Business
Exco Technologies Limited - Fourth Quarter ended September 30, 2009
Exco Technologies Limited - Fourth Quarter ended September 30, 2009
About this update from Exco Technologies Limited
[{"type":"text","content":"\n\n\n\nNov. 30, 2009 (Canada NewsWire Group) -- TORONTO, Nov. 30 /CNW/ -- Exco Technologies Limited (TSX-XTC) today announced results for its fourth quarter ended September 30, 2009. In addition, the Company announced that a quarterly cash dividend of $0.0175 per share will be paid December 23, 2009 to shareholders of record on December 16, 2009. The dividend is an \"eligible dividend\" in accordance with the Income Tax Act of Canada.-------------------------------------------------------------------------12 Months ended 3 Months endedSeptember 30 September 30($000s, except per share amounts)2009 2008 2009 2008---- ---- ---- ----Sales $143,716 $201,681 $37,694 $50,132Net income (loss) fromcontinuing operations ($17,666) ($13,398) $364 ($20,753)Net loss from discontinuedoperations $- ($536) $- ($425)Net income (loss) ($17,666) ($13,934) $364 ($21,178)Basic and diluted earnings(loss) per share fromcontinuing operations ($0.43) ($0.33) $0.01 ($0.51)Basic and diluted (loss)per share fromdiscontinued operations $0.00 ($0.01) $0.00 ($0.01)Basic and diluted earnings(loss) per share ($0.43) ($0.34) $0.01 ($0.52)Common sharesoutstanding 40,666,176 40,948,276 40,666,176 40,948,276-------------------------------------------------------------------------In the fourth quarter sales of $37.7 million increased 33% over the third quarter and is the strongest quarterly sales performance in the last three quarters. While sales in the quarter are still below prior year levels this trend points to a continuing recovery from low sales levels at the peak of the recession in the third quarter of this fiscal year. Sales in the Casting and Extrusion segment of $26 million in the quarter were 37% higher than the third quarter and was comparable to last year's sales of $26.9 million. Leading this improvement was the large mould business with strong shipments to Chrysler of engine block moulds. The Automotive Solutions segment also reported top line improvement in the fourth quarter over the third quarter of 24% with sales of $11.7 million compared to $9.4 million. In this segment resumption of more traditional production and purchasing patterns by our customers and the launch of new programs at Polytech and Neocon, in particular, is responsible for the increase.This improving sales environment combined with the impact of cost reductions and operating imp...