April 27, 2011 / 8:34 PM / 7 years ago

UPDATE 1-CE Franklin Q1 profit rises

* Q1 EPS C$0.19 vs C$0.12 last year

* Q1 rev rises 13 pct to C$137.7 mln (Follows alerts)

April 27 (Reuters) - CE Franklin Ltd , a distributor of oilfield production equipment, posted higher quarterly results on rise in demand for its products.

The company, which supplies pipes and valves to oil and gas producers in Canada, reported January-March net income of C$3.4 million, or 19 Canadian cents a share, compared with C$2.2 million, or 12 Canadian cents a share, last year.

Revenue for the quarter rose 13 percent to C$137.7 million.

“Improved results reflect continued improvement in oil and gas industry activity levels and resulting increased demand for CE Franklin’s products. This momentum is anticipated to continue as the year progresses.” CEO Michael West said.

Shares of the Calgary, Alberta-based company closed at C$9.24 on Wednesday on the Toronto Stock Exchange. (Reporting by Amruta Sabnis in Bangalore; Editing by Don Sebastian)

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