SERVICE SECTOR / Enerflex Systems Ltd. Quarterly and Annual Earnings Report
ENERFLEX SYSTEMS LTD. REPORTS RECORD QUARTERLY AND ANNUAL EARNINGS
AND INCREASES DIVIDEND
CALGARY, Feb. 6 /CNW/ - Enerflex Systems Ltd. reports earnings for the
three months and year ended December 31. 1997.
Three months to December 31 1997 1996
----------------------------------------------------------------------
Revenues $95,523,000 $75,448,000
Net income $7,832,000 $5,417,000
Net income per common share $0.52 $0.36
Year to December 31 1997 1996
----------------------------------------------------------------------
Revenues $336,220,000 $245,922,000
Net income $25,221,000 $16,543,000
Net income per common share $1.67 $1.10
The annual and fourth quarter results for 1997 are the highest recorded
by Enerflex. The Company's operations are benefiting from the demand for the
production of natural gas in both North America and internationally.
Activity levels in Canada during 1997 were driven mainly by the declining
pressures of existing natural gas reservoirs. In 1998, activity levels are
expected to further benefit from the planned increases in pipeline capacity.
Parts and service activity is steadily growing due to the high level of
natural gas production, the growing installed base of compression equipment
and the continuing nature of repair and overhaul cycles. Enerflex increased
its international market penetration for both onshore and offshore compression
systems. International revenues in 1997 were $70.6 million. Backlog and order
activity for both domestic and international work continues to be very high.
Return on equity in 1997 was 38% compared to 31% in 1996.
The Company declared a 33.3 % increase in the quarterly dividend to $0.10
per common share payable an April 3, 1998 to the shareholders of record on
March 20, 1998.
In the fourth quarter the Company repurchased 15,700 common shares at an
average cost of $33.79 per share.
Enerflex manufactures, services and leases compressor systems for the
production and processing of natural gas. In addition, the Company
manufactures and services gas fuelled power generation systems. Enerflex is
based in Calgary, Alberta and markets its products and services worldwide.
|
