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Badger Income Fund Announces Second Quarter 2007 Results and Completion of Acquisitions
Badger Income Fund Announces Second Quarter 2007 Results and Completion of Acquisitions.
About this update from Badger Infrastructure Solutions Ltd
[{"type":"text","content":"\n\n\n\nTSX-BAD.UN\n\n\nCALGARY, Aug. 14 /CNW/ - Badger Income Fund (the "Fund" or "Badger") is\npleased to announce its results for the second quarter of 2007. Overall\nrevenues increased by approximately 15 percent to $25.0 million for the three\nmonths ended June 30, 2007 from $21.7 million for the same period in 2006, due\nto a 7 percent increase in Canadian revenues and a 34 percent increase in\nUnited States revenues. As a result of the increase in revenues, EBITDA and\nfunds generated from operations also increased over the same period of 2006.\nBadger's EBITDA increased to $6.3 million in the second quarter from\n$6.1 million in the same quarter of 2006.\n\n\nGrowth of the Fund's EBITDA was negatively impacted by increases in\ncorporate selling, general and administrative expenses and by\nlower-than-expected margins in Canadian corporate operations during the\nquarter. Net earnings decreased to $1.5 million or $0.14 per unit in the\nsecond quarter of 2007 from $2.8 million or $0.26 per unit in the same period\nof 2006. The main reason for the reduction was the substantive enactment of\nBill C-52, the Budget Implementation Act, 2007, which contains legislative\nprovisions to tax publicly traded income trusts in Canada. The financial\neffect on Badger of recording the impact of this legislation was an increase\nin future income tax expense of $1.6 million or a decrease in net earnings of\n$0.15 per unit. Also during the second quarter Badger completed the\nacquisition of service rights from three of its Canadian Operating Partners\nfor cash consideration of $4.0 million and finalized the acquisition of Benko\nSewer Service effective April 1, 2007 for cash consideration of $4.1 million.\n\n\nFINANCIAL HIGHLIGHTS\n\n($ thousands, except per unit results and total units outstanding\nfigures)\n\n Three Months Ended Six Months Ended\n June 30 June 30\n 2007 2006 2007 2006\n -----------------------------------------------\nRevenues 25,016 21,696 52,590 47,425\nEBITDA(1) 6,342 6,054 14,191 14,085\nEarnings before\n income taxes 3,577 3,790 8,795 9,706\nTaxes\n Current 136 126 323 310\n Future 1,901 823 2,702 1,534\nNet earnings 1,540 2,841 5,770 7,862\nNet earnings per unit -\n diluted ($) 0.14 0.26 0.54 0.73\nFunds generated\n from operations(2) 6,509 6,027 14,093 13,777\nFunds generated from\n operations per...