CE Franklin Announces Fiscal 2000 Year End Results.Business Editors CALGARY Calgary (kăl`gərē), city (1991 pop. 710,677), S Alta., Canada, at the confluence of the Bow and Elbow rivers. The largest city in Alberta and the fastest-growing major city in Canada, Calgary is a corporate, transportation, and financial , Alberta--(BUSINESS WIRE)--Jan. 31, 2001 CE Franklin Franklin, cities, United States Franklin. 1 City (1990 pop. 12,907), seat of Johnson co., S central Ind., inc. 1823. It is a farm trade center. Manufactures include auto parts, aluminum doors and windows, and copper panels. Ltd.(AMEX AMEX See: American Stock Exchange :CFK CFK Clausenengen Fotballklubb (Clausenengen Football Club; Norway) CFK Computer Forum KaHo (Computer Aiding Center) CFK Charles Foster Kane (movie, band, White Stripes lyric) ) (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :CFT CFT complement fixation test; see under fixation. CFT complement fixation test. .) CE Franklin Ltd., Canada's Largest Energy Supplier, Announces a 52% Growth in Revenue and a Substantial Increase in Earnings During Fiscal 2000 (All Results in Canadian Dollars Noun 1. Canadian dollar - the basic unit of money in Canada; "the Canadian dollar has the image of loon on one side of the coin" loonie dollar - the basic monetary unit in many countries; equal to 100 cents ) CE FRANKLIN LTD. (TSE.CFT, AMEX.CFK) announced today its fiscal 2000 year end results. Sales for the year ended December December: see month. 31, 2000 increased 52.3% to $368.8 million, as compared to $242.2 million for the previous year. The improvement in sales during fiscal 2000 resulted in a $6.9 million increase in net income to $1.5 million ($0.08 per share diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. ) from a net loss of $5.4 million (a loss of $0.33 per share diluted) for 1999. The company's sales were effected by an increase in drilling and completions activity in western Canada
Western Canada, commonly referred to as the West . In addition, the company experienced growth in non-traditional oilfield supply sectors such as oilsands mining, gas processing facilities, equipment fabricators, east coast offshore operations, pipeline construction and maintenance, international sales and the company's manufacturing division - CEF CEF CAN (Controller Area Network) Extended Frame CEF Caixa Economica Federal (Brazil) CEF Cisco Express Forwarding CEF Common European Framework CEF Continuing Education Fund CEF Closed End Fund Technologies Ltd. Gross margins in 2000 increased by 0.6% to 12.7% due primarily to improved margins in general supplies and tubulars as the marketplace moved away from the depressed Depressed A description of a market, security, or product that is experiencing weak demand and lowering prices. Notes: A depressed market, security, or product implies that prices and volume are low. There are many reasons for a depressed market, security, or product. pricing levels seen in 1999. Selling, general and administrative expenses were $35.3 million, a 12.4 % ($3.9 million) increase over 1999 as a result of the 52.3% increase in sales, as well as the growth initiatives in non-traditional oilfield supply sectors. "We are encouraged with the recovery in our results from fiscal 1999 to fiscal 2000," commented John Gilbank, Chairman and Chief Executive Officer, "and we anticipate further improvements in our performance for fiscal 2001. We will continue to broaden our product line and services into the non-traditional oilfield supply sectors, and continue to invest in our B2B (Business to Business) Refers to one business communicating with or selling to another. See B2B e-commerce, B2C and B2G. B2B - business to business eCommerce See e-commerce. strategy. Today, routine orders are now being fulfilled ful·fill also ful·fil tr.v. ful·filled, ful·fill·ing, ful·fills also ful·fils 1. To bring into actuality; effect: fulfilled their promises. 2. using our eCommerce solution on a regular basis. We expect completions and construction work to remain strong in 2001 enabling us to continue capitalizing in our areas of leadership such as enhanced business relationships and eCommerce." Conference Call Information CE Franklin, has scheduled a conference call for Thursday Thursday: see week. , February February: see month. 1, at 11:00 a.m. EST EST electroshock therapy. EST abbr. electroshock therapy (9:00 a.m. MST See micro systems technology. ) during which the 2000 annual results will be discussed. Please phone the conference call operator at 1-888-280-8349. John Gilbank, Chairman and Chief Executive Officer will chair the call. Sam (1) (Security Accounts Manager) The part of Windows NT that manages the database of usernames, passwords and permissions. A SAM resides in each server as well as in each domain controller. See PDC and trust relationship. Secreti, Chief Financial Officer, and Tim Ritchie Ritchie as a name is a surname, and may also occur as a given name or diminutive. It may refer to:
A motor vehicle statute may require beginning drivers or drivers under a certain age to be accompanied by a licensed adult driver whenever operating an automobile. Mr. Gilbank. A question and answer session will be included in the call. A taped version of the call will be available until midnight on Monday Monday: see week. , February 5, by calling 1-888-509-0081. The call will also be webcasted live at Q1234.com. About CE Franklin CE Franklin, is Canada's largest distributor of supplies for the drilling, production, processing and pipelining of hydrocarbons hydrocarbons (hīˈ·drō·kärˑ·b  nz),n. . In addition to its complete range of production equipment, including artificial lift technology, the company sells pipe, valves, fittings fit·ting adj. Being in keeping with a situation; appropriate. n. 1. The act of trying on clothes whose fit is being adjusted. 2. A small detachable part for a machine or apparatus. 3. and maintenance supplies and provides complete customer inventory procurement The fancy word for "purchasing." The procurement department within an organization manages all the major purchases. and management services through its 41 locations across Canada Across Canada was an afternoon program that formerly aired on The Weather Network. The segment ran from early 1999 until mid 2002. The show ran from 3:00PM ET until 7:00 PM ET. . The company also manufactures and packages specialized spe·cial·ize v. spe·cial·ized, spe·cial·iz·ing, spe·cial·iz·es v.intr. 1. To pursue a special activity, occupation, or field of study. 2. products for the energy industry and provides supply packages for projects in the hydrocarbon hydrocarbon (hī'drōkär`bən), any organic compound composed solely of the elements hydrogen and carbon. The hydrocarbons differ both in the total number of carbon and hydrogen atoms in their molecules and in the proportion of hydrogen processing industry through its Piping Resources Division. CE Franklin's common stock trades on The Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. under the symbol CFT and on the American Stock Exchange American Stock Exchange (AMEX) Stock exchange in the U.S. Originally known as “the Curb,” it began as an outdoor marketplace in New York City c. 1850. It moved indoors to its present location in the Wall Street area in 1921. under the symbol CFK. For additional information visit the website at www.cefranklin.com. This news release includes forward looking statements within the meaning of section 27A of the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. Securities Act of 1933 and Section 21E of the United States Securities Exchange Act of 1934. Although the Company believes that its expectations are based on reasonable assumptions, it can give no assurance that expected results will be achieved. Important factors that could cause actual results to differ materially from those in the forward looking statements herein include economic conditions, seasonality of drilling activity, commodity prices for oil and gas, currency fluctuations and government regulations, and other risks and uncertainties as described in the Company's 1999 Annual Report on Form 20-F as filed with the United States Securities and Exchange Commission.
CE Franklin Ltd.
Consolidated Balance Sheets
As at December 31, 2000 and 1999
(in thousands of dollars)
December 31, December 31, December 31,
2000 2000 1999
U.S. $ Cdn. $ Cdn. $
Assets
Current assets
Accounts receivable 42,531 63,805 52,281
Inventories 43,204 64,815 49,019
Income taxes recoverable 2,729 4,094 5,207
Other 1,558 2,337 383
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90,022 135,051 106,890
Capital assets 13,014 19,523 19,132
Goodwill, net of amortization
of Cdn. $1,452 (U.S. $968;
1999 - Cdn. $1,138) 7,376 11,066 11,380
Other assets 341 512 706
---------------------------------------
110,753 166,152 138,108
---------------------------------------
---------------------------------------
Liabilities
Current liabilities
Bank overdraft 3,952 5,929 8,295
Bank operating loan 31,996 48,000 -
Accounts payable 27,593 41,395 26,440
Accrued liabilities 11,931 17,900 18,037
Current portion of long-term debt 215 322 299
---------------------------------------
75,687 113,546 53,071
Bank operating loan - - 36,500
Long-term debt 187 280 602
Future income taxes 2,024 3,037 1,574
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77,898 116,863 91,747
---------------------------------------
Shareholders' Equity
Capital stock 12,756 19,137 17,709
Contributed surplus 9,043 13,566 13,566
Retained earnings 11,056 16,586 15,086
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32,855 49,289 46,361
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110,753 166,152 138,108
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CE Franklin Ltd.
Consolidated Statements of Operations
For the years ended December 31, 2000 and 1999
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(in thousands of dollars)
2000 2000 1999
U.S. $ Cdn. $ Cdn. $
Sales
General supplies 135,053 202,607 140,313
Tubulars 99,178 148,787 91,088
CEF Technologies 11,576 17,366 10,804
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245,807 368,760 242,205
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Cost of sales
General supplies 112,672 169,030 117,948
Tubulars 93,803 140,724 87,092
CEF Technologies 8,237 12,357 7,755
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214,712 322,111 212,795
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Gross profit
General supplies 22,381 33,577 22,365
Tubulars 5,375 8,063 3,996
CEF Technologies 3,339 5,009 3,049
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31,095 46,649 29,410
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Selling, general and
administrative expenses 23,544 35,321 31,431
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Earnings (loss) before
interest, tax, depreciation,
amortization and other expenses
(income) (EBITDA) 7,551 11,328 (2,021)
Other expenses (income)
Depreciation and amortization 2,822 4,234 3,666
Interest expense 2,206 3,309 3,210
Loss (gain) on disposal
of capital assets 37 56 87
Foreign exchange loss 173 259 38
Other (29) (43) (33)
---------------------------------------
Income (loss) before income
taxes 2,342 3,513 (8,989)
---------------------------------------
Income tax expense (recovery)
Current 367 550 (4,954)
Future 975 1,463 1,404
---------------------------------------
1,342 2,013 (3,550)
---------------------------------------
Net income (loss) for the year 1,000 1,500 (5,439)
---------------------------------------
---------------------------------------
Net income (loss) per share
Basic 0.06 0.09 (0.33)
Diluted 0.06 0.08 (0.33)
Weighted average basic number
of shares outstanding 16,993,647 16,993,647 16,627,231
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CE Franklin Ltd.
Consolidated Statements of Cash Flows
As at December 31, 2000 and 1999
(in thousands of dollars)
December 31, December 31, December 31,
2000 2000 1999
U.S. $ Cdn. $ Cdn. $
Cash flows from operating
activities
Net income (loss) for the year 1,000 1,500 (5,439)
Items not affecting cash -
Depreciation and amortization 2,822 4,234 3,666
Loss (gain) on disposal of
capital assets 37 56 87
Future income taxes 975 1,463 1,404
Increase (decrease) of
inventory reserves (193) (290) 376
---------------------------------------
4,641 6,963 94
Net change in non-cash working
capital balances related
to operations -
Accounts receivable (7,681) (11,524) (4,192)
Income tax recoverable 742 1,113 (902)
Inventories (10,336) (15,506) (6,337)
Other current assets (1,302) (1,954) 229
Accounts payable 9,968 14,955 4,122
Accrued liabilities (91) (137) 11,446
---------------------------------------
(4,059) (6,090) 4,460
---------------------------------------
Cash flows from financing
activities
Issuance of shares 952 1,428 428
Increase (decrease) in bank
operating loan 7,665 11,500 (10,300)
Increase (decrease) in bank
overdraft (1,577) (2,366) 7,862
Decrease in obligations under
capital lease (199) (299) (239)
---------------------------------------
6,841 10,263 (2,249)
---------------------------------------
Cash flows from investing
activities
Decrease (increase) in
marketable securities - - 455
Purchase of capital assets (2,864) (4,297) (3,021)
Proceeds on disposal of
capital assets 82 124 324
Reduction of other assets - - 31
---------------------------------------
(2,782) (4,173) (2,211)
---------------------------------------
Change in cash and cash
equivalents during the year - - -
Cash and cash equivalents -
Beginning of year - - -
---------------------------------------
Cash and cash equivalents -
End of year - - -
---------------------------------------
---------------------------------------
Cash paid during the year for
Interest on bank operating
loan 2,284 3,426 3,090
Interest on long-term debt 37 58 65
Income taxes 69 104 232
Supplemental Information - Five Years of Financial Data
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(IN MILLIONS
OF CDN DOLLARS) 2000 1999 1998 1997 1996
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Sales
General Supplies 202.6 140.3 180.9 219.0 140.4
Tubulars 148.8 91.1 120.2 192.7 118.4
CEF Technologies 17.4 10.8 13.0 5.6 0
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Total Sales 368.8 242.2 314.1 417.3 258.8
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# of Oil Wells Drilled
(excluding dry/service) 5,466 2,516 4,039 8,681 6,095
# of Gas Wells Drilled
(excluding dry/service) 8,929 5,998 4,257 4,664 3,539
Gross Profit
General Supplies 33.6 22.4 34.4 41.8 27.5
% of Sales 16.6% 15.9% 19.0% 19.1% 19.6%
Tubulars 8.1 4.0 7.2 12.4 7.0
% of Sales 5.4% 4.4% 6.0% 6.4% 5.9%
CEF Technologies 5.0 3.0 3.3 2.3 0
% of Sales 28.8% 28.2% 25.4% 41.1%
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Total Gross Profit 46.6 29.4 44.9 56.5 34.5
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% of Sales 12.7% 12.1% 14.3% 13.5% 13.3%
Selling, General &
Administrative 35.3 31.4 35.1 32.1 22.3
% of Gross Profit 75.7% 106.9% 78.2% 56.8% 64.6%
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Earnings before interest, tax,
depreciation, amortization
and other expenses (income)
EBITDA 11.3 (2.0) 9.7 24.4 12.2
-------------------------------------------------------------------
Net Income 1.5 (5.4) 2.2 11.2 6.7
% of Sales 0.4% (2.2%) 0.7% 2.7% 2.6%
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EPS
Basic 0.09 (0.33) 0.14 0.70 0.43
Fully Diluted 0.08 (0.33) 0.14 0.65 0.40
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Total Assets 166.2 138.1 127.7 162.5 87.9
-------------------------------------------------------------------
Total Financed Debt 48.6 37.4 46.8 51.4 13.0
-------------------------------------------------------------------
Total Capitalization (Average)
Average Financed Debt 45.7 42.1 47.5 34.3 17.3
% to Total Capitalization 48.5% 47.0% 48.0% 45.3% 35.0%
Average Equity 48.4 47.4 51.5 41.5 32.1
% to Total Capitalization 51.5% 53.0% 52.0% 54.7% 65.0%
Total Capitalization 94.1 89.4 99.0 75.8 49.4
-------------------------------------------------------------------
Current Assets % of Total
Assets (Average)
Average Current Assets 119.6 92.6 110.3 111.1 71.5
Average Total Assets 150.8 125.3 137.8 130.3 82.3
% 79.3% 73.9% 80.1% 85.3% 86.9%
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Days Sales Outstanding
(DSO)(1)
Average Accounts Receivable
- Trade 51.4 41.3 50.4 56.2 33.7
DSO 50.8 62.2 58.6 49.2 47.5
(1) (Average A/R/Sales)*365 days
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Bad Debt % to Accounts
Receivable
Bad Debt 0.9 1.1 0.5 0.2 0
Average Accounts Receivable
- Trade 51.4 41.3 50.4 56.2 33.7
% 1.8% 2.6% 0.9% 0.4% 0.0%
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Inventory Turns
Cost of Sales 322.1 212.8 269.2 360.8 224.3
Average Inventory 57.9 43.2 53.9 49.0 31.7
Inventory Turns 5.6 4.9 5.0 7.4 7.1
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Inventory Writeoff %
Inventory Writeoffs 0.4 0.4 1.0 0.8 0.7
Average Inventory 57.9 43.2 53.9 49.0 31.7
% 0.7% 1.0% 1.9% 1.6% 2.2%
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ROI (after tax) = Return on
Investment (2)
Interest after tax 1.3 1.8 1.7 1.0 0.8
ROI (after tax) 2.9% (4.0%) 4.0% 16.1% 15.1%
(2) Net Income + Interest After Tax
---------------------------------
Average (Equity + Financed Debt)
-------------------------------------------------------------------
ROE (after tax) = Return on
Equity (3) 3.1% (11.5%) 4.3% 27.0% 20.9%
(3) (Net Income/Average Equity)
-------------------------------------------------------------------
Economic Value Added
(EVA) (4)
Weighted Average Cost of
Capital 10.0% 9.7% 9.5% 8.9% 9.7%
EVA (7.0%) (13.7%) (5.5%) 7.2% 5.3%
(4) (ROI - Weighted Average Cost of Capital ((% financing from
debt x cost of debt) + (% financing from equity x cost of
equity)))
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-------------------------------------------------------------------
Net income (loss) and shareholders equity as determined in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with Canadian Canadian (kənā`dēən), river, 906 mi (1,458 km) long, rising in NE New Mexico. and flowing E across N Texas and central Oklahoma into the Arkansas River in E Oklahoma. GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). differ from those determined in accordance with U.S. GAAP, due principally to the recording of certain restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). expenditures as goodwill, the realization (specification) realization - A UML semantic relationship between a classifier that specifies a contract and another classifier that guarantees to carry it out. [Handout by Mr. David Gillibrand]. of certain deferred tax benefits and the change in tax rates, in compliance with Canadian GAAP. Under U.S. GAAP, the restructuring expenditures and change in tax rates would have been recorded in the statement of operations See Income statement. and the benefit of the deferred tax assets would have been recorded as a reduction of goodwill.
Supplemental Information - Quarterly Financial Data
-------------------------------------------------------------------
(IN MILLIONS OF CDN DOLLARS) Q1 Q2 Q3 Q4 2000
-------------------------------------------------------------------
Sales
General Supplies 50.6 41.0 51.4 59.6 202.6
Tubulars 41.8 33.9 32.8 40.2 148.8
CEF Technologies 4.9 3.7 3.8 4.9 17.4
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Total Sales 97.4 78.7 88.0 104.7 368.8
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# of Oil Wells Drilled
(excluding dry/service) 1,264 1,209 1,438 1,555 5,466
# of Gas Wells Drilled
(excluding dry/service) 1,774 1,899 2,541 2,715 8,929
Gross Profit
General Supplies 8.6 7.3 8.4 9.3 33.6
% of Sales 17.0% 17.8% 16.4% 15.6% 16.6%
Tubulars 2.4 1.9 1.7 2.1 8.1
% of Sales 5.7% 5.5% 5.3% 5.2% 5.4%
CEF Technologies 1.7 1.5 0.8 1.0 5.0
% of Sales 33.4% 40.7% 21.2% 21.1% 28.8%
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Total Gross Profit 12.6 10.7 10.9 12.4 46.6
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-------------------------------------------------------------------
% of Sales 13.0% 13.6% 12.4% 11.9% 12.7%
Selling, General &
Administrative 8.5 8.4 8.8 9.6 35.3
% of Gross Profit 67.5% 79.1% 80.1% 77.3% 75.7%
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Earnings before interest, tax,
depreciation, amortization
and other expenses (income)
EBITDA 4.1 2.2 2.2 2.8 11.3
-------------------------------------------------------------------
Net Income 1.3 0.1 0.0 0.1 1.5
% of Sales 1.3% 0.2% 0.0% 0.1% 0.4%
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EPS
Basic 0.08 0.01 0.00 0.00 0.09
Fully Diluted 0.07 0.01 0.00 0.00 0.08
-------------------------------------------------------------------
Total Assets 150.7 146.6 149.9 166.2 166.2
-------------------------------------------------------------------
Total Financed Debt 41.4 45.2 46.7 48.6 48.6
-------------------------------------------------------------------
Total Capitalization (Average)
Average Financed Debt 43.7 46.1 46.1 46.8 45.7
% to Total Capitalization 48.1% 48.8% 48.5% 48.7% 48.5%
Average Equity 47.0 48.3 48.9 49.3 48.4
% to Total Capitalization 51.9% 51.2% 51.5% 51.3% 51.5%
Total Capitalization 90.7 94.4 95.0 96.0 94.1
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Current Assets % of Total
Assets (Average)
Average Current Assets 116.8 112.1 115.5 133.8 119.6
Average Total Assets 147.7 143.5 146.8 165.1 150.8
% 79.0% 78.1% 78.7% 81.1% 79.3%
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Days Sales Outstanding
(DSO) (1)
Average Accounts Receivable
- Trade 53.0 46.2 47.1 59.2 51.4
Sales - annualized 389.4 314.7 352.1 418.8 368.8
DSO 49.6 53.5 48.9 51.6 50.8
(1) (Average A/R/Sales)*365 days
-------------------------------------------------------------------
Bad Debt % to Accounts
Receivable
Bad Debt 0.1 0.3 0.3 0.2 0.9
Average Accounts Receivable
- Trade 53.0 46.2 47.1 59.2 51.4
% 0.3% 0.5% 0.6% 0.4% 1.8%
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Inventory Turns
Cost of Sales 84.7 68.0 77.1 92.3 322.1
Cost of Sales - annualized 338.9 272.1 308.3 369.1 322.1
Average Inventory 52.7 57.0 59.2 62.5 57.9
Inventory Turns 6.4 4.8 5.2 5.9 5.6
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Inventory Writeoff %
Inventory Writeoffs 0.1 0.1 0.1 0.1 0.4
Average Inventory 52.7 57.0 59.2 62.5 57.9
% 0.3% 0.2% 0.2% 0.1% 0.7%
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ROI (after tax) = Return on
Investment (2)
Interest after tax 0.5 0.6 0.1 0.1 1.3
Interest after tax -
annualized 1.9 2.5 0.4 0.2 1.3
Net Income - annualized 5.2 0.5 0.1 0.3 1.5
ROI (after tax) 7.8% 3.2% 0.5% 0.5% 2.9%
(2) Net Income + Interest After Tax
-------------------------------
Average (Equity + Financed Debt)
-------------------------------------------------------------------
ROE (after tax) =
Return on Equity (3) 11.0% 1.0% 0.1% 0.5% 3.1%
(3) (Net Income/Average Equity)
-------------------------------------------------------------------
Economic Value Added (EVA) (4)
Weighted Average Cost
of Capital 9.7% 9.7% 10.2% 10.2% 10.0%
EVA (1.9%) (6.6%) (9.7%) (9.7%) (7.0%)
(4) (ROI - Weighted Average Cost of Capital ((% financing from
debt x cost of debt) + (% financing from equity x cost of
equity)))
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