Business
Bird Construction Income Fund announces strong Second Quarter results and August, September and October distributions
Bird Construction Income Fund announces strong Second Quarter results and August, September and O...
About this update from Bird Construction Inc.
[{"type":"text","content":"\n\n\n\n Aug. 6, 2010 (Canada NewsWire Group) -- \n\n \n \n \nTR.cnwUnderlinedCell TD {\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD {\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD {\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell {\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell {\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell {\n BORDER-BOTTOM: #000000 3px solid\n}\n\nLISTING: TORONTO STOCK EXCHANGE\n\nSYMBOL: BDT.UN\n\nTORONTO, Aug. 6 /CNW/ - Bird Construction Income Fund today reported strong results for the six months ended June 30, 2010. Net income per unit of $2.13 exceeded last year's comparative amount by $0.02 per unit. Tim Talbott, President and CEO of Bird, stated that "Our earnings are particularly impressive in light of the generally adverse economic conditions in industrial and commercial sectors across Bird's operating areas. The strong earnings performance is based on the execution of contracts relating to PPP projects and demonstrates a leadership position we have developed in this market. The reduction in construction revenues compared to last year is primarily due to a reduction of capital expenditures in the Alberta oil sands and in the commercial sector company wide. While we are now beginning to see some signs of recovery in both sectors, we do not expect to see any significant impact on our financial results in the short term. Our success in the PPP and institutional markets has resulted in our Backlog increasing to just over $1 billion at the end of June 2010, which supports revenues into 2011."\n\n\n >\n\n\nBird Construction Income Fund also announced that its Board of Trustees has approved its regular cash distributions for the months of August, September and October 2010 in the amount of $0.15 per unit each month to be paid as follows;\n\n\n >\n\n\nThis press release contains forward-looking statements that involve a number of risks and uncertainties because they relate to events and depend on circumstances that will occur in the future. Many factors could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements.\n\nThe Toronto Stock Exchange does not accept responsibility for the adequacy or accuracy of this release.\n\n\n\n\n","...