Business
Canadian Equipment Rental Fund Limited Partnership Announces First Quarter 2007 Results
Canadian Equipment Rental Fund Limited Partnership Announces First Quarter 2007 Results.
About this update from Zedcor Inc
[{"type":"text","content":"\n\n\n\nTSX Venture Symbol: CFL.UN\n\n\nCALGARY, May 29 /CNW/ - Mr. Wayne Wadley, president of CERF GP Corp., the\ngeneral partner of Canadian Equipment Rental Fund limited Partnership\n("CERF"), is pleased to announce the results for the first quarter ended\nMarch 31, 2007.\n\n\nQuarter Highlights Include (compared with last year's first quarter):\n\n- Revenues of $4,318,358 representing an increase by 86%,\n\n- Earnings of $1,504,621 representing an increase of 121%,\n\n- Net income per unit increase to $0.29 representing an increase of\n 38%,\n\n- Total assets increased to $14,767,848 representing an increase of\n 105%.\n\n\nMr. Wadley comments, "It is my pleasure to present Canadian Equipment\nRental Fund Limited Partnership ("CERF") results for the three months ending\nMarch 31, 2007. Once again, the partnership reached record breaking sales of\n$4,318,358 for the period representing an 86% increase in gross revenues over\nthe same period last year. Net income for the quarter was $ 0.29 per unit\ncompared to $0.21 for the same period last year. Increases in gross revenues\nare a result of several factors including the additional private placement\nfinancing of $4 million raised in October. This funding was immediately\ninvested in equipment needed to meet customer needs during our recently\ndeveloped peak period of the year. With record snow falls in February and\nMarch, the winter season continued into spring prolonging the demand for\ntypical winter construction equipment. Equipment sales were once again strong\nas customers prepared for another busy year in the excavating, compaction,\nconcrete and finishing industries.\n\n\nFor the second quarter of 2007, revenues are expected to remain strong as\nmost contractors predict no slowing in the pace leading into the spring and\nsummer construction seasons. High demand is expected in particular for air\ncompressors, forklifts, telehandlers and skidsteer loaders and their\naccessories; all areas of the fleet we have been expanding in for some time.\nNew equipment sales continue at fervent rate as contractors plan for summer\nand fall projects.\n\n\nManagement also continues to be very optimistic for the balance of 2007\nand beyond as the economy in northern Alberta continues to be robust. Edmonton\nand area continues to see exceptional year over year g...