Business
Cathedral Energy Services reports results for the three and six months ended June 30, 2007
Cathedral Energy Services reports results for the three and six months ended June 30, 2007.
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, Aug. 2 /CNW/ - Cathedral Energy Services Income Trust (TSX:\nCET.UN) is pleased to report its results for the three and six months ended\nJune 30, 2007.\n\n\nFINANCIAL HIGHLIGHTS\n\n$ in 000's except per Three months ended Six months ended\n Trust Unit amounts June 30 June 30\n ---------------------- ----------------------\n 2007 2006 2007 2006\n-------------------------------------------------------------------------\n\nRevenues $ 24,985 $ 26,204 $ 67,697 $ 64,886\nEBITDA(1) $ 4,837 $ 8,370 $ 19,249 $ 23,737\n Per Trust Unit - diluted $ 0.15 $ 0.27 $ 0.61 $ 0.76\nIncome before taxes $ 1,112 $ 5,033 $ 12,145 $ 17,435\nNet Income (loss) $ (2,415) $ 4,963 $ 7,372 $ 15,825\n Per Trust Unit - basic $ (0.08) $ 0.16 $ 0.24 $ 0.52\n Per Trust Unit - diluted $ (0.08) $ 0.16 $ 0.23 $ 0.50\nCash distributions\n declared per Trust Unit $ 0.21 $ 0.185 $ 0.42 $ 0.345\nDistributable income(2) $ 3,132 $ 6,251 $ 16,203 $ 20,472\nCash distributions\n declared $ 6,600 $ 5,667 $ 13,130 $ 10,505\nPayout ratio(3) 211% 91% 81% 51%\nProperty and equipment\n additions and corporate\n acquisitions:\n Paid or payable in cash $ 4,483 $ 6,255 $ 10,288 $ 15,038\n Paid or payable in Trust\n Units - - - 1,500\n ---------- ---------- ---------- ----------\n $ 4,483 $ 6,255 $ 10,288 $ 16,538\n ---------- ---------- ---------- ----------\n\nWeighted average Trust\n Units outstanding:\n Basic ('000) 31,405 30,595 31,219 30,372\n Diluted ('000) 31,893 31,438 31,744 31,339\n-------------------------------------------------------------------------\n-------------------------------------------------------------------------\n\n\n June 30 December 31\n 2007 2006\n-------------------------------------------------------------------------\nWorking capital $ 10,795 $ 15,051\nLong-term debt and capital lease obligations\n excluding current portion $ 15,543 $ 15,552\nUnitholders' equity $ 73,690 $ 76,223\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 depreciation and amortization and is provided to assist investors in\n determining the ability of the Trust...