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Badger Income Fund Announces a 32 Percent Increase in Revenues and Results for the Second Quarter Ended June 30, 2008
TSX-BAD.UN CALGARY, Aug. 13 /CNW/ - Badger Income Fund (the "Fund" or "Badger") is pleased to ann...
About this update from Badger Infrastructure Solutions Ltd
[{"type":"text","content":"\n\n\n\nTSX-BAD.UN\n\n\nCALGARY, Aug. 13 /CNW/ - Badger Income Fund (the "Fund" or "Badger") is\npleased to announce its financial and operating results for the quarter ended\nJune 30, 2008. Overall revenues for the three months ended June 30, 2008\nincreased by approximately 32 percent to $33.1 million from $25.0 million for\nthe same period in 2007, due to a 29 percent increase in Canadian revenues and\na 39 percent increase in United States revenues. As a result of the increase\nin revenues, the Fund's EBITDA and funds generated from operations also\nincreased proportionately over the same period of 2007. Badger's EBITDA\nincreased to $8.8 million for the three months ended June 30, 2008 from\n$6.3 million in the same quarter of 2007, while funds generated from\noperations increased to $8.5 million in the second quarter of 2008 from\n$6.5 million in the comparable quarter of 2007. Similarly positive results\nwere also recorded for the six months ended June 30, 2008, compared to the\nfirst half of 2007.\n\n\nBadger invested $13.5 million in growth capital expenditures in the\nsecond quarter of 2008, an increase of 359 percent over the comparable period\nof 2007. Included in growth capital expenditures is the addition of 22 new\ndaylighting units, $4.3 million in purchases of land and buildings and certain\nplant expenditures incurred on the Red Deer facility. Two daylighting units\nwere retired in the quarter.\n\n\nBadger had 372 daylighting units at the end of the second quarter of\n2008, reflecting the addition of 40 daylighting units to the fleet to date in\n2008 and the retirement of two units. The Fund had 334 daylighting units at\nDecember 31, 2007.\n\n\nCash distributions remained flat quarter-over-quarter and for the\ncomparable first-half periods, and the distribution rate per unit remained\nconsistent at $0.105 per unit monthly. The Fund did not issue units in the\npublic equity markets during the 2008 period.\n\n\nFINANCIAL HIGHLIGHTS\n\n($ thousands, except per unit results and total units outstanding\ninformation)\n\n Three Months Ended Six Months Ended\n June 30 June 30\n 2008 2007 2008 2007\n ---------------------------------------\n\nRevenues 33,143 25,016 67,917 52,590\nEBITDA (1) 8,820 6,342 18,866 14,191\nEarnings before income\n taxes 5,367 3,577 12,145 8,795\nTaxes\n Current 160 136 415...