Westshore Terminals Income Fund - 2007 Third Quarter Report

About this update from Westshore Terminals Investment Corporation

[{"type":"text","content":"\n\n\n\nVANCOUVER, Nov. 7 /CNW/ - Westshore Terminals Income Fund (TSX: WTE.UN)\nannounced today its earnings for the third quarter ending September 30, 2008.\nPlease see attached Report to Unitholders for details.\n\n\nWestshore Terminals Income Fund\nThird Quarter Report\nFor the nine months ended September 30, 2008\n-------------------------------------------------------------------------\n\nDear Unitholders:\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 45% of the coal it\nhandles are calculated at present by reference to coal prices (see particulars\nunder "Outlook" section on page 7). Higher prices for hard coking coal have\nresulted in Elk Valley Coal Partnership (the "Coal Partnership"), which is\nWestshore's principal customer, achieving higher average settlement prices for\nthe 2008/09 coal year compared to the 2007/08 coal year. The weighted average\nprice of 2008 calendar year coal sales by the Coal Partnership is expected to\nbe approximately US$200 per tonne, up over 100% from US$96 in 2007. As\nWestshore has exposure to fluctuations in exchange rates (as a result of\npricing mechanisms under its customer contracts) Westshore engages in periodic\ncurrency hedging arrangements to provide partial shielding from material\nshort-term swings in the CDN/US dollar exchange rate.\n\nWestshore Terminals Income Fund\n- Management's Discussion and Analysis of Financial Condition and\n Results of Operations\n\nThis management's discussion and analysis refers to certain measures other\nthan those prescribed by Canadian Generally Accepted Accounting Principles\n("GAAP"). These measures do not have standardized meanings and may not be\ncomparable to similar measures presented by other trusts or corporations. They\nare however determined by reference to the Fund's financial statements. These\nnon-GAAP measures are discussed becaus...

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