Business
Canadian Equipment Rental Fund Limited Partnership Announces Third Quarter 2007 Results
TSX Venture Symbol: CFL.UN CALGARY, Nov. 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, Nov. 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 third quarter ended\nSeptember 30, 2007.\n\n\nHighlights of the three month period ended September 30, 2007 were:\n\n- Revenue for the quarter amounted to $2,799,138 representing an\n increase of 12% over the same quarter in 2006. This is a direct\n result of the continued strong demand for rental equipment in the\n Edmonton area and our increased rental equipment available to supply\n that demand.\n\n- Operating margin increased to 48% from 42% in 2006. This reflects the\n economies of scale we are experiencing from our increased sales\n volumes and rental fleet.\n\n- Distributions of $0.15 per unit were declared for the quarter\n bringing total distributions for the year to $0.43 not including the\n special distribution of $0.065 made in the first quarter of the year\n that related to 2006 performance.\n\n- The Partnerships working capital ratio at September 30, 2007 was\n 1:1 and its debt to Partner's equity was 0.78:1 reflecting\n management's commitment to maintain a conservative debt level and\n solid balance sheet.\n\nHighlights of the nine month period ended September 30, 2007 were:\n\n- Revenues for the nine months were $10,263,951 representing an\n increase of 49% over the 2006 nine month revenues of $6,900,474.\n\n- Operating margin increased to 50% from 43% achieved in the same nine\n months of 2006.\n\n- Income before tax increased to $2,502,306 or $0.48 per unit - basic,\n compared to $1,500,729 or $0.46 per basic unit in 2006.\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 and third quarters are historically the slowest quarters as the demand\nfor winter heating and lighting equipment diminishes.\n\n\nEquipment diversification is a key factor in our strategy in continuing\nto meet customer demand. CERF continues to respond by adding equipment that is\nin demand to our rental fleet. Almost all equipment is priced in U.S. dollars\nand the high Canadian dollar has increased our purchasing power greatly.\nManagement is looking forward to a strong fou...