Westshore Terminals Income Fund - 2009 first quarter report

About this update from Westshore Terminals Investment Corporation

[{"type":"text","content":"\n\n\n\nVANCOUVER, May 5 /CNW/ - Westshore Terminals Income Fund (TSX: WTE.UN)\nannounced today its earnings for the first quarter ending March 31, 2009.\nPlease see attached Report to Unitholders for details.\n\n\nWestshore Terminals Income Fund\nFirst Quarter Report\nFor the three months ended March 31, 2009\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 Westshore's\ncosts. Westshore's throughput charges for approximately 50% of the coal it\nhandles are calculated at present by reference to coal prices. Higher prices\nfor hard coking coal resulted in Teck Resources Limited ("Teck") which is\nWestshore's principal customer, achieving higher average settlement prices for\nthe 2008/09 coal year (ending March 31, 2009) compared to the 2007/08 coal\nyear. For the 2009/10 coal year, prices that have been publicly announced to\ndate are down significantly from prices in the 2008/09 coal year. As Westshore\nhas some exposure to fluctuations in exchange rates (as a result of pricing\nmechanisms under its customer contracts), Westshore engages in periodic\ncurrency hedging arrangements to provide some partial shielding from material\nshort-term swings in the CDN/US dollar exchange rate.\n\n\nWestshore Terminals Income Fund\n\n\nManagement's Discussion and Analysis of Financial Condition\nand 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 however determined by reference to the Fund's financial\nstatements. These non-GAAP measures are discussed because the Fund believes\nthat they provide investors with valuable information in understanding the\nresults o...

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