Business
Canadian Equipment Rental Fund Limited Partnership Announces June 30, 2011 Results
TSX Venture Symbol: CFL.UN CALGARY, Aug. 26, 2011 /CNW/ - Mr. Wayne Wadley, President of ...
About this update from Zedcor Inc
[{"type":"text","content":"\n\n\n\n\n\nTSX Venture Symbol: CFL.UN\n\n\nCALGARY, Aug. 26, 2011 /CNW/ - Mr. Wayne Wadley, President of CERF GP\n Corp., the general partner (the \"General Partner\") of Canadian\n Equipment Rental Fund Limited Partnership (\"CERF LP\" or the\n \"Partnership\"), is pleased to announce the results for the three and\n six months ended June 30, 2011.\n\n\nFull details of the Partnership's results, in the form of the unaudited\n condensed interim consolidated financial statements and notes thereto\n for the three and six months ended June 30, 2011 and Management's\n Discussion and Analysis of the results dated August 25, 2011 are\n available on SEDAR at www.sedar.com and on the Partnership's website www.cerflp.com.\n\n\nHighlights of the three months ended June 30, 2011 were:   \n\n\nAcquisition of Maplethorpe Contractors Ltd. (\"MCL\"), a private\n integrated waste management company, was completed on April 29, 2011.\n The acquisition of MCL is considered to be immediately accretive to the\n Partnership's operations and significant synergies are expected to be\n realized in the future. Since the acquisition on April 29, 2011 MCL has\n contributed sales revenues of $1,904,638 and net income of $267,567 to\n the consolidated results.\n\nRevenues, excluding revenues contributed by MCL, for the quarter ended\n June 30, 2011 increased 29% when compared to revenue for the same\n quarter of 2010.\n\nEBITDA for the quarter increased 144% to $1,606,000 compared to $657,000\n in the three months ended June 30, 2010.\n\nNet income per limited partnership unit was $0.03 for the quarter, in\n comparison to the 2010 second quarter net loss per unit of $(0.10).\n\nThe Partnership distributed $0.06 per unit to unit holders of record as\n at June 30, 2011.\n\n\nOn August 25, 2011, the Board of Directors of the General Partner\n approved the entering into an arrangement agreement, expected to be\n executed on or about August 30, 2011 (the \"Arrangement Agreement\")\n among CERF LP, the General Partner, and CERF Incorporated (\"CERF\n Inc.\"), a wholly owned subsidiary of CERF LP, relating to a proposed\n arrangement (the \"Arrangement\") under Section 193 of the Business Corporations Act (Alberta) involving CERF LP, the General Partner, CERF Inc. and the\n holders (the \"Unitholders\") of limited partnership units of CERF LP\n (the ...