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Cathedral Energy Services reports results for the three and six months ended June 30, 2009
/NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA/ CALGARY, Aug. 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, Aug. 5 /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, 2009. Dollars are in '000's except for day rates and per\nTrust Unit amounts.\n\n\nFINANCIAL HIGHLIGHTS\n$ in 000's except per Three months ended Six months ended\n Trust Unit amounts June 30 June 30\n --------------------- ---------------------\n 2009 2008 2009 2008\n-------------------------------------------------------------------------\nRevenues $ 12,913 $ 29,483 $ 44,281 $ 75,736\n\nGross margin %(1) 36% 41% 42% 46%\n\nEBITDAS(1) $ (1,721) $ 4,632 $ 5,064 $ 20,207\n Diluted per Trust Unit $ (0.05) $ 0.14 $ 0.15 $ 0.62\n\nIncome (loss) before taxes $ (4,057) $ 797 $ (2,302) $ 12,486\n\nNet income (loss) $ (1,484) $ 189 $ (80) $ 10,106\n Basic per Trust Unit $ (0.04) $ 0.01 $ - $ 0.32\n Diluted per Trust Unit $ (0.04) $ 0.01 $ - $ 0.31\n\nCash distributions declared\n per Trust Unit $ 0.12 $ 0.21 $ 0.27 $ 0.42\n\nDistributable cash(1),\n including one-time 2009\n Q1 current tax provision\n of $4,168 (refer to MD&A) $ (2,525) $ 2,038 $ (178) $ 15,152\n\nAdjusted distributable\n cash(1), excluding one-time\n 2009 Q1 current tax provision\n of $4,168 (refer to MD&A) $ (2,525) $ 2,038 $ 3,990 $ 15,152\n\nCash distributions\n declared(2) $ 4,199 $ 6,770 $ 9,086 $ 13,439\n\nPayout ratio(1), net of\n one-time 2009 Q1 current\n tax provision of $4,168 nm 332% nm 89%\n\nAdjusted payout ratio(1),\n net of one-time 2009 Q1\n current tax provision\n of $4,168 nm 332% 228% 89%\n\nProperty and equipment\n additions $ 1,839 $ 7,475 $ 5,976 $ 11,435\n\nWeighted average Trust Units\n outstanding:\n Basic ('000) 34,290 32,178 33,441 31,943\n Diluted ('000) 34,290 32,849 33,441 32,464\n\n\n June December\n 30 2009 31 2008\n-------------------------------------------------------------------------\n\nWorking capital $ 13,729 $ 17,435\nLong-term excluding current portion $ 36,622 $ 40,233\nUnitholders' equity $ 93,293 $ 91,859\n-------------------------------------------------------------------------\n-------------------------------------------------------------------------\n(1) Refer to MD&A; see "NON-GAAP MEASUREMENTS"\n(2) Excludes foreign taxes paid that have been allocated to U...