Business
Exco Technologies Limited - Third Quarter ended June 30, 2007 Quarterly Dividend Declared
Exco Technologies Limited - Third Quarter ended June 30, 2007 Quarterly Dividend Declared.
About this update from Exco Technologies Limited
[{"type":"text","content":"\n\n\n\nTORONTO, July 25 /CNW/ - Exco Technologies Limited (TSX-XTC) today\nannounced results for its third quarter ended June 30, 2007. In addition, the\nCompany announced that a quarterly cash dividend of $0.015 per share will be\npaid September 28, 2007 to shareholders of record on September 14, 2007. The\ndividend is an "eligible dividend" in the accordance with Section 89(14) of\nthe Income Tax Act of Canada.\n\n\n-------------------------------------------------------------------------\n 9 Months Ended 3 Months ended\n June 30 June 30\n ($000s, except per share amounts)\n 2007 2006 2007 2006\n ---- ---- ---- ----\nSales $159,052 $156,896 $54,919 $52,739\nNet income (loss)\n before taxes $7,507 ($714) $3,091 $2,980\nNet income (loss) $5,135 ($3,757) $2,168 $1,607\nBasic and diluted earnings\n (loss) per share $0.12 ($0.09) $0.05 $0.04\nCommon shares\n outstanding 41,448,000 41,606,000 41,448,000 41,606,000\n-------------------------------------------------------------------------\n\n\nExco Technologies Limited recorded net income of $2.2 million, or 5 cents\nper share, on revenues of $54.9 million. In the same quarter last year, the\nCompany recorded net profit of $1.6 million, or 4 cents per share, on revenue\nof $52.7 million. The improvement in net income is primarily attributable to\nstrong earnings at Polydesign which has now ramped up the Honda Civic and CRV\nseat cover and headrest programs to full production levels and significantly\nreduced losses at Techmire commensurate with improving sales and a lower cost\nstructure than last year.\n\n\nRecently, the Company announced the award of major engine block and\ntransmission case mould programs for Chrysler, Ford and one new American OEM\ntotalling, in the aggregate, approximately $75 million in sales over five\nyears. Since then Exco has been awarded further I-4 engine block programs for\nHyundai. The Company expects to secure additional programs in the next\nquarter.\n\n\n"We are pleased with our success in securing this powertrain mould\nbusiness. Not only will it allow our large mould plants to operate at higher\ncapacity for several years to come, but it diversifies our customer base and\nvalidates our leading edge capabilities in the design and manufacture of\npowertrain systems," said Brian Robbins, President and CEO of Exco\nTechnologies Lim...