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Cathedral Energy Services reports results for 2008 Q4 and the year ended December 31, 2008
/NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA/ CALGARY, March 5 /CNW/ - Cathedral Energy...
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 5 /CNW/ - Cathedral Energy Services Income Trust (the\n"Trust" / TSX: CET.UN) is pleased to report its results for 2008 Q4 and the\nyear-end December 31, 2008. Dollars are in '000's except for day rates and per\nTrust Unit amounts.\n\n\nFINANCIAL HIGHLIGHTS\n Three months ended Years ended\n December 31 December 31\n --------------------- ---------------------\n 2008 2007 2008 2007\n-------------------------------------------------------------------------\n\nRevenues $ 50,506 $ 39,054 $ 178,928 $ 145,106\n\nEBITDAS(1) $ 13,932 $ 13,707 $ 50,873 $ 46,731\n Per Trust Unit - diluted $ 0.43 $ 0.43 $ 1.57 $ 1.47\n\nIncome before taxes $ 9,086 $ 9,772 $ 34,594 $ 31,990\n\nNet income $ 9,737 $ 10,365 $ 30,139 $ 24,863\n Per Trust Unit - basic $ 0.30 $ 0.33 $ 0.94 $ 0.79\n Per Trust Unit - diluted $ 0.30 $ 0.33 $ 0.93 $ 0.78\n\nCash distributions declared\n per Trust Unit $ 0.21 $ 0.21 $ 0.84 $ 0.84\n\nDistributable cash (1) $ 10,795 $ 12,043 $ 39,791 $ 38,993\n\nCash distributions (2) $ 6,842 $ 6,649 $ 27,094 $ 26,405\n\nPayout ratio (1) 63% 55% 68% 68%\n\nProperty and equipment\n additions $ 21,054 $ 5,205 $ 47,618 $ 19,857\n\nWeighted average Trust Units\n outstanding:\n Basic ('000) 32,582 30,652 32,215 31,402\n Diluted ('000) 32,582 31,836 32,463 31,781\n-------------------------------------------------------------------------\n-------------------------------------------------------------------------\n\n December December\n 31 2008 31 2007\n-------------------------------------------------------------------------\n\nWorking capital $ 17,435 $ 16,947\n\nLong-term debt and capital lease obligations\n excluding current portion $ 40,233 $ 17,441\n\nUnitholders' equity $ 91,859 $ 79,250\n-------------------------------------------------------------------------\n-------------------------------------------------------------------------\n(1) see "NON-GAAP MEASUREMENTS"\n(2) Excludes foreign taxes paid that have been allocated to Unitholders\n\n\nFORWARD-LOOKING INFORMATION\n\n\nCertain statements in this news release including (i) statements that may\ncontain words such as "anticipate", "could", "expect", "seek", "may" "intend",\n"will", "believe", "shou...