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Exco Technologies Limited - Second Quarter ended March 31, 2007 Quarterly Dividend Declared, Appointment of New Director and Normal Course Issuer Bid Renewal
Exco Technologies Limited - Second Quarter ended March 31, 2007 Quarterly Dividend Declared, Appointment of New Director and Normal Course Issuer Bid Renewal.
About this update from Exco Technologies Limited
[{"type":"text","content":"\n\n\n\nTORONTO, April 26 /CNW/ - Exco Technologies Limited (TSX-XTC) today\nannounced results for its second quarter ended March 31, 2007. In addition,\nthe Company announced that a quarterly cash dividend of $0.015 per share will\nbe paid June 29, 2007 to shareholders of record on June 15, 2007.\n\n\n-------------------------------------------------------------------------\n\n 6 Months Ended 3 Months ended\n March 31 March 31\n ($000s, except per share amounts)\n 2007 2006 2007 2006\n ---- ---- ---- ----\nSales $104,133 $104,157 $55,382 $53,968\nNet income (loss)\n before taxes $4,416 ($3,694) $2,579 ($6,653)\nNet income (loss) $2,967 ($5,364) $1,859 ($7,360)\nBasic and diluted\n earnings (loss)\n per share $0.07 ($0.13) $0.04 ($0.18)\nCommon shares\n outstanding 41,406,000 41,606,000 41,406,000 41,606,000\n\n-------------------------------------------------------------------------\n\n\nExco Technologies Limited recorded net income of $1.9 million, or 4 cents\nper share, on revenues of $55.4 million. In the same quarter last year, the\nCompany recorded a net loss of $7.4 million, or 18 cents per share, on revenue\nof $54.0 million. The improvement in net income is primarily attributable to\nthe absence of any goodwill impairment charge which in the second quarter of\nlast year was $8.3 million or $0.20 per share.\n\n\nExco's quarterly sales of $55.4 million represent the highest sales level\nfor the Company since September 2005. The increase is primarily due to the\nimpressive growth at the Polydesign division in Morocco. Sales increased\n123.2% compared to the comparable quarter last year and 47.3% compared to the\nfirst quarter in 2007. Overall gross margin in the quarter also improved 2%\nover last year to 24%.\n\n\n"We are pleased with the growth at our Moroccan facility and the\nimprovement in the Company's gross margin. We will continue to focus our\nattention on our lower margin facilities in order to return them to\ntraditional margin levels," said Brian Robbins, President and CEO of Exco\nTechnologies Limited. "We feel the Company is well positioned to grow in the\nEuropean market while focusing on profit margins through cost cutting and\npricing strategies."\n\n\nExco's Casting and Extrusion segment reported revenues of $34.1 million\nin the second quarter compared to $34.3 million in the same per...