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Cathedral Energy Services reports results for the three and nine months ended September 30, 2009
Cathedral Energy Services reports results for the three and nine months ended September 30, 2009
About this update from Act Energy Technologies Ltd.
[{"type":"text","content":"\n\n\n\nNov. 4, 2009 (Canada NewsWire Group) -- CALGARY, Nov. 4 /CNW/ -- Cathedral Energy Services Income Trust (the \"Trust\"/TSX: CET.UN) is pleased to report its results for the three and nine months ended September 30, 2009. Dollars are in '000's except for day rates and per Trust Unit amounts.FINANCIAL HIGHLIGHTS$ in 000's except perTrust Unit amounts Three months ended Nine months endedSeptember 30 September 30-------------------- -------------------2009 2008 2009 2008-------------------------------------------------------------------------Revenues $ 23,544 $ 52,686 $ 67,825 $ 128,422Gross margin %(1) 49% 46% 44% 46%EBITDAS(1) $ 5,724 $ 16,887 $ 10,788 $ 36,875Diluted per Trust Unit $ 0.16 $ 0.52 $ 0.31 $ 1.14Income before taxes $ 3,207 $ 13,022 $ 905 $ 25,508Net income $ 3,125 $ 10,296 $ 3,045 $ 20,402Basic per Trust Unit $ 0.09 $ 0.32 $ 0.09 $ 0.64Diluted per Trust Unit $ 0.09 $ 0.32 $ 0.09 $ 0.63Cash distributionsdeclared per Trust Unit $ 0.04 $ 0.21 $ 0.31 $ 0.63Distributable cash(1),including one-time 2009Q1 current tax provisionof $4,168 (refer to MD&A) $ 5,093 $ 13,844 $ 4,915 $ 28,996Adjusted distributablecash(3), excludingone-time 2009 Q1 currenttax provision of $4,168(refer to MD&A) $ 5,093 $ 13,844 $ 9,083 $ 28,996Cash distributionsdeclared(2) $ 1,448 $ 6,813 $ 10,534 $ 20,252Payout ratio(1), net ofone-time 2009 Q1 currenttax provision of $4,168 28% 49% 214% 70%Adjusted payout ratio(3),net of one-time 2009 Q1current tax provision of$4,168 28% 49% 116% 70%Property and equipmentadditions $ 1,333 $ 15,129 $ 7,309 $ 26,564Weighted average TrustUnits outstanding:Basic ('000) 36,198 32,384 34,370 32,091Diluted ('000) 36,198 32,522 34,370 32,318September 30 December 312009 2008-------------------------------------------------------------------------Working capital $ 16,095 $ 17,435Long-term excluding current portion $ 36,571 $ 40,233Unitholders' equity $ 93,938 $ 91,859--------------------------------------------------------------------------------------------------------------------------------------------------(1) Refer to MD&A; see \"NON-GAAP MEASUREMENTS\"(2) Excludes foreign taxes paid that have been allocated to Unitholders(3) Refer to MD&A; see \"DISTRIBUTIONS\"MANAGEMENT'S DISCUSSION & ANALYSISThis Management's Discussion & Analysis (\"MD&A\") for the three and nine months ended September 30, 2009 should be rea...