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Pason Systems reports 69% YOY increase in Q2 net income

Pason Systems Inc. on Aug. 8 reported a second-quarter net income of C$9.2 million, or 11 Canadian cents per share, up 69% from the net income of C$5.5 million, or 6 cents per share, posted for the second quarter of 2018.

The company reported second-quarter revenue of C$72.9 million, up 7% from the C$68.3 million seen a year ago.

Free cash flow was pegged at C$32.5 million during the quarter compared to the C$23.1 million reported during the same period in 2018.

The company also announced, in a separate release, that it appointed Laura Schwinn to its board of directors, effective Aug. 8. Schwinn is president of W. R. Grace & Co.'s Specialty Catalysts business.

Pason, in another Aug. 8 release, declared a quarterly dividend of 19 cents per share, up from the previous quarterly dividend of 18 cents per share. The dividend will be payable on Sept. 27 to shareholders of record Sept. 13.

Headquartered in Calgary, Alberta, Pason Systems provides instrumentation and data management systems for drilling rigs.