Business
Enerflex Reports Third Quarter 2009 Financial Results
Enerflex Reports Third Quarter 2009 Financial Results
About this update from Toromont Industries Ltd.
[{"type":"text","content":"\n\n\n\nNov. 5, 2009 (Canada NewsWire Group) -- CALGARY, Nov. 5 /CNW/ -- Enerflex Systems Income Fund (TSX:EFX.UN) today announced its financial and operating results for the three and nine months ended September 30, 2009.Financial HighlightsThree Months Ended September 30-------------------------------------------------------------------------$ millions, except per unit amounts 2009 2008 % changeand percentages (unaudited)-------------------------------------------------------------------------Revenue $ 163.6 $ 257.1 (36)Gross margin $ 27.1 $ 56.4 (52)Gross margin percent 16.6 21.9Operating margin(1) $ 1.5 $ 20.3 (93)Operating margin percent(1) 0.9 7.9Net income $ 4.9 $ 18.1 (73)Earnings per unit (basic) $ 0.10 $ 0.39 (74)Distributable cash flow per unit(2) $ 0.46 $ 0.88 (48)Distribution per unit $ 0.30 $ 0.30 -Nine Months Ended September 30-------------------------------------------------------------------------2009 2008 % change-------------------------------------------------------------------------Revenue $ 644.8 $ 749.2 (14)Gross margin $ 120.1 $ 158.5 (24)Gross margin percent 18.6 21.2Operating margin(1) $ 36.2 $ 55.7 (35)Operating margin percent(1) 5.6 7.4Net income $ 36.0 $ 49.0 (27)Earnings per unit (basic) $ 0.77 $ 1.05 (27)Distributable cash flow per unit(2) $ 1.05 $ 1.85 (43)Distribution per unit $ 0.90 $ 0.80 13(1) Operating margin provides the net margin contributions made from theFund's core businesses after considering all SG&A expenses, theimpact of the Fund's foreign exchange hedging strategy and excludingre-organization costs. Operating margin is a non-GAAP measure thatdoes not have a standardized meaning prescribed by GAAP and thereforeis unlikely to be comparable to similar measures presented by otherissuers.(2) Distributable cash flow provides the amount of cash available fordistribution to unitholders and will fluctuate on a quarterly basisdue to seasonal cash flows, maintenance capital expendituresincurred, income taxes paid, and interest costs on outstanding debtand changes to non-cash working capital. Distributable cash flow is anon-GAAP measure that does not have a standardized meaning prescribedby GAAP and therefore is unlikely to be comparable to similarmeasures presented by other issuers.Third Quarter Highlights- Earnings were $0.10 per unit representing a 74% decrease from the$0.39 per unit achiev...