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



    
    LISTING: TORONTO STOCK EXCHANGE
    SYMBOL: BDT.UN
    

    TORONTO, Aug. 11 /CNW/ - Bird Construction Income Fund today reported
results for the six months ended June 30, 2009. The earnings per unit of $2.11
represent a 27% increase over those reported in the comparable period last
year. The financial performance is based on execution of contracts in the
backlog, the majority of which was secured in 2008 and reflect margins of the
buoyant construction market of that period. Paul Raboud, President and C.E.O.
of Bird, stated that "the results represent a continuation of the very
positive momentum we experienced in the first quarter. We continue to make
progress towards replenishing our backlog aimed at establishing a favourable
operating position entering 2010."

    
    Highlights
    ($000 except per unit data - unaudited)

                                      Three months ended    Six months ended
                                            June 30             June 30
                                      ------------------- -------------------
                                          2009      2008      2009      2008
                                      ------------------- -------------------
    Revenue:
      Construction revenue             226,551   280,461   444,290   492,452
      Investment and other income        2,105     1,563     3,272     3,092
    Total revenues                     228,656   282,024   447,562   495,544
    Income before income taxes          19,525    17,368    37,147    31,327
    Net income                          15,942    13,684    29,697    22,889
    Earnings per unit                     1.13      0.97      2.11      1.66

    -   Construction revenue declined by 9.8% to $444.3 million for the
        six months ended June 30, 2009 compared to $492.5 million for the
        six months ended June 30, 2008.
    -   Income before taxes increased by 18.6% to $37.1 million for the
        six months ended June 30, 2009 compared to $31.3 million for the
        six months ended June 30, 2008.
    -   Net income increased by 29.7% to $29.7 million for the six months
        ended June 30, 2009 compared to $22.9 million in the six months ended
        June 30, 2008.
    -   Working capital increased to $104.5 million at June 30, 2009 compared
        to $56.1 million at June 30, 2008 and $83.5 million at December 31,
        2008.
    -   Backlog of $940.4 million at June 30, 2009 compares with
        $999.6 million at June 30, 2008 and $1,104.7 million as at
        December 31, 2008.

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

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

    ii) the October distribution will be paid November 20, 2009 to the
        unitholders of record as of the close of business on October 30,
        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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