09:45 AM EST - Wenzel Downhole Tools Ltd. : posted a sharp increase in fiscal 2008 profit on strong topline growth, propelled by expanded rentals and sales in both Canada and the US and strong international sales. The company's full year 2008 net income escalated to $12.4 million or $0.41 per share from $2.39 million or $0.08 per share in 2007. Annual revenues for 2008 amounted to $71.8 million, up 32 per cent from the previous year's revenue of $54.2 million, owing to expanded rentals and sales in both Canada and the US, as well as sales internationally where revenues grew by 70 per cent. Gross profit percentage was 44 per cent compared to 38 per cent in the year ended December 31, 2007. Wenzel Downhole Tools Ltd.
shares T.WZL are trading up $0.10 at $0.71.
