April 28, 2009 / 6:40 PM / in 9 years

UPDATE 1-CE Franklin Q1 net almost flat; sees drop in '09 sales

* Q1 EPS C$0.33 vs C$0.34 a year ago

* Q1 sales flat at C$140.7 mln * Says 2009 sales to decline

April 28 (Reuters) - Canada’s CE Franklin Ltd CFT.TO, a supplier of products and services to the energy industry, posted a nearly flat first-quarter profit and said it expects sales to drop in 2009 on decline in oil and gas well completions.

For the quarter ended March 31, the company reported net income of C$6.0 million, or 33 Canadian cents a share, compared with C$6.3 million, or 34 Canadian cents a share, a year ago.

Sales were marginally up at C$140.7 million.

“For the balance of 2009, sales levels are expected to decline compared to 2008 as expected lower oilfield sales are partially offset by expected increased sales to oil sands, midstream and industrial product end use markets,” the company said in a statement.

CE Franklin, which distributes general oilfield supplies to the energy industry, said oil and gas well completions and rig counts have declined sharply at the end of the first quarter, compared with 2008 levels, and expected the decline to continue through 2009 and into 2010.

Shares of the company were down 12 Canadian cents at C$5.80 Tuesday afternoon on the Toronto Stock Exchange. (Reporting by Ashutosh Joshi in Bangalore; Editing by Anil D‘Silva)

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