Canadian Equipment Rental Fund Limited Partnership announces first quarter 2009 income of $0.16 per unit



    TSX Venture Symbol: CFL.UN

    CALGARY, May 28 /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 three months ended March
31, 2009.

    
    Highlights of the three month period ended March 31, 2009 were:

    -   Revenue for the quarter amounted to $4,171,986.

    -   Maintained Operating margins at 52% of revenues.

    -   Net income per unit of $0.16 basic.

    -   Distributions of $0.12 per unit were declared for the quarter.
    

    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.

    Mr. Wadley comments "Edmonton and area remains busy in many sectors
despite a slowdown in other areas of the province and country. This is
particularly evident in the ongoing and recent infrastructure project
announcements for new hospitals, recreation and health centers, retail,
commercial and residential real estate development, bridge construction,
utility upgrades and manufacturing facilities of which many of our customers
are directly involved. We are expecting the commercial construction market to
actually accelerate for many of our customers in 2009 compared to levels
experienced in the last half of 2008. Our sales team will continue to
aggressively pursue business from these projects. We are currently working
with our customers as they bid on the several upcoming infrastructure projects
to ensure that we will be able to supply the equipment that they will
require."

    
    Canadian Equipment Rental Fund Limited Partnership
    Operating as 4-Way Equipment Rentals
    Balance Sheets - Unaudited
    -------------------------------------------------------------------------
                                                   March 31,    December 31,
                                                     2009           2008
    -------------------------------------------------------------------------

    Assets

    Current assets:
      Cash                                       $    177,910   $    227,425
      Accounts receivable                           3,580,660      3,870,472
      Inventory and other                             821,249        796,329
      Prepaid expense                                 107,472        118,242
    -------------------------------------------------------------------------
                                                    4,687,291      5,012,468

    Property and equipment                         13,997,425     14,449,882

    Prepaid rent                                       88,200         88,200
    -------------------------------------------------------------------------
                                                 $ 18,772,916   $ 19,550,550
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    Liabilities and Partners' Equity

    Current liabilities:
      Accounts payable and accrued liabilities   $  1,233,221   $  1,669,591
      Distributions payable                           698,107        929,476
      Note payable                                    300,000        300,000
      Current portion of long-term debt             1,452,749      1,461,502
    -------------------------------------------------------------------------
                                                    3,684,077      4,360,569

    Long-term debt                                  5,281,276      5,640,673

    Future income taxes                               628,114        594,740
    -------------------------------------------------------------------------
                                                    9,593,467     10,595,982
    -------------------------------------------------------------------------

    Partners' equity:
      Limited Partnership units                     8,297,851      8,272,782
      Unit purchase loans receivable                 (487,877)      (487,877)
      Contributed surplus                             467,716        469,197
      Retained earnings                               901,759        700,466
    -------------------------------------------------------------------------
                                                    9,179,449      8,954,568
    -------------------------------------------------------------------------
                                                 $ 18,772,916   $ 19,550,550
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------



    Statements of Operations - Unaudited
    -------------------------------------------------------------------------
                                                 Three months   Three months
                                                     ended          ended
                                                   March 31,      March 31,
                                                     2009           2008
    -------------------------------------------------------------------------

    Revenues                                     $  4,171,986   $  5,345,599

    Expenses:
      General and administrative                      315,448        256,495
      Interest on long term debt                       75,859        114,873
      Operating                                     2,015,633      2,162,071
      Unit based compensation                           7,103         33,998
      Amortization of property and equipment          829,980        831,416
    -------------------------------------------------------------------------
                                                    3,244,023      3,398,853
    -------------------------------------------------------------------------

    Income before income taxes                        927,963      1,946,746

    Future income taxes                                33,374          8,430

    -------------------------------------------------------------------------

    Net income and comprehensive income for
     the period                                       894,589      1,938,316

    Retained earnings, beginning of period            700,466      1,043,393

    Partner distributions declared                   (693,296)      (914,615)

    -------------------------------------------------------------------------
    Retained earnings, end of period             $    901,759   $  2,067,094
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    Net income per unit
      Basic                                      $       0.16   $       0.35
      Diluted                                    $       0.15   $       0.33
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    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 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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