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Cathedral Energy Services reports results for the three months ended March 31, 2008 and increase in 2008 capital budget to $32.3 million
/NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA/ CALGARY, May 7 /CNW/ - Cathedral Energy S...
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 7 /CNW/ - Cathedral Energy Services Income Trust (the\n"Trust"/TSX: CET.UN) is pleased to report its results for 2008 Q1 and increase\nin its 2008 capital budget. Dollars are in '000's except for day rates and per\nTrust Unit amounts.\n\n\nFINANCIAL HIGHLIGHTS\n\nDollars in 000's except per Trust Unit amounts\n\n\n Three months ended March 31\n 2008 2007\n-------------------------------------------------------------------------\nRevenues $ 46,253 $ 42,712\nEBITDAS(1) $ 15,395 $ 14,412\n Per Trust Unit - diluted $ 0.48 $ 0.46\nIncome before taxes $ 11,689 $ 11,033\nNet income $ 9,917 $ 9,787\n Per Trust Unit - basic $ 0.31 $ 0.32\n Per Trust Unit - diluted $ 0.31 $ 0.31\nCash distributions declared per Trust Unit $ 0.21 $ 0.21\nDistributable cash(1) $ 13,113 $ 13,071\nCash distributions declared $ 6,669 $ 6,530\nPayout ratio(1) 51% 50%\nProperty and equipment additions $ 3,960 $ 5,805\nWeighted average Trust Units outstanding:\n Basic ('000) 31,707 31,030\n Diluted ('000) 32,054 31,591\n-------------------------------------------------------------------------\n-------------------------------------------------------------------------\n\n March 31 December 31\n 2008 2007\n-------------------------------------------------------------------------\n-------------------------------------------------------------------------\nWorking capital $ 21,455 $ 16,947\nLong-term debt and capital lease obligations\n excluding current portion $ 17,421 $ 17,441\nUnitholders' equity $ 82,882 $ 79,250\n-------------------------------------------------------------------------\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 months\nended March 31, 2008 should be read in conjunction with the annual audited\nconsolidated financial statements and notes thereto for the year ended\nDecember 31, 2007, as well as the MD&A in the Trust's 2007 Annual Report. This\nMD&A has been prepared as of May 7, 2008. Dollar amounts are in '000's except\nfor day rates and per Trust Unit amounts.\n\n\nFOR...