Business
Canadian Equipment Rental Fund Limited Partnership Announces First Quarter 2008 Results
TSX Venture Symbol: CFL.UN CALGARY, May 28 /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, May 28 /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, 2008.\n\n\nQuarter Highlights Include:\n\n- Revenues for the three months were $5,345,599 up $1,027,241 or 24%\n over the quarter ended March 31, 2007.\n\n- Income before income tax was $1,946,746 for the quarter representing\n an increase of 29% compared with $1,540,621 of income earned in the\n three months ended March 31, 2007.\n\n- Basic income per unit before tax was $0.35 for the quarter compared\n to $0.29 for the same three months of 2007.\n\n- Net income before interest, taxes, depreciation, amortization and\n unit based compensation (EDITDAC) for the quarter was $2,927,033 up\n 39% compared with $2,111,642 of the same period last year.\n\n- Distributions per unit were $0.16 for the first three months of 2008\n compared to $0.13 for the first three months of 2007.\n\n- Capital expenditures net of proceeds of disposals totaled $1,541,903\n compared to $677,102 for the same three months of 2007.\n\n\nMr. Wadley comments, "We are very pleased with the results of the first\nquarter. While the total revenues remained flat from the fourth quarter of\n2007, the operating margin increased significantly due to an increase of funds\ngenerated from rental equipment. Net income before taxes was up almost\n$739,000 to $1,946,746 ($0.35/unit) compared to the previous quarter and\nrepresents an all time quarterly record for the Partnership.\n\n\nThe residential housing construction market in the Edmonton area has\nslowed somewhat as contractors serving that sector are looking to lower\ncurrent inventory levels. However, on the commercial and infrastructure\nconstruction fronts, activity levels continue very high. These contractors\nstill report a backlog of projects to be completed over the next several\nyears. As the financial results of the quarter have shown, the increased\nactivity by commercial contractors and the corresponding need for our\nequipment and services has more than offset any slowdown seen from our\nresidential construction customers. We anticipate this trend to continue\nthrough the summer construction season as more infrastructure proj...