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Badger Income Fund Announces Results for the First Quarter Ended March 31, 2009
Badger Income Fund Announces Results for the First Quarter Ended March 31, 2009
About this update from Badger Infrastructure Solutions Ltd
[{"type":"text","content":"\nBadger Income Fund Announces Results for the First Quarter Ended March 31, 2009\n\n\n May 13, 2009 (Filing Services Canada) -- Badger Income Fund (BAD.UN - TSX), is pleased to announce its financial and operating results for the quarter ended March 31, 2009. Overall revenues increased by approximately 8 percent to $37.4 million for the first quarter of 2009 from $34.8 million for the same period in 2008, due to a 48 percent increase in United States revenues. As a result of the increase in revenues, EBITDA and funds generated from operations also increased. Badger's EBITDA increased to $11.3 million in the first quarter of 2009 from $10.0 million in the same quarter of 2008, while funds generated from operations increased to $10.2 million in the first quarter of 2009 from $9.7 million in the same quarter of 2008Badger had 418 daylighting units at the end of the first quarter of 2009, reflecting the addition of 13 daylighting units to the fleet to date in 2009 and the retirement of eight units. The Fund had 413 daylighting units at December 31, 2008. FINANCIAL HIGHLIGHTS($ thousands, except per unit and total units outstanding information)\t\t\t Three months ended Three months ended March 31, 2009 March 31, 2008 ------------------------------------------Revenues\t 37,383 34,774EBITDA (1)\t 11,314 10,045Earnings before income taxes\t 7,688 6,777Taxes Current\t 772 254 Future\t 1,243 1,240Net earnings 5,673 5,283Net earnings per unit - diluted ($)\t 0.53 0.49Funds generated from operations (2) 10,234 9,687Funds generated from operations 0.95\t 0.89per unit - diluted ($) Maintenance capital expenditures (3) 2,484 -Required long-term debt repayments 108 55Cash available for growth 8,430 9,967and distribution (4) Cash distributions declared 3,401 3,391Growth capital expenditures (3) - 5,451Total units outstanding 10,804,753 10,773,419The following financial measures do not have any standardized meaning prescribed by Canadian generally accepted accounting principles (GAAP) and may not be comparable to similar measures as presented by other funds or entities:(1) Earnings before interest, taxes, depreciation and amortization (EBITDA) is a measure of the Fund's operating profitability and is therefore useful to management and investors. EBITDA provides an indication of the results generated by the Fund's principal business activities pr...