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Cathedral Energy Services reports results for the three months ended March 31, 2009
/NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA/ CALGARY, May 14 /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, May 14 /CNW/ - Cathedral Energy Services Income Trust (the\n"Trust"/TSX: CET.UN) is pleased to report its results for the three months\nended March 31, 2009. Dollars are in '000's except for day rates and per Trust\nUnit amounts.\n\n\nFINANCIAL HIGHLIGHTS\n\nDollars in 000's except per Trust Unit amounts\n\n Three months ended March 31\n 2009 2008\n-------------------------------------------------------------------------\n\nRevenues $ 31,368 $ 46,253\n\nGross margin %(1) 45% 49%\n\nEBITDAS(1) $ 6,237 $ 15,395\n Per Trust Unit - diluted $ 0.19 $ 0.48\n\nIncome before taxes $ 1,755 $ 11,689\n\nNet income $ 1,404 $ 9,917\n Basic per Trust Unit $ 0.04 $ 0.31\n Diluted per Trust Unit $ 0.04 $ 0.31\n\nCash distributions declared per Trust Unit $ 0.15 $ 0.21\n\nDistributable cash(1), net of one-time\n 2009 Q1 current tax provision of $4,168\n (refer to MD&A) $ 2,347 $ 13,113\n\nAdjusted distributable cash(1), excluding one-\n time 2009 Q1 current tax provision of $4,168 $ 6,515 $ 13,113\n\nCash distributions declared(2) $ 4,887 $ 6,669\n\nPayout ratio(1), net of one-time 2009 Q1\n current tax provision of $4,168 208% 51%\n\nAdjusted payout ratio(1), excluding one-time\n 2009 Q1 current tax provision of $4,168 75% 51%\n\nProperty and equipment additions $ 4,137 $ 3,960\n\nWeighted average Trust Units outstanding:\n Basic ('000) 32,582 31,707\n Diluted ('000) 32,582 32,054\n-------------------------------------------------------------------------\n-------------------------------------------------------------------------\n\n\n March 31 December 31\n 2009 2008\n-------------------------------------------------------------------------\n\nWorking capital $ 14,031 $ 17,435\n\nLong-term debt excluding current portion $ 41,677 $ 40,233\n\nUnitholders' equity $ 89,725 $ 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 Unitholders\n\n\nMANAGEMENT'S DISCUSSION & ANALYSIS\n\n\nThis Management's Discussion & Analysis ("MD&A") for the three months\nended March 31, 2009 should be read in conjunction with the annu...