Calgary, Canada-based distributor of tubular and related products CE Franklin has issued its financial results for the second quarter of 2010, stating that the improved momentum in demand experienced in the first half should continue throughout the year.
Sales in the second quarter of this year, which declined due to spring breakup, were CA$99.9 million (US$96.7 million), down CA$9.2 million or eight percent from the second quarter of 2009, as a 26 percent or CA$17.5 million increase in oilfield sales was more than offset by the absence of a CA$32.4 million sale of oil sands pipe in the second quarter of 2009.
The company recorded a net loss for the second quarter of 2010 of CA$0.1 million (US$96.600), down $0.7 million from the second quarter of 2009.
"Second quarter demand, which declines seasonally from the first quarter due to spring breakup, showed year over year improvement in both well completions and rig counts and sales strengthened as the quarter progressed. This momentum should continue as the year progresses," said Michael West, president and CEO.