Business
Canadian Equipment Rental Fund Limited Partnership Announces Results for Q3 2009
Canadian Equipment Rental Fund Limited Partnership Announces Results for Q3 2009
About this update from Zedcor Inc
[{"type":"text","content":"\n\n\n\nNov. 27, 2009 (Canada NewsWire Group) -- CALGARY, Nov. 27 /CNW/ -- Mr. Wayne Wadley, president of CERF GP Corp., the general partner of Canadian Equipment Rental Fund Limited Partnership (\"CERF\" or the \"Partnership\"), is pleased to announce the results for the three and nine months ended September 30, 2009.Full details of the Partnership's results, in the form of the unaudited financial statements for the three and nine months ended September 30, 2009 and Management's Discussion and Analysis of the results dated November 26, 2009 are available on SEDAR at www.sedar.com.Highlights of the nine month period ended September 30, 2009 were:- Revenue for the nine months was $9,609,466.- Net income per unit of $0.08 basic.- Distributions of $0.12 per unit were declared for the quarter.FORWARD LOOKING STATEMENTSThis press release contains forward looking statements subject to various risk factors and uncertainties, which may cause the actual results, performances, cash flows or the ability to pay distributions to be materially different from the results, performances, cash flow or the ability to pay distributions expressed or implied by such forward looking statements.Mr. Wadley makes the following statements:\"Commercial projects became fewer than in the fall of 2008 which caused a slow down in overall rental activity for the Partnership. Homebuilders however, are finally picking up the pace and in some cases experiencing a 10 fold increase in housing starts from the fall of 2008. Their previous inventories have now been sold and more buyers are now looking at entering the market. Multi housing projects are also starting to become active again as financing is being freed up. We have seen a steady improvement in activity in all sectors as well as increasingly optimistic growth forecasts. We are expecting the commercial construction market to actually accelerate in 2010 as the stimulus spending for infrastructure construction by both the Federal and Provincial Governments finally starts to get spent. It is the opinion of management that rental revenues will continue to improve over the remainder of 2009 and into 2010.On October 23, 2009 the Partnership closed the acquisition of a waste disposal and recycling business and assets of a private company located in Edmonton, Alberta. The acquisition was made through the Partnership'...