Bird Construction Income Fund announces results for the year ended December 31, 2006, regular distributions and a special distribution



    LISTING: TORONTO STOCK EXCHANGE
    SYMBOL: BDT.UN

    TORONTO, March 13 /CNW/ - Bird Construction Income Fund today reported
results for the year ended December 31, 2006. Highlights ($000 except per unit
data)

    
                                                           Three months
                              Year ended December 31     ended December 31
                                  2006        2005        2006        2005
    Revenue:
      Construction             $ 530,188   $ 445,617   $  146,062  $ 110,527
      Investment income            3,181       2,161          927        564
                               ----------------------------------------------
    Total revenues               533,369     447,778      146,989    111,091
                               ----------------------------------------------
    Income before taxes           27,415      23,154        8,728      6,252
                               ----------------------------------------------
    Net income                    22,174      15,241        7,081      4,075
                               ----------------------------------------------
    Earnings per unit               1.65        1.35         0.51       0.36
                               ----------------------------------------------


    -  Construction revenue increased 19.0% to $530.2 million for the year
       ended December 31, 2006 compared to $445.6 million for the year ended
       December 31, 2005.
    -  Income before taxes increased 18.4% to $27.4 million for the year
       ended December 31, 2006 compared to $23.2 million for the year ended
       December 31, 2005.
    -  Net income increased 45.5% to $22.2 million for the year ended
       December 31, 2006 compared to $15.2 million in the year ended
       December 31, 2005. Income tax expense in 2006 was significantly
       reduced due to $13.4 million of pre-tax income being distributed to
       unitholders and therefore not subject to income tax in the Fund.
    -  Working capital increased to $34.5 million as at December 31, 2006
       compared to $30.7 million as at December 31, 2005.
    -  Backlog increased to $464.7 million as at December 31, 2006 compared
       to $349.6 million as at December 31, 2005, but is lower than the
       $577.8 million reported at September 30, 2006.

    Bird Construction Income Fund also announced that its Board of Trustees
has approved its regular cash distributions for the months of March, April and
May 2007 in the amount of $0.0967 per unit each month to be paid as follows;

    i)    the March distribution will be paid April 20, 2007 to the
          unitholders of record as of the close of business on March 30,
          2007;

    ii)   the April distribution will be paid May 18, 2007 to the unitholders
          of record as of the close of business on April 30, 2007;

    iii)  the May distribution will be paid June 20, 2007 to the unitholders
          of record as of the close of business on May 31, 2007.
    

    Bird Construction Income Fund further announced that its Board of
Trustees has approved a special distribution in the amount of $0.109 per unit
to be paid April 20, 2007 to the unitholders of record as of the close of
business March 30, 2007.

    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.





For further information:

For further information: P.A. Charette, Chairman and C.E.O., Bird
Construction Company Limited as Administrator of Bird Construction Income
Fund, 5405 Eglinton Avenue West, Suite 206, Toronto, Ontario, M9C 5K6, Phone:
(4l6) 620-7122, Fax: (416) 620-1516

Organization Profile

Bird Construction Income Fund

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890