Business
Canadian Equipment Rental Fund Limited Partnership Announces 2007 Year End Results
TSX Venture Symbol: CFL.UN CALGARY, April 15 /CNW/ - Mr. Wayne Wadley, President of CERF GP Corp....
About this update from Zedcor Inc
[{"type":"text","content":"\n\n\n\nTSX Venture Symbol: CFL.UN\n\n\nCALGARY, April 15 /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, 2007.\n\n\nCanadian Equipment Rental Fund Limited Partnership delivered significant\ngrowth with record revenues, net income and equity in 2007. Highlights from\nthe past year include:\n\n\n- Increased revenues by 54% from $10,169,191 to $15,687,978.\n\n- Increased Partnership income before income tax by 62% from $2,291,121\n to $3,710,160.\n\n- Partners' equity, after distributions to partners of $3,482,059,\n increased by 17% from $7,803,302 at the end of 2006 to $9,143,410 in\n 2007. The number of partnership units outstanding at December 31\n increased by 12% from 5,114,119 in 2006 to 5,740,107 in 2007.\n\n- To bring the growth into perspective, the Partnership has almost\n quadrupled revenue from $4.6 million in 2005 when it first became a\n publicly traded organization to $15.6 million. Earnings before\n depreciation, interest, taxes, amortization and stock based\n compensation ("EDITAC") have gone from $1.3 million in 2005 to\n $6.9 million in just two short years. EBITAC per unit on a weighed\n average basis has improved from $0.46 per unit in 2005 to $1.34 per\n unit in 2007.\n\n\nMr. Wadley comments, "Equipment rentals experienced the most growth of\nthe business lines with an impressive increase of 50% compared to 2006. We\nfocused on a planned expansion of our fleet in our core equipment lines of\nheaters, air compressors, and generators as well as expanding our specialty\nequipment primarily in material handling line which resulted in higher\nrevenues. The first quarter was very strong, setting records as contractors\nwere still going full out in housing and commercial construction. In 2007 we\nintroduced fuel cells as a new product to the marketplace which increased our\nfuel re-sales substantially. Labor shortages have led to high demand for\nspecialized equipment that reduces labor such as hydronic heaters which\nrequire very little supervision once set up. Demand for our setup and teardown\nservices remained high keeping our crews busy to the end of the winter season.\nIn the second quarter, compaction and air...