Business
Canadian Equipment Rental Fund Limited Partnership Announces 2006 Year End Results and Special Distribution
Canadian Equipment Rental Fund Limited Partnership Announces 2006 Year End Results and Special Distribution.
About this update from Zedcor Inc
[{"type":"text","content":"\n\n\n\nTSX Venture Symbol: CFL.UN\n\n\nCALGARY, April 13 /CNW/ - Mr. Wayne Wadley, President of CERF GP Corp.,\nthe general partner of Canadian Equipment Rental Fund Limited Partnership (the\n"Partnership") announces financial and operating results for the year ended\nDecember 31, 2006. Based on the strong financial performance over the past\nyear, the board of directors of the general partner has declared that, in\naddition to the previously announced distribution on March 15, 2007 of\n13 cents per unit, a special distribution will also be made. The special\ndistribution, in the amount of $0.065 per unit, will be made to unitholders of\nrecord as of April 20, 2007. The special distribution is not inductive of\nfuture performance but the general partner expects to continue distributions\non a quarterly basis.\n\n\nHighlights from the past year include:\n\n- More than doubled revenue from $4,657,000 to $10,169,000.\n\n- Increased net income by 289% from $588,000 to $2,291,000.\n\n- Net income per unit tripled from $0.21 in 2005 to $0.63 in 2006.\n\n- Equity more than tripled from $2,145,000 at the end of 2005 to\n $7,587,000 in 2006 while the number of partnership units outstanding\n increased by only 63% to 5,114,119 from 3,136,301.\n\n- Raised $4 million in equity in the fall which helped us grow our\n fleet asset base from $4.3 million to $9 million. We saw some benefit\n of that investment in the form of increased revenues in the last\n quarter of 2006. The majority of the benefits of our investment will\n come through in 2007 and later, as we go forward into yet another\n projected record year.\n\n- All of these record results were achieved in conjunction with total\n cash distributions of $1,249,494 to the unitholders.\n\n\nMr. Wadley comments, "Since our inception, we had identified three key\nstrategic initiatives that we continue to actively pursue. We're focused on\ndriving up revenue, margin growth and increasing our return on capital by\nmeeting our customers' needs. We feel that we have made excellent progress in\nachieving these initiatives in 2006 and will continue our pursuit in 2007.\n\n\nStrong results for the three prior quarterly reporting periods translated\ninto a very solid year end result for the Partnership. Revenues increased 118%\nfrom the previous nine month reporting period of December...