Business
Canadian Equipment Rental Fund Limited Partnership Announces Second Quarter 2007 Results
Canadian Equipment Rental Fund Limited Partnership Announces Second Quarter 2007 Results.
About this update from Zedcor Inc
[{"type":"text","content":"\n\n\n\nTSX Venture Symbol: CFL.UN\n\n\nCALGARY, Aug. 28 /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 second quarter ended\nJune 30, 2007.\n\n\nQuarter Highlights Include:\n\n- Revenues for the three months were $3,146,455 up $1,058,314 or 50%\n over the quarter ended June 30, 2006.\n\n- Revenues for the six months ended June 30, 2007 were $7,464,813 up\n $3,063,455 or 70% over the $4,401,358 of revenues recorded for the\n same period in 2006.\n\n- Income before income tax was $568,349 for the three months ended\n June 30, 2007 representing an increase of 71% compared with $331,698\n of income earned in the three months ended June 30, 2006.\n\n- Income before tax for the six months ended June 30, 2007 was\n $2,072,970 which was more than double the $1,013,695 of income earned\n in the same six months of 2006.\n\n- Income before tax of $2,072,970 for the first half year of 2007 was\n 90% of the $2,291,121 of income earned in all of 2006.\n\n- Basic income per unit before tax was $0.40 for the six months ended\n June 30, 2007 compared to $0.31 for the same six months of 2006, and\n $0.63 per unit earned in the year ended December 31, 2006.\n\n- Distributions per unit were $0.345 for the first six months of 2007\n compared to $0.10 for the first six months of 2006 and $0.32 per unit\n for the entire year of 2006.\n\n- Capital expenditures net of proceeds of disposals totaled $2,970,359\n compared to $1,859,271 for the same six months of 2006.\n\n- To handle our increased activity and maintain our level of service to\n our customers, we increased our work force from 33 in June of 2006 to\n 41 at the end of June 2007 with 95% retention of employees. All\n employees of the Partnership have limited partnership units or\n options to acquire units that will allow them to participate in the\n present and future success of the Partnership.\n\n\nMr. Wadley comments, "The Partnership continues to make significant gains\nwhen compared to the same period of the prior year. This comes even though the\nsecond quarter is historically the slowest quarter as the demand for winter\nheating and lighting equipment diminishes and the wet weather experienced in\nthe spring generally slows construction a...