to shareholders of record on\nMarch 14, 2008. The dividend is an "eligible dividend" in accordance with the\nIncome Tax Act of Canada.\n\n\n-------------------------------------------------------------------------\n 3 Months ended\n December 31\n ($000s, except per share amounts)\n\n 2007 2006\n ---- ----\nSales $47,974 $46,451\nNet income from continuing operations $1,364 $1,771\nNet loss from discontinued operations ($49) ($663)\nNet income $1,315 $1,108\nBasic and diluted earnings per share from\n continuing operations $0.03 $0.04\nBasic and diluted (loss) per share from\n discontinued operations $0.00 ($0.01)\nBasic and diluted earnings per share $0.03 $0.03\nCommon shares outstanding 41,258,000 41,445,000\n-------------------------------------------------------------------------\n\n\nThe financial results for the first quarter ended December 31, 2006 have\nbeen restated to reflect the classification of Exco's Techmire business as a\ndiscontinued operation.\n\n\nConsolidated sales from continuing operations for the quarter ended\nDecember 31, 2007 were $48.0 million compared to $46.5 million last year - an\nincrease of $1.5 million or 3%. The Canadian dollar was 16 cents stronger\nagainst the US dollar in the quarter ($0.98) compared to last year ($1.14)\nreducing sales by approximately $4.6 million. Given the magnitude of the\nCanadian dollar appreciation management is pleased with the sales performance\nof its operations and is comfortable that its business units are performing\nwell in their respective markets.\n\n\nNet income from continuing operations for the period is $1.4 million or\n$0.03 per share compared to $1.8 million or $0.04 per share last year.\nEarnings in the Casting and Extrusion segment were down as a result of slow\nsales in the large mould business and lower margins in our extrusion die\nbusinesses. Shipments against our order book of previously announced large\nmould orders will begin at the end of the fiscal year. This segment was also\nimpacted by severances associated with the closure of a large mould facility\nin M...

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