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Cathedral Energy Services Income Trust reports record results for 2006 Q4 and the year ended December 31, 2006
Cathedral Energy Services Income Trust reports record results for 2006 Q4 and the year ended December 31, 2006.
About this update from Act Energy Technologies Ltd.
[{"type":"text","content":"\n\n\n\n/NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA/\n\n\nCALGARY, March 7 /CNW/ - Cathedral Energy Services Income Trust (the\n"Trust" / TSX: CET.UN) is pleased to report its record results for 2006 Q4 and\nthe year-end December 31, 2006. Dollars are in '000's except for day rates and\nper Trust Unit amounts.\n\n\nFINANCIAL HIGHLIGHTS\n\n Three months ended Year ended\n December 31 December 31\n ---------------------- ----------------------\n 2006 2005 2006 2005\n-------------------------------------------------------------------------\n\nRevenues $ 35,327 $ 32,101 $ 138,254 $ 86,002\n\nEBITDA(1) $ 13,046 $ 12,090 $ 52,793 $ 31,580\n Per Trust Unit -\n diluted $ 0.42 $ 0.39 $ 1.68 $ 1.10\n\nIncome before taxes $ 9,573 $ 9,335 $ 39,679 $ 24,817\n\nNet income $ 8,127 $ 7,762 $ 35,348 $ 21,807\n Per Trust Unit -\n basic $ 0.26 $ 0.26 $ 1.16 $ 0.76\n Per Trust Unit -\n diluted $ 0.26 $ 0.25 $ 1.12 $ 0.76\n\nCash distributions\n declared per Trust Unit $ 0.26 $ 0.1375 $ 0.805 $ 0.385\n\nDistributable income(2) $ 11,283 $ 11,055 $ 45,972 $ 27,551\n\nCash distributions\n declared $ 8,026 $ 4,116 $ 24,681 $ 11,162\n\nPayout ratio(3) 71%(4) 37% 54%(4) 41%\n\nProperty and equipment\n additions and corporate\n acquisitions:\n Paid or payable in cash $ 4,448 $ 8,112 $ 26,436 $ 31,244\n Paid or payable in Trust\n Units 320 1,769 1,820 13,712\n --------- --------- --------- ---------\n $ 4,768 $ 9,881 $ 28,256 $ 44,956\n --------- --------- --------- ---------\n\nWeighted average Trust\n Units outstanding:\n Basic ('000) 30,831 29,863 30,578 28,711\n Diluted ('000) 31,316 30,896 31,423 28,712\n-------------------------------------------------------------------------\n-------------------------------------------------------------------------\n\n December 31 December 31\n 2006 2005\n-------------------------------------------------------------------------\nWorking capital $ 15,051 $ 10,571\n\nLong-term debt and capital\n lease obligations excluding\n current portion $ 15,552 $ 12,797\n\nUnitholders' equity $ 76,223 $ 59,615\n-------------------------------------------------------------------------\n-------------------------------------------------------------------------\n\n(1) EBITDA is defined as earnings before interest on long-term debt and\n capital lease obligations, taxes, non-cash compensation expense and\n deprecia...