Bird Construction Income Fund announces third quarter results and a 25% increase in regular distributions



    LISTING: TORONTO STOCK EXCHANGE
    SYMBOL: BDT.UN

    TORONTO, Nov. 12 /CNW/ - Bird Construction Income Fund today reported
results for the nine months ended September 30, 2007.

    
    Highlights
    ($000 except per unit data - unaudited)

                                      Three months ended   Nine months ended
                                            September 30        September 30
                                      ------------------- -------------------
                                          2007      2006      2007      2006
                                      ------------------- -------------------
    Revenue:
      Construction                     224,891   145,331   531,643   384,126
      Investment income                  1,155       750     1,785     2,254
    Total revenues                     226,046   146,081   533,428   386,380
    Income before income taxes          14,800     8,202    30,568    18,686
    Net income                          11,325     6,454    24,665    15,093
    Earnings per unit                     0.82      0.47      1.79      1.14


    -   Construction revenue increased 38.4% to $531.6 million compared to
        $384.1 million for the nine months ended September 30, 2006.
    -   Income before income taxes increased 63.6% to $30.6 million compared
        to $18.7 million for the nine months ended September 30, 2006.
    -   Net income increased 63.4% to $24.7 million compared to $15.1 million
        in the nine months ended September 30, 2006.
    -   Working capital of $44.7 million has improved in comparison to the
        $34.5 million position as of December 31, 2006.
    -   Backlog has increased to $820.8 million as at September 30, 2007
        compared to $464.7 million as at December 31, 2006, although down
        marginally from the $883.7 million reported at June 30, 2007.
    -   With the exceptional growth in revenue and backlog, the Fund has
        increased the working capital it allocates to support its surety
        requirements by $10 million. The Fund's Cash Reserve, after deducting
        this amount, remains substantially unchanged since December 31, 2006
        at $7.5 million. Cash Reserve is determined by the Fund as Cash
        Available for Distribution generated by the Fund since inception less
        amounts distributed as regular and special distributions and amounts
        allocated to working capital required for surety support.

    Bird Construction Income Fund also announced that its Board of Trustees
has approved its regular cash distribution for the month of November 2007 in
the amount of $0.0967 per unit and has approved increased regular
distributions for December 2007, as well as January and February 2008, in the
amount of $0.1209 per unit each month to be paid as follows;

    i)    the November distribution of $0.0967 per unit will be paid
          December 20, 2007 to the unitholders of record as of the close of
          business on November 30, 2007;

    ii)   the December distribution of $0.1209 per unit will be paid
          January 18, 2008 to the unitholders of record as of the close of
          business on December 31, 2007;

    iii)  the January distribution of $0.1209 per unit will be paid
          February 20, 2008 to the unitholders of record as of the close of
          business on January 31, 2008.

    iv)   the February distribution of $0.1209 per unit will be paid
          March 20, 2008 to the unitholders of record as of the close of
          business on February 29, 2008.
    

    Bird Construction Income Fund further announced that its Board of
Trustees has approved a special distribution in the amount of $0.0580 per unit
to be paid January 18, 2008 to the unitholders of record as of the close of
business December 31, 2007.
    The full content of the Fund's MD&A and Consolidated Financial Statements
for the third quarter ended September 30, 2007 is available on SEDAR
(www.sedar.com).

    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, ON, M9C 5K6, Phone: (4l6)
620-7122, Fax: (416) 620-1516

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Bird Construction Income Fund

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