CE Franklin Ltd. first quarter operating income up 49 percent (results are in Canadian dollars).CALGARY, ALBERTA--(BUSINESS WIRE)--April 21, 1997--CE Franklin (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. ., 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) .) CE FRANKLIN LTD LTD 1 Laron-type dwarfism 2 Leukotriene D 3 Long-term depression, see there 4. Long-term disability . (TSE.CFT, AMEX.CFK) today reported results for the first quarter ended March 31, 1997. Sales for the first quarter were $91.5 million, an increase of $22.8 million or 33 percent from March 31, 1996. The increase is due mainly to a 20 percent increase in drilling activity in Western Canada
Western Canada, commonly referred to as the West and an increase in market penetration Noun 1. market penetration - the extent to which a product is recognized and bought by customers in a particular market penetration - the act of entering into or through something; "the penetration of upper management by women" especially in the heavy oil industry through the introduction of Griffin Legrand product lines. Operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. was a record $5 million, an increase of $1.7 million or 49 percent from the first quarter of 1996. Operating income per share was $0.17, an increase of $0.05 from the first quarter of 1996 due mainly to growth in sales. Net income decreased by $0.2 million or 9 percent from the first quarter for 1996 and earnings per share of $0.16 were down $0.01 from the first quarter of 1996. Net income was positively affected by an increase of $0.9 million in operating income due to increased sales and $0.1 million in reduced interest expense. However, these factors were offset by the absence of two advantages realized in the first quarter of 1996; a $0.3 million gain on the sale of a distribution center, and a $0.9 million tax benefit. "We are very pleased with our record first quarter operating results," commented Chairman and Chief Executive Officer, John Gilbank. "We are not only benefiting from a strong industry but we have also been able to successfully grow internal product lines such as Griffin Legrand pumps. As for the second quarter, we expect the normal seasonal dip in drilling activity and we will focus on the integration of recent acquisitions." On March 21, 1997, CE Franklin completed the acquisition of the assets of Hoyle Ennotek, a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Holye Industries Ltd. of North Vancouver North Vancouver, city (1991 pop. 38,436), SW British Columbia, Canada, on Burrard Inlet of the Strait of Georgia, opposite Vancouver, of which it is a suburb. Shipbuilding, woodworking, and the shipping of grain, lumber, and ore are the chief industries. , B.C. Hoyle Ennotek is a 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. distributor of valves, serving the energy, pulp and paper, mining and municipal industries with annual sales of approximately $3.8 million. Subsequent to the end of the quarter, on April 7, 1997, CE Franklin acquired the assets of Domino Machine Company Ltd. (Domino) of Edmonton, Alberta. Domino is in the machining and manufacturing business, specializing in oil and gas production and transportation products with annual sales of approximately $6.5 million. CE Franklin is Canada's predominant distributor of supplies to the oil and gas drilling and production industries. Through its 38 locations across Western Canada the company sells pipe, fittings, and maintenance supplies. -0-
CE Franklin Ltd.
Summary of Financial Data
(Canadian Dollars)
Quarter Ended March 31,
-----------------------
1997 1996
---- ----
Statement of Income Data:
Sales $91,528,564 $68,773,259
Operating Income 5,051,002 3,390,732
Net Income 2,493,779 2,741,655
Net Income Per Share - Basic 0.16 0.17
- Fully Diluted 0.15 0.16
Weighted Average Number of
Shares Outstanding 15,898,728 15,698,213
Selected Balance Sheet Data:
Working Capital 44,586,957 41,321,466
Total Assets 113,140,339 89,523,393
Long Term Debt 17,681,946 20,998,392
Total Liabilities 74,891,861 58,374,126
Shareholders' Equity 38,248,478 31,149,267
CONTACT: CE Franklin Ltd. Kelly O'Sullivan, 800/345-2858 (403) 531-5604 Jean Parker, 403/531-5603 |
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