Bird Construction Income Fund announces second quarter results and August, September and October distributions



    LISTING: TORONTO STOCK EXCHANGE
    SYMBOL: BDT.UN

    TORONTO, Aug. 7 /CNW/ - Bird Construction Income Fund today reported
results for the six months ended June 30, 2008. Paul Charette, the Chairman
and C.E.O. of Bird, stated that "the results represent record levels of
revenues and income for Bird. The increase in revenues reflect the buoyant
market conditions for construction services across Canada and the positive
impact of reporting the revenues derived from the Rideau acquisition. The
record earnings result from higher revenues, improved construction margins and
the ability to manage overhead expenditures at levels commensurate with the
amounts of revenues. We are also encouraged by our ability to maintain Backlog
at the $1.0 billion level."

    
    Highlights
    ($000 except per unit data - unaudited)

                        Three months ended June 30  Six months ended June 30
                        --------------------------  -------------------------
                                 2008         2007         2008         2007
                        --------------------------  -------------------------
    Revenue:
      Construction revenue    280,461      178,200      492,452      306,752
      Investment and other
       income                   1,563          131        3,092          630
    Total revenues            282,024      178,331      495,544      307,382
    Income before income
     taxes                     17,368        9,995       31,327       15,768
    Net income                 13,684        7,990       22,889       10,880
    Earnings per unit            0.97         0.58         1.63         0.79

    -   Construction revenue increased by 60.5% to $492.5 million for the six
        months ended June 30, 2008 compared to $306.8 million for the six
        months ended June 30, 2007.
    -   Income before taxes increased by 98.7% to $31.3 million for the six
        months ended June 30, 2008 compared to $15.8 million for the six
        months ended June 30, 2007.
    -   Net income increased by 110.4% to $22.9 million for the six months
        ended June 30, 2008 compared to $10.9 million in the six months ended
        June 30, 2007.
    -   Working capital increased to $56.1 million at June 30, 2008 compared
        to $35.5 million at June 30, 2007 and $49.8 million at December 31,
        2007.
    -   Backlog of $999.6 million at June 30, 2008 compares with
        $1,027.8 million at March 31, 2008 and $969.3 million as at
        December 31, 2007.

    Bird Construction Income Fund also announced that its Board of Trustees
has approved its regular cash distributions for the months of August,
September and October 2008 in the amount of $0.1209 per unit each month to be
paid as follows:

    i)     the August distribution will be paid September 19, 2008 to the
           unitholders of record as of the close of business on August 29,
           2008;
    ii)    the September distribution will be paid October 20, 2008 to the
           unitholders of record as of the close of business on September 30,
           2008;
    iii)   the October distribution will be paid November 20, 2008 to the
           unitholders of record as of the close of business on October 31,
           2008;
    

    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, 5403 Eglinton Avenue West, Toronto, ON, M9C 5K6, Phone: (4l6) 620-7122,
Fax: (416) 620-1516

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