Nov. 8, 2010 (Canada NewsWire Group) --
LISTING: TORONTO STOCK EXCHANGE
SYMBOL: BDT.UN
TORONTO, Nov. 8 /CNW/ - Bird Construction Income Fund today reported results for the nine months ended September 30, 2010. Tim Talbott, President and C.E.O. of Bird, stated that "we are pleased with our ability to maintain our third quarter construction revenues at an amount roughly equivalent to those reported a year earlier, however as expected the contribution derived from those revenues was lower than those reported a year earlier. The projects now being completed and reported in earnings reflect the lower margin work that was awarded in late 2009 and 2010 in a more competitive construction environment. We are encouraged by our ability to increase backlog to $1.2 billion in the third quarter of 2010. Looking forward, we will continue to pursue selected PPP projects and maintain our focus on operational excellence to realize the maximum return on our construction projects; and will position ourselves to participate again in the growth in oil sands infrastructure."
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Highlights
($000 except per unit data
- unaudited)
Three months ended Nine months ended
September 30 September 30
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2010 2009 2010 2009
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Revenue:
Construction revenue 231,179 226,786 616,671 661,651
Investment and other income 1,211 968 2,638 4,240
Total revenues 232,390 227,754 619,309 665,891
Income before income taxes 9,237 17,657 46,504 58,533
Net income from continuing
operations 8,536 14,377 38,405 46,711
Net income from discontinued
operations - (185) - (2,822)
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Net Income 8,536 14,192 38,405 43,889
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Net income per unit
From continuing operations 0.61 1.02 2.73 3.32
From discontinued operations - (0.01) - (0.20)
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0.61 1.01 2.73 3.12
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- Construction revenue declined by 6.8% to $616.7 million for the nine
months ended September 30, 2010 compared to $661.7 million for the
nine months ended September 30, 2009.
- Income before taxes declined by $12.0 million to $46.5 million for
the nine months ended September 30, 2010 compared to $58.5 million
for the nine months ended September 30, 2009.
- Net income declined by $5.5 million to $38.4 million for the nine
months ended September 30, 2010 compared to $43.9 million for the
nine months ended September 30, 2009.
- Working capital increased to $142.5 million at September 30, 2010
compared to $114.3 million at September 30, 2009 and $122.2 million
at December 31, 2009.
- Backlog of $1,163.4 million at September 30, 2010 compares with
$1,000.2 million at June 30, 2010 and $901.4 million as at
December 31, 2009.
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Bird Construction Income Fund also announced that its Board of Trustees has approved its regular cash distributions for the months of November 2010 and December 2010, in the amount of $0.15 per unit each month to be paid as follows;
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i) the November distribution will be paid December 20, 2010 to the
unitholders of record as of the close of business on
November 30, 2010;
ii) the December distribution will be paid January 20, 2011 to the
unitholders of record as of the close of business on
December 31, 2010.
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This press release contains forward-looking statements that involve a number of risks and uncertainties because they relate to events and depend on circumstances that will occur in the future. Many factors could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements.
The Toronto Stock Exchange does not accept responsibility for the adequacy or accuracy of this release.
T.J. Talbott, President & C.E.O. or S.R. Entwistle, C.F.O., Bird Construction Company Limited as Administrator of Bird Construction Income Fund, 5403 Eglinton Avenue West, Toronto, ON, M9C 5K6, Phone: (4l6) 620-7122, Fax: (416) 620-1516