Exco Technologies Limited - Second Quarter ended March 31, 2008 - Quarterly Dividend Declared and Normal Course Issuer Bid Renewal

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[{"type":"text","content":"\n\n\n\nTORONTO, April 23 /CNW/ - Exco Technologies Limited (TSX-XTC) today\nannounced results for its second quarter ended March 31, 2008. In addition,\nthe Company announced that a quarterly cash dividend of $0.0175 per share will\nbe paid June 30, 2008 to shareholders of record on June 16, 2008. The dividend\nis an "eligible dividend" in accordance with the Income Tax Act of Canada.\n\n\n-------------------------------------------------------------------------\n\n 6 Months ended 3 Months ended\n March 31 March 31\n\n ($000s, except per share amounts)\n\n 2008 2007 2008 2007\n ---- ---- ---- ----\nSales $103,872 $99,700 $55,898 $53,249\nNet income from continuing\n operations $4,208 $4,292 $2,844 $2,521\nNet loss from discontinued\n operations ($49) ($1,325) $- ($662)\nNet income $4,159 $2,967 $2,844 $1,859\nBasic and diluted earnings\n per share from\n continuing operations $0.10 $0.11 $0.07 $0.07\nBasic and diluted (loss)\n per share from\n discontinued operations $0.00 ($0.04) $0.00 ($0.03)\nBasic and diluted earnings\n per share $0.10 $0.07 $0.07 $0.04\nCommon shares\n outstanding 41,020,000 41,406,000 41,020,000 41,406,000\n\n-------------------------------------------------------------------------\n\n\nThe financial results for the three months ended March 31, 2007 and six\nmonths ended March 31, 2007 have been restated to reflect the classification\nof Exco's Techmire business as a discontinued operation.\n\n\nConsolidated sales from continuing operations for the quarter ended March\n31, 2008 were $55.9 million compared to $53.2 million last year - an increase\nof $2.7 million or 5%. Year-to-date sales were $103.9 million - an increase of\n$4.2 million or 4.2% compared to last year. The Canadian dollar was 17 cents\nstronger against the US dollar in the quarter and year-to-date compared to\nlast year, reducing sales by approximately $5.2 million in the quarter and\n$9.8 million year-to-date. Given the magnitude of the Canadian dollar\nappreciation and declining production levels among our North American\nautomotive OEM customers, management is pleased with the sales performance of\nits operations.\n\n\nNet income from continuing operations for the quarter was up by 12.8% to\n$2.8 million or $0.07 per share compared to $2.5 million or $0.07 per share\nlast year. The strong Canadian dollar, higher steel and oil ...

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