Business
Canadian Equipment Rental Fund Limited Partnership Announces Third Quarter Results
Canadian Equipment Rental Fund Limited Partnership Announces Third Quarter Results.
About this update from Zedcor Inc
[{"type":"text","content":"\n\n\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, 2006.\n\nQuarter Highlights Include (compared with last year's third quarter):\n\n>\n\nMr. Wadley comments, \"Once again, the partnership reached record breaking\nsales of $6,900,474 for the nine month period representing a 65% increase in\ngross revenues over the same period last year. Net income was $1,500,729 for\nthe first nine months, an increase of 259% compared with $418,340 for the same\nperiod last year. Net income for the quarter was $ 0.15 per unit and $0.46 for\nthe nine months. Increases in gross revenues are a result of several factors\nincluding our aggressive fleet growth married with an unprecedented customer\ndemand for new and used equipment sales and customer repairs of equipment.\nGoing into our final quarter, sales are expected to be strong as most\ncontractors are predicting a need for higher levels of heaters and light\nequipment than in the past. This increase in heater demand will also drive\nhigher than normal accessory rental and fuel sales. We expect that because of\nthe early winter, that we will exceed heater rental revenue forecasts.\nEquipment sales continue at double our forecasted rate as contractors purchase\nnew equipment in lieu of renting long term.\nManagement continues to be very optimistic going into 2007 as the economy\nin Northern Alberta continues to be very strong. Of particular note, in our\nhome County of Strathcona, CERF is expecting to reap spin-offs from mega\nprojects such as the refinery expansions, oil upgrader construction projects,\nand pipeline terminals expansions. These projects have all received approval\nfor development representing a staggering total capital expenditure of\n$8.24 Billion. Many of our customers will be involved in these projects as\nwell as in projects in Fort McMurray region and the NWT. Our revenues will\nalso come from the 'trickle down' effect on the greater Edmonton region's\ncommercial and home building industries. All sectors including sandblasting,\nrefractory, industrial and commercial construction continue to report higher\nthan normal demand for their services and in turn, demand for our equipment t...