Bird Construction Income Fund announces strong first quarter 2009 financial results and 24% increase in distributions



    
    LISTING: TORONTO STOCK EXCHANGE
    SYMBOL: BDT.UN
    

    TORONTO, May 13 /CNW/ - Bird Construction Income Fund today reported
strong financial results for the first quarter of 2009. A combination of
higher construction revenues and project margins resulted in a 26% increase in
2009 income before tax compared with the first quarter of 2008. Paul Raboud,
Bird's CEO, stated that "Management is very pleased with the first quarter
2009 financial performance of the Fund. The strong results primarily reflect
favourable margins associated with projects included in the backlog. There is
little doubt that we face a more uncertain operating environment, which will
challenge our ability to maintain our backlog and match the margins associated
with our previous backlog. We will continue to focus on managing our existing
book of business but will become even more focussed on replacing backlog
primarily aimed at establishing a favourable operating position entering
2010".

    
    Highlights
    ($000 except per unit data)
                                          Three months ended      Year ended
                                                 March 31        December 31
                                    --------------------------- -------------
                                            2009          2008          2008
                                    --------------------------- -------------
    Revenue:
      Construction revenue               217,739        211,991    1,036,288
      Investment and other income          1,168          1,529        3,132
    Total revenues                       218,907        213,520    1,039,420
    Income before income taxes            17,622         13,959       71,214
    Net income                            13,755          9,205       60,860
    Earnings per unit                       0.98           0.66         4.34

    -  Construction revenue increased by 2.7% to $217.7 million for 2009
       compared to $212.0 million in 2008.
    -  Income before taxes increased by 26.2% to $17.6 million for 2009
       compared to $14.0 million in 2008.
    -  Net income increased by 49.4% to $13.8 million in 2009 compared to
       $9.2 million in 2008.
    -  Working capital increased to $93.3 million at March 31, 2009 compared
       to $83.5 million at December 31, 2008.
    -  Backlog of $982.8 million at March 31, 2009 compared with
       $1,104.7 million at December 31, 2008 and $1,027.8 million at
       March 31, 2008

    Bird Construction Income Fund also announced that its Board of Trustees
has approved its regular cash distributions for the months of June, July and
August 2009 in the amount of $0.150 per unit each month to be paid as follows;

    i)   the June distribution will be paid July 20, 2009 to the unitholders
         of record as of the close of business on June 30, 2009;

    ii)  the July distribution will be paid August 20, 2009 to the
         unitholders of record as of the close of business on July 31, 2009;

    iii) the August distribution will be paid September 18, 2009 to
         unitholders of record as of the close of business on August 31, 2009
    

    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.R. Raboud, 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

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Bird Construction Income Fund

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