CE Franklin reports third quarter 2005 earnings
Canadian-based steel
pipe distributor CE Franklin reported third quarter 2005 net sales increased 56 percent, due to strong commodity prices, improved industry
economics resulting in an increase in drilling activity, coupled with an increase in market share for all product groups.
Sales increased 55.7% to $121.8 million for the third quarter as compared to $78.2 million for the same period a year ago. 2005 year-to-date sales were $342.1 million and $243.3 million for the same period 2004.
Net income for the nine months ended September 30, 2005 increased to $12.6 million, or $0.68 per diluted share, as compared to $3.3 million, or $0.19 per diluted share, for the comparable 2004 period.
Michael West, chairman, president and CEO "The Company's strategies have resulted in CE Franklin breaking its previous record for annualized EPS ($0.65 per share diluted in 1997) with one quarter still remaining, This is the 3rd quarter in a row the Company has achieved record breaking results for the comparable quarter, and the 12th quarter in a row with year over year improvement."
CE Franklin distributes
pipe, valves, flanges, fittings,
production equipment and other general oilfield supplies to producers of oil and gas in
Canada through its 41 branches, which are situated in towns and cities that serve particular oil and gas fields of the western Canadian sedimentary basin. In addition, the Company distributes general oilfield supplies to the oilsands, refining, heavy oil and petrochemical and non-oilfield related industries such as the forestry and mining industries.