May 10, 2010 (Canada NewsWire Group) --
LISTING:
SYMBOL: BDT.UN
Bird Construction Income Fund today reported strong 2010 first quarter financial results. Paul Raboud, the C.E.O. of Bird, stated that "the strong financial performance of the Fund was partially based on the execution of contracts relating to infrastructure projects and demonstrates a leadership position that we are developing in this market. The reduction in construction revenues compared to last year is primarily due to a reduction of construction activity in the Alberta oil sands and in the commercial sector company wide. While we are now beginning to see some signs of a recovery in both sectors, we do not expect to see any significant impact on our financial results until 2011. Our Backlog stands at
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Highlights
(000's except per unit data)
Three months ended
March 31
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2010 2009
Revenue:
Construction Revenue 181,626 210,515
Investment and other income 876 1,168
Total revenues 182,502 211,683
Income before income taxes 17,753 20,068
Net income from continuing operations 14,429 15,482
Net loss from discontinued operations 0 (1,727)
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Net income 14,429 13,755
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Net income per unit
From continuing operations 1.03 1.10
From discontinued operations 0 (0.12)
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1.03 0.98
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- Construction revenue declined by 13.7% compared to 2009, primarily
due to a slowing of construction activity in the Alberta oil sands.
- Income before taxes of $17.8 million was $2.3 million lower in 2010
than 2009 reflecting the impact of the downturn in the economy.
- Net income of $14.4 million was $0.7 million higher than 2009, which
included a net after-tax loss of $1.7 million resulting from the wind
down of our Seattle branch.
- Working capital increased to $130.5 million at March 31, 2010
compared to $122.2 million at December 31, 2009.
- Backlog of $844.1 million at March 31, 2010 compared to $901.4
million 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 May, June and
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i) the May distribution will be paid June 18, 2010 to the unitholders
of record as of the close of business May 31, 2010;
ii) the June distribution will be paid July 20, 2010 to the unitholders
of record as of the close of business on June 30, 2010.
iii) the July distribution will be paid August 20, 2010 to unitholders of
record as of the close of business on July 30, 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
