Exco Technologies Limited - Second Quarter ended March 31, 2009 and Quarterly Dividend Declared

About this update from Exco Technologies Limited

[{"type":"text","content":"\n\n\n\nTORONTO, April 29 /CNW/ - Exco Technologies Limited (TSX-XTC) today\nannounced results for its second quarter ended March 31, 2009. In addition,\nthe Company announced a $0.0175 dividend per share which will be paid on June\n30, 2009 to shareholders of record on June 15, 2009. The dividend is an\n"eligible dividend" in accordance with the Income Tax Act of Canada.\n\n\n-------------------------------------------------------------------------\n 6 Months ended 3 Months ended\n March 31 March 31\n-------------------------------------------------------------------------\n ($000s, except per share amounts)\n ------------------------------------------------\n 2009 2008 2009 2008\n ---- ---- ---- ----\n-------------------------------------------------------------------------\nSales 77,677 103,872 33,233 55,898\nNet income (loss) from\n continuing operations (17,032) 4,208 (14,607) 2,844\nNet loss from discontinued\n operations - (49) - -\nNet income (loss) (17,032) 4,159 (14,607) 2,844\nBasic and diluted earnings\n (loss) per share from\n continuing operations ($0.42) $0.10 ($0.36) $0.07\nBasic and diluted earnings\n (loss) per share ($0.42) $0.10 ($0.36) $0.07\nCommon shares outstanding 40,674,000 41,020,000 40,674,000 41,020,000\n-------------------------------------------------------------------------\n\n\nConsolidated sales from continuing operations for the quarter ended March\n31, 2009 were $33.2 million - a decrease of $22.7 million or 40.6% over last\nyear. Year-to-date sales were $77.7 million - a decrease of $26.2 million or\n25.2% compared to last year. This reflects a quarter of exceptional\ncontraction in global automotive production, commercial construction and\noverall industrial output. The Automotive Solutions segment and the large\nmould businesses were severely impacted by this collapse in automobile\nproduction. Production of the Honda CRV and Civic in Europe was completely\nshut down in January for 6 months impacting Polydesign's sales of seat covers\nin the quarter by approximately $8 million in sales. It is anticipated that in\nJune deliveries of seat covers on these programs will resume. All automobile\nmanufacturers reduced production by extending Christmas shutdowns until well\ninto January and in some cases February and thereafter resumed production at\ndrastically reduced levels for the bal...

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