Exco Technologies Limited - Third Quarter ended June 30, 2008 - Quarterly Dividend Declared

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[{"type":"text","content":"\n\n\n\nTORONTO, July 29 /CNW/ - Exco Technologies Limited (TSX-XTC) today\nannounced results for its third quarter ended June 30, 2008. In addition, the\nCompany announced that a quarterly cash dividend of $0.0175 per share will be\npaid September 30, 2008 to shareholders of record on September 15, 2008. The\ndividend is an "eligible dividend" in accordance with the Income Tax Act of\nCanada.\n\n\n-------------------------------------------------------------------------\n 9 Months ended 3 Months ended\n June 30 June 30\n\n ($000s, except per share amounts)\n\n 2008 2007 2008 2007\n ---- ---- ---- ----\nSales $151,549 $151,274 $47,677 $51,574\nNet income from\n continuing operations $7,355 $6,546 $3,147 $2,254\nNet loss from discontinued\n operations ($111) ($1,411) ($62) ($86)\nNet income $7,244 $5,135 $3,085 $2,168\nBasic and diluted earnings\n per share from continuing\n operations $0.18 $0.16 $0.08 $0.05\nBasic and diluted loss\n per share from\n discontinued operations ($0.00) ($0.04) ($0.00) ($0.00)\nBasic and diluted earnings\n per share $0.18 $0.12 $0.08 $0.05\nCommon shares outstanding 40,989 41,448 40,989 41,448\n-------------------------------------------------------------------------\n\n\nThe financial results for the three months ended June 30, 2007 and nine\nmonths ended June 30, 2007 have been restated to reflect the classification of\nExco's Techmire business as a discontinued operation.\n\n\nConsolidated sales from continuing operations for the quarter ended\nJune 30, 2008 were $47.7 million compared to $51.6 million last year - a\ndecrease of $3.9 million or 7.6%. Year-to-date sales were $151.5 million - an\nincrease of $0.3 million or 0.2% compared to last year. The Canadian dollar\nwas effectively 'at par' with the US dollar during the quarter and year to\ndate. Reported profitability during the quarter demonstrates that the\nCompany's efforts to adapt to the strong Canadian dollar and rising material\ncost have been taking effect. The timing of shipments in the large mould\nbusinesses accounted for most of the sales weakness in the Casting and\nExtrusion segment and declining production levels among our North American\nautomotive customers impacted sales in the Automotive Solutions segment.\n\n\nNet income from continuing operations for the quarter was up by 39.6% to\n$3.1 million or $0.08 per shar...

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