Westshore Terminals Income Fund - 2007 second quarter report

About this update from Westshore Terminals Investment Corporation

[{"type":"text","content":"\n\n\n\nVANCOUVER, Aug. 2 /CNW/ - Westshore Terminals Income Fund (TSX: WTE.UN)\nannounced today its earnings for the second quarter ending June 30, 2007. \nPlease see attached Report to Unitholders for details.\n\n\nWestshore Terminals Income Fund\n\n\nSecond Quarter Report\n\n\nFor the six months ended June 30, 2007\n\n\n-------------------------------------------------------------------------\n\n\nThe earnings and distributable cash of Westshore Terminals Income Fund\n(the "Fund") are wholly dependent on the results of Westshore Terminals\nLimited Partnership ("Westshore"). Westshore's results are determined largely\nby the volume of coal shipped by its coal mine customers for sale in the\nexport market, the U.S. dollar denominated price received by Westshore's\ncustomers for coal, the Canadian-U.S. dollar exchange rate and Westhore's\ncosts. Westshore's throughput charges for approximately half of the coal it\nhandles are calculated at present by reference to coal prices (see particulars\nunder "Outlook" section on page 7). Lower prices for hard coking coal resulted\nin Elk Valley Coal Partnership (the "Coal Partnership"), which is Westshore's\nprincipal customer, achieving lower average settlement prices for the 2007/08\ncoal year compared to the 2006/07 coal year. The weighted average price of\n2007 calendar year coal sales by the Coal Partnership is expected to be\napproximately US$96 per tonne, down approximately 15% from US$113 in 2006. As\nWestshore has some exposure to fluctuations in exchange rates (as a result of\npricing mechanisms under its customer contracts), Westshore engages in\nperiodic currency hedging arrangements to provide partial shielding from\nmaterial short-term swings in the CDN/US dollar exchange rate.\n\n\nWestshore Terminals Income Fund\n- Management's Discussion and Analysis of Financial Condition\n and Results of Operations\n\n\nThis management's discussion and analysis refers to certain measures\nother than those prescribed by Canadian Generally Accepted Accounting\nPrinciples ("GAAP"). These measures do not have standardized meanings and may\nnot be comparable to similar measures presented by other trusts or\ncorporations. They are determined by reference to the Fund's financial\nstatements. These non-GAAP measures are discussed because the Fun...

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