Calgary, Canada-based distributor of tubular and related products CE Franklin has issued its financial results for the fourth quarter of 2010 and the whole year, stating that the results reflect the rise in oil and gas industry well completions and rig counts. Sales in the last quarter of 2010 were CA$135.6 million up from C$93 million in the fourth quarter of 2009. CE Franklin recorded a net income of CA$1.6 million in the fourth quarter of 2010, compared to a loss of C$500,000 in the same quarter of the previous year.
In 2010, sales were CA$489.6 million up from C$437 million in 2009. CE Franklin recorded a net income of CA$5.9 million in 2010, compared to net income of CA$6.3 million in the previous year.
"Fourth quarter results reflect continuing year-over-year improvement in oil and gas industry well completions and rig counts, which contributed to a 46 percent increase in sales over the prior year period. This momentum is anticipated to continue in 2011," said Michael West, president and CEO.
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