Key Developments For CE Franklin Ltd.
CE Franklin Ltd. (CFK.O) (Consolidated Issue listed on NASDAQ Global Market)
CE Franklin Ltd. Comments On Q4 2009 Revenue Outlook; Issues FY 2010 Revenue Outlook Below Analysts' Estimates
CE Franklin Ltd. announced that for the fourth quarter of 2009 and for fiscal 2010, it expects sales levels to decline compared to 2008. The Company reported revenue of CAD161 million in the fourth quarter of 2008 and CAD547 million in fiscal 2008. According to Reuters Estimates, analysts on an average are expecting the Company to report revenue of CAD129 million for the fourth quarter of 2009; and CAD598 million for fiscal 2010.
CE Franklin Ltd. Acquires Western Canadian Oil Field Equipment Distributor
CE Franklin Ltd. announced that it has acquired a Western Canadian oil field equipment distributor (the Acquired Business). The Acquired Business operates 22 oil field equipment supply stores across the Western Canadian Sedimentary Basin. Terms of the transaction were not disclosed.
CE Franklin Ltd. Switches To NASDAQ Stock Market
CE Franklin Ltd. announced its board of directors has approved management's decision to switch the listing of its common stock from the NYSE Alternext US stock exchange (Alternext) to the NASDAQ Stock Market LLC (NASDAQ). The last day of trading on Alternext will be Monday, April 13, 2009. The Company's shares will commence trading on the NASDAQ Global Market on Tuesday, April 14, 2009 under its current symbol, CFK.
CE Franklin Ltd. Announces Normal Course Issuer Bid For Its Common Shares
CE Franklin Ltd. announced that its Board of Directors has authorized the repurchase of up to 900,000 of its common shares without par value (Common Shares), being approximately 5% of the total number of Common Shares outstanding as of the date hereof, from time to time in open market or privately negotiated transactions. The share repurchase will be conducted solely through the facilities of AMEX and is subject to prevailing market conditions and other considerations.
CE Franklin Ltd. Announces Acquisition Of JEN Supply Inc.-DJ
Dow Jones reported that CE Franklin Ltd. has acquired JEN Supply Inc., a Stettler, Alta.-based operator of oilfield equipment supplies, for an undisclosed amount. The transaction will be financed from available bank credit facilities and is expected to be accretive to CE Franklin shareholders.
