Canadian Equipment Rental Fund Limited Partnership Announces 2008 Year End Results



    TSX Venture Symbol: CFL.UN

    CALGARY, April 20 /CNW/ - Mr. Wayne Wadley, president of CERF GP Corp.,
the general partner of Canadian Equipment Rental Fund Limited Partnership
("CERF"), is pleased to announce the results for the year ended December 31,
2008.

    
    Highlights of the year ended December 31, 2008 were:

    -   Increased our revenues by 6% to $16,560,810 in 2008 from $15,687,978
        in 2007.

    -   Net income also increased 6% to $3,338,808 from $3,137,645 in 2007.

    -   Earnings before interest, income taxes, depreciation, amortization
        and unit based compensation ("EBITDAC") increased by 4% to $7,398,640
        from $7,025,318 in 2007.

    -   Net income per unit for 2008 was $0.60 per unit basic unchanged from
        2007.

    -   Quarterly distributions of $0.16 per unit were declared, $0.64 per
        unit for the year.
    

    Mr. Wadley comments, "Our board and management team remain optimistic for
the upcoming year. The first quarter of 2008 was the best quarter that we have
ever experienced. Following that however the multiple residential housing
markets declined which had a negative effect on our 2nd and 3rd quarters.
While the residential housing construction has not yet improved we have seen
increased activity, beginning towards the end of the third quarter of 2008 in
commercial and infrastructure construction which helped replace demand for our
equipment previously generated by the residential construction contractors.
    During these economic times, we have taken steps to preserve our working
capital and control discretionary costs. We have also reduced the distribution
to $0.12 per quarter effective March 31, 2009. The Board and management have
determined that until the economy shows renewed strength, it would be wise to
retain cash in the operations to maintain or reduce our current debt levels,
provide a reserve in case of further economic declines in the future or to
take advantage of opportunities that may arise. Our capital expenditures will
also be reduced to match demand and preserve cash. We continue to have a very
young fleet as we have aggressively expanded our equipment base to meet
customer demand since 2006. This gives us the luxury to run our fleet
efficiently while preserving revenues without the need for significant
re-occurring capital outlay. Our debt position continues to remain very
conservative and our lenders very supportive of our business. These factors
put us in good stead for the future."

    FORWARD LOOKING STATEMENTS

    This press release contains forward looking statements subject to various
risk factors and uncertainties, which may cause the actual results,
performances, cash flows or the ability to pay distributions to be materially
different from the results, performances, cash flow or the ability to pay
distributions expressed or implied by such forward looking statements.

    
    Canadian Equipment Rental Fund Limited Partnership
    Operating as 4-Way Equipment Rentals
    Balance Sheets
    -------------------------------------------------------------------------
                                                   December 31,  December 31,
                                                          2008          2007
    -------------------------------------------------------------------------

    Assets
    Current assets:
      Cash                                         $   227,425   $   254,833
      Accounts receivable                            3,870,472     4,874,826
      Inventory                                        796,329       398,492
      Prepaid expense                                  118,242        64,289
    -------------------------------------------------------------------------
                                                     5,012,468     5,592,440

    Property and equipment                          14,449,882    13,297,555

    Prepaid rent                                        88,200        88,200
    -------------------------------------------------------------------------
                                                   $19,550,550   $18,978,195
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    Liabilities and Partners' Equity
    Current liabilities:
      Accounts payable and accrued liabilities     $ 1,669,591   $ 2,160,026
      Distributions payable                            929,476       861,016
      Note payable                                     300,000       300,000
      Current portion of long-term debt              1,461,502     1,627,525
    -------------------------------------------------------------------------
                                                     4,360,569     4,948,567

    Long-term debt                                   5,640,673     4,420,689

    Future income tax                                  594,740       572,515
    -------------------------------------------------------------------------
                                                    10,595,982     9,941,771
    -------------------------------------------------------------------------

    Partners' equity:
      Limited Partnership units                      8,272,782     8,125,047
      Unit purchase loans receivable                  (487,877)     (530,740)
      Contributed surplus                              469,197       398,724
      Retained earnings                                700,466     1,043,393
    -------------------------------------------------------------------------
                                                     8,954,568     9,036,424
    -------------------------------------------------------------------------
                                                   $19,550,550   $18,978,195
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------



    Statements of Operations
    -------------------------------------------------------------------------
                                                    Year ended    Year ended
                                                   December 31,  December 31,
                                                          2008          2007
    -------------------------------------------------------------------------

    Revenues                                       $16,560,810   $15,687,978

    Expenses:
      General and administrative                     1,057,872       875,216
      Interest on long term debt                       407,197       334,877
      Operating                                      8,194,859     7,847,973
      Unit based compensation                          109,664       267,244
      Amortization of property and equipment         3,430,185     2,652,508
    -------------------------------------------------------------------------
                                                    13,199,777    11,977,818
    -------------------------------------------------------------------------

    Income before income taxes                       3,361,033     3,710,160

    Future income taxes                                 22,225       572,515

    -------------------------------------------------------------------------
    Net income for the year                          3,338,808     3,137,645

    Other comprehensive income                               -             -
    -------------------------------------------------------------------------

    Comprehensive net income for the year            3,338,808     3,137,645

    Retained earnings, beginning of year             1,043,393     1,387,807

    Partner distributions declared                  (3,681,735)   (3,482,059)

    -------------------------------------------------------------------------
    Retained earnings, end of year                 $   700,466   $ 1,043,393
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    Net income per unit
      Basic                                              $0.60         $0.60
      Diluted                                            $0.56         $0.57
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    CERF is an Alberta limited partnership engaged in the rental, sale and
service of industrial and construction equipment. CERF trades on the TSX
Venture Exchange under the symbol "CFL.UN" and currently has 5,817,562 units
issued and outstanding."

    Full audited financial statements and notes thereto as well as management
discussion and analysis are available on the SEDAR website at www.sedar.com.

    Neither TSX Venture Exchange nor its Regulation Services Provider (as
    that term is defined in the policies of the TSX Venture Exchange) accepts
    responsibility for the adequacy or accuracy of this release.
    

    %SEDAR: 00022335E




For further information:

For further information: Wayne Wadley, President & CEO at (403) 850-4095
or by email at wwadley@cerflp.com or Ken Stephens CFO at (403) 298-8695 or by
email at kstephens@cerflp.com

Organization Profile

CANADIAN EQUIPMENT RENTAL FUND LIMITED PARTNERSHIP

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