Business
Cathedral Energy Services reports results for the three months ended March 31, 2007
Cathedral Energy Services reports results for the three months ended March 31, 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, May 3 /CNW/ - Cathedral Energy Services Income Trust (TSX:\nCET.UN) is pleased to report its record results for the three months ended\nMarch 31, 2007.\n\n\nFINANCIAL HIGHLIGHTS\n$ in 000's except per Trust Unit amounts\n Three months ended\n March 31\n 2007 2006\n-------------------------------------------------------------------------\nRevenues $ 42,712 $ 38,682\n\nEBITDA(1) $ 14,412 $ 15,367\n Per Trust Unit - diluted $ 0.46 $ 0.49\n\nIncome before taxes $ 11,033 $ 12,402\n\nNet income $ 9,787 $ 10,862\n Per Trust Unit - basic $ 0.32 $ 0.36\n Per Trust Unit - diluted $ 0.31 $ 0.35\n\nCash distributions declared per Trust Unit $ 0.21 $ 0.16\n\nDistributable income(2) $ 13,071 $ 14,221\n\nCash distributions declared $ 6,530 $ 4,838\n\nPayout ratio(3) 50% 34%\n\nProperty and equipment additions\n and corporate acquisitions:\n Paid or payable in cash $ 5,805 $ 8,783\n Paid or payable in Trust Units - 1,500\n ------------ ------------\n $ 5,805 $ 10,283\n ------------ ------------\nWeighted average Trust Units outstanding:\n Basic ('000) 31,030 30,147\n Diluted ('000) 31,591 31,193\n-------------------------------------------------------------------------\n-------------------------------------------------------------------------\n\n\n\n March 31 December 31\n 2007 2006\n-------------------------------------------------------------------------\nWorking capital $ 17,327 $ 15,051\n\nLong-term debt and capital lease obligations\n excluding current portion $ 15,616 $ 15,552\n\nUnitholders' equity $ 81,174 $ 76,223\n-------------------------------------------------------------------------\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 to generate cash from\n operations. EBITDA does not have any standardized meaning within\n Canadian Generally Accepted Accounting Principles and therefore may\n not be comparable to similar measures presented by other companies\n and/or trusts.\n\n(2) Distributable income is defined as funds from operations before\n changes in non-cash operating workin...