Business
Canadian Equipment Rental Fund Limited Partnership Announces 2008 Year End Results
TSX Venture Symbol: CFL.UN CALGARY, April 20 /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 20 /CNW/ - Mr. Wayne Wadley, president of CERF GP Corp.,\nthe general partner of Canadian Equipment Rental Fund Limited Partnership\n("CERF"), is pleased to announce the results for the year ended December 31,\n2008.\n\n\nHighlights of the year ended December 31, 2008 were:\n\n- Increased our revenues by 6% to $16,560,810 in 2008 from $15,687,978\n in 2007.\n\n- Net income also increased 6% to $3,338,808 from $3,137,645 in 2007.\n\n- Earnings before interest, income taxes, depreciation, amortization\n and unit based compensation ("EBITDAC") increased by 4% to $7,398,640\n from $7,025,318 in 2007.\n\n- Net income per unit for 2008 was $0.60 per unit basic unchanged from\n 2007.\n\n- Quarterly distributions of $0.16 per unit were declared, $0.64 per\n unit for the year.\n\n\nMr. Wadley comments, "Our board and management team remain optimistic for\nthe upcoming year. The first quarter of 2008 was the best quarter that we have\never experienced. Following that however the multiple residential housing\nmarkets declined which had a negative effect on our 2nd and 3rd quarters.\nWhile the residential housing construction has not yet improved we have seen\nincreased activity, beginning towards the end of the third quarter of 2008 in\ncommercial and infrastructure construction which helped replace demand for our\nequipment previously generated by the residential construction contractors.\n\n\nDuring these economic times, we have taken steps to preserve our working\ncapital and control discretionary costs. We have also reduced the distribution\nto $0.12 per quarter effective March 31, 2009. The Board and management have\ndetermined that until the economy shows renewed strength, it would be wise to\nretain cash in the operations to maintain or reduce our current debt levels,\nprovide a reserve in case of further economic declines in the future or to\ntake advantage of opportunities that may arise. Our capital expenditures will\nalso be reduced to match demand and preserve cash. We continue to have a very\nyoung fleet as we have aggressively expanded our equipment base to meet\ncustomer demand since 2006. This gives us the luxury to run our fleet\nefficiently while preserving revenues without the need for significant\nre-occurring capital outlay. Our debt positi...