SERVICE SECTOR / Enerflex Systems reports 1st 3 months Results
CALGARY, April 30 /CNW/ - Enerflex Systems Ltd. reports earnings for the
three months ended March 31, 1998.
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Three months to March 31 1998 1997
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Revenues $100,713,000 $82,805,000
Net income $6,956,000 $5,661,000
Net income per common share $0.46 $0.37
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Revenues increased 22% to $100.7 million from $82.8 million in the first
quarter in 1997. Net income increased 23% to $7.0 million from $5.7 million
in the same quarter in 1997. Net income per share increased to 46 cents per
share from 37 cents.
Deliveries of compression systems to both the Canadian and international
markets were strong in the first quarter. Service operations continued to
benefit from the growing installed base of equipment operating at high overall
load factors.
The market fundamentals for the sale and service of compression and power
systems, in both Canada and overseas, are positive. In particular the
expansion of export pipeline capacity later in 1998, together with increasing
reservoir decline rates, is expected to strengthen the demand for natural gas
compression equipment in Canada.
Most Canadian energy companies produce both oil and gas. The recent
decline in world oil prices may result in some short-term caution in the
capital spending plans of our customers, however many producers are expected
to shift their emphasis to natural gas during 1998.
The Board of Directors has declared a quarterly dividend of $0.10 per
common share payable on July 2, 1998 to the shareholders of record on June 19,
1998.
In the first quarter the Company repurchased 22,200 common shares at an
average cost of $31.74 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.
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