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Cathedral Energy Services reports results for the three and nine months ended September 30, 2008
/NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA/ CALGARY, Nov. 5 /CNW/ - Cathedral Energy ...
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[{"type":"text","content":"\n\n\n\n/NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA/\n\n\nCALGARY, Nov. 5 /CNW/ - Cathedral Energy Services Income Trust (the\n"Trust"/TSX: CET.UN) is pleased to report its results for the three and nine\nmonths ended September 30, 2008. Dollars are in '000's except for day rates\nand per Trust Unit amounts.\n\n\nFINANCIAL HIGHLIGHTS\n$ in 000's except Three months ended Nine months ended\n per Trust Unit amounts September 30 September 30\n --------------------- ---------------------\n 2008 2007 2008 2007\n-------------------------------------------------------------------------\nRevenues $ 52,686 $ 38,355 $ 128,422 $ 106,052\n\nEBITDAS(1) $ 16,914 $ 13,775 $ 36,941 $ 33,024\n Per Trust Unit - diluted $ 0.52 $ 0.43 $ 1.14 $ 1.04\n\nEBITDAS(1) as a % of revenue 32% 36% 29% 31%\n\nIncome before taxes $ 13,022 $ 10,073 $ 25,508 $ 22,218\n\nNet income $ 10,296 $ 7,126 $ 20,402 $ 14,498\n Per Trust Unit - basic $ 0.32 $ 0.23 $ 0.64 $ 0.46\n Per Trust Unit - diluted $ 0.32 $ 0.22 $ 0.63 $ 0.46\n\nCash distributions declared\n per Trust Unit $ 0.21 $ 0.21 $ 0.63 $ 0.63\n\nDistributable cash(1) $ 13,844 $ 10,747 $ 28,996 $ 26,950\n\nCash distributions declared $ 6,813 $ 6,626 $ 20,252 $ 19,756\n\nPayout ratio(1) 49% 62% 70% 73%\n\nProperty and equipment\n additions $ 15,129 $ 4,364 $ 26,564 $ 14,652\n\nWeighted average Trust Units\n outstanding:\n Basic ('000) 32,384 31,515 32,091 31,318\n Diluted ('000) 32,522 31,734 32,318 31,735\n\n\n September December\n 30 2008 31 2007\n-------------------------------------------------------------------------\n\nWorking capital $ 17,444 $ 16,947\nLong-term debt and capital lease obligations\n excluding current portion $ 27,308 $ 17,441\nUnitholders' equity $ 85,145 $ 79,250\n-------------------------------------------------------------------------\n-------------------------------------------------------------------------\n(1) Non-GAAP measure; see "NON-GAAP FINANCIAL MEASUREMENTS" within\n Management's Discussion & Analysis.\n\n\nMANAGEMENT'S DISCUSSION & ANALYSIS\n\n\nThis Management's Discussion & Analysis ("MD&A") for the three and nine\nmonths ended September 30, 2008 should be read in conjunction with the annual\naudited consolidated financial statements and notes thereto for the year ended\nDecember 31, 2007, as well as the MD&A in ...