Calfrac Well Services Ltd. (TSX:CFW) saw its fourth-quarter profit plunge 86 per cent as its revenue declined 25 per cent in the face of reduced activity and lower prices in the U.S. and Canadian oilpatch.
Calgary-based Calfrac, which provides services to the energy industry, said net income attributable to shareholders in the three months ended Dec. 31 fell to $11.2 million or 25 cents per diluted share. That was down from $78.4 million or $1.78 per diluted share in the same 2011 period as revenue also fell to $367.5 million from $490 million. Net income in the latest period included a $3.8-million foreign exchange gain, compared with a $1-million loss in the 2011 quarter. The company said it was moving to a quarterly dividend of 25 cents per share from a semi-annual payout of 50 cents.