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Cathedral Energy Services reports results for the three and six months ended June 30, 2008
/NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA/ CALGARY, Aug. 6 /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, Aug. 6 /CNW/ - Cathedral Energy Services Income Trust (the\n"Trust"/TSX: CET.UN) is pleased to report its results for the three and six\nmonths ended June 30, 2008. Dollars are in '000's except for day rates and per\nTrust Unit amounts.\n\n\nFINANCIAL HIGHLIGHTS\n$ in 000's except Three months ended Six months ended\n per Trust Unit amounts June 30 June 30\n --------------------- ---------------------\n 2008 2007 2008 2007\n-------------------------------------------------------------------------\nRevenues $ 29,483 $ 24,985 $ 75,736 $ 67,697\n\nEBITDAS(1) $ 4,632 $ 4,837 $ 20,027 $ 19,249\n Per Trust Unit - diluted $ 0.14 $ 0.15 $ 0.62 $ 0.61\n\nEBITDAS(1) as a % of revenue 16% 19% 26% 28%\n\nIncome before taxes $ 797 $ 1,112 $ 12,486 $ 12,145\n\nNet Income (loss) $ 189 $ (2,415) $ 10,106 $ 7,372\n Per Trust Unit - basic $ 0.01 $ (0.08) $ 0.32 $ 0.24\n Per Trust Unit - diluted $ 0.01 $ (0.08) $ 0.31 $ 0.23\n\nCash distributions declared\n per Trust Unit $ 0.21 $ 0.21 $ 0.42 $ 0.42\n\nDistributable cash(1) $ 2,038 $ 3,132 $ 15,152 $ 16,203\n\nCash distributions declared $ 6,770 $ 6,660 $ 13,439 $ 13,130\n\nPayout ratio(1) 332% 211% 89% 81%\n\nProperty and equipment\n additions $ 7,475 $ 4,483 $ 11,435 $ 10,288\n\nWeighted average Trust Units\n outstanding:\n Basic ('000) 32,178 31,405 31,943 31,219\n Diluted ('000) 32,849 31,893 32,464 31,744\n\n\n June December\n 30 2008 31 2007\n-------------------------------------------------------------------------\n\nWorking capital $ 13,071 $ 16,947\nLong-term debt and capital lease obligations\n excluding current portion $ 17,365 $ 17,441\nUnitholders' equity $ 79,712 $ 79,250\n-------------------------------------------------------------------------\n-------------------------------------------------------------------------\n(1) Non-GAAP measure; see "NON-GAAP FINANCIAL MEARSURMENTS" 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 six\nmonths ended June 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 the Trust's 2007 Annual Repo...