TSX Venture Symbol: CFL.UN
CALGARY, May 28 /CNW/ - Mr. Wayne Wadley, president of CERF GP Corp., the general partner of Canadian Equipment Rental Fund Limited Partnership ("CERF"), is pleased to announce the results for the three months ended March 31, 2009.
Highlights of the three month period ended March 31, 2009 were: - Revenue for the quarter amounted to $4,171,986. - Maintained Operating margins at 52% of revenues. - Net income per unit of $0.16 basic. - Distributions of $0.12 per unit were declared for the quarter.
FORWARD LOOKING STATEMENTS
This 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.
Mr. Wadley comments "Edmonton and area remains busy in many sectors despite a slowdown in other areas of the province and country. This is particularly evident in the ongoing and recent infrastructure project announcements for new hospitals, recreation and health centers, retail, commercial and residential real estate development, bridge construction, utility upgrades and manufacturing facilities of which many of our customers are directly involved. We are expecting the commercial construction market to actually accelerate for many of our customers in 2009 compared to levels experienced in the last half of 2008. Our sales team will continue to aggressively pursue business from these projects. We are currently working with our customers as they bid on the several upcoming infrastructure projects to ensure that we will be able to supply the equipment that they will require."
Canadian Equipment Rental Fund Limited Partnership
Operating as 4-Way Equipment Rentals
Balance Sheets - Unaudited
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March 31, December 31,
2009 2008
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Assets
Current assets:
Cash $ 177,910 $ 227,425
Accounts receivable 3,580,660 3,870,472
Inventory and other 821,249 796,329
Prepaid expense 107,472 118,242
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4,687,291 5,012,468
Property and equipment 13,997,425 14,449,882
Prepaid rent 88,200 88,200
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$ 18,772,916 $ 19,550,550
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Liabilities and Partners' Equity
Current liabilities:
Accounts payable and accrued liabilities $ 1,233,221 $ 1,669,591
Distributions payable 698,107 929,476
Note payable 300,000 300,000
Current portion of long-term debt 1,452,749 1,461,502
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3,684,077 4,360,569
Long-term debt 5,281,276 5,640,673
Future income taxes 628,114 594,740
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9,593,467 10,595,982
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Partners' equity:
Limited Partnership units 8,297,851 8,272,782
Unit purchase loans receivable (487,877) (487,877)
Contributed surplus 467,716 469,197
Retained earnings 901,759 700,466
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9,179,449 8,954,568
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$ 18,772,916 $ 19,550,550
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Statements of Operations - Unaudited
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Three months Three months
ended ended
March 31, March 31,
2009 2008
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Revenues $ 4,171,986 $ 5,345,599
Expenses:
General and administrative 315,448 256,495
Interest on long term debt 75,859 114,873
Operating 2,015,633 2,162,071
Unit based compensation 7,103 33,998
Amortization of property and equipment 829,980 831,416
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3,244,023 3,398,853
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Income before income taxes 927,963 1,946,746
Future income taxes 33,374 8,430
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Net income and comprehensive income for
the period 894,589 1,938,316
Retained earnings, beginning of period 700,466 1,043,393
Partner distributions declared (693,296) (914,615)
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Retained earnings, end of period $ 901,759 $ 2,067,094
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Net income per unit
Basic $ 0.16 $ 0.35
Diluted $ 0.15 $ 0.33
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CERF is an Alberta limited partnership engaged in the rental, sale and
service of industrial and construction equipment. CERF trades on the TSX
Venture Exchange under the symbol "CFL.UN" and currently has 5,817,562 units
issued and outstanding."
Full financial statements and notes thereto as well as management
discussion and analysis are available on the SEDAR website at www.sedar.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
%SEDAR: 00022335E