Business
Canadian Equipment Rental Fund Limited Partnership Results for the First Quarter 2010
Canadian Equipment Rental Fund Limited Partnership Results for the First Quarter 2010
About this update from Zedcor Inc
[{"type":"text","content":"\n\n\n\n May 28, 2010 (Canada NewsWire Group) -- TSX Venture Symbol: CFL.UN\n\n 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 months ended March 31, 2010.\nFull details of the Partnership's results, in the form of the unaudited financial statements for the three months ended March 31, 2010 and Management's Discussion and Analysis of the results dated May 27, 2010 are available on SEDAR at www.sedar.com and on the Partnership's website www.cerflp.com.\nHighlights of the quarter ended March 31, 2010 were:\n\n\n >\n\n\nFORWARD LOOKING STATEMENTS\n\nThis 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.\n\nMr. Wadley makes the following statements:\n\n"Early indications of an economic recovery cause us to believe that 2010 will be a better year for the Partnership. According to the Edmonton Construction Association, there were 33% more posted projects between January and March 2010 as compared to the same period in 2009. We have seen a 12% increase in rental revenues for the quarter ended March 2010 compared to the quarter ended December 2009. Contractors are optimistic about the year ahead with further recovery anticipated towards the last quarter of 2010 and continuing into 2011. There is more activity in housing construction as the builders have sold most of their inventory and the threat of rising interest rates is motivating buyers. Our refractory customers are experiencing increased work levels as they are busy with scheduled plant turn around projects. Certain oilfield service clients are also seeing renewed demand for their services. Indications from commercial contractors are that bidding has increased and that the projects they are bidding on are more substantial than in 2009. Federal Government infrastructure spending is starting to take hold as the lag time for permitting and approvals have now passed and projects can advance to the building...