Canadian Equipment Rental Fund Limited Partnership Announces Results for Q2 2009



    TSX Venture Symbol: CFL.UN

    CALGARY, Aug. 27 /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 and six months
ended June 30, 2009.

    
    Highlights of the six month period ended June 30, 2009 were:

    -   Revenue for the six months was $7,127,456.

    -   Net income for the six months was $942,149.

    -   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.

    Although the economy in Edmonton and area has not returned to the level
of activity experienced in the latter half of 2007 and first quarter of 2008,
we have seen a steady improvement in activity in all sectors as well as
increasingly optimistic growth forecasts. 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. Commercial and
infrastructure construction is definitely starting to see the effect of the
stimulus spending by both the Federal and Provincial Governments. Housing
starts in the Edmonton area are up as a result of the price reductions and low
interest rates and condominium construction is showing signs of recovery with
halted projects under construction once again. It is the opinion of management
that rental revenues will slowly improve over the remainder of 2009.

    
    Canadian Equipment Rental Fund Limited Partnership
    Operating as 4-Way Equipment Rentals
    Balance Sheets - Unaudited
    -------------------------------------------------------------------------
                                                       June 30,  December 31,
                                                          2009          2008
    -------------------------------------------------------------------------

    Assets

    Current assets:
      Cash                                        $    108,764  $    227,425
      Accounts receivable                            2,646,784     3,870,472
      Inventory and other                              946,196       796,329
      Prepaid expense                                  176,104       118,242
    -------------------------------------------------------------------------
                                                     3,877,848     5,012,468

    Property and equipment                          14,651,258    14,449,882
    Financial derivatives                               21,724             -
    Prepaid rent                                        88,200        88,200
    -------------------------------------------------------------------------
                                                  $ 18,639,030  $ 19,550,550
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    Liabilities and Partners' Equity

    Current liabilities:
      Accounts payable and accrued liabilities    $  1,115,424  $  1,669,591
      Distributions payable                            699,708       929,476
      Note payable                                     300,000       300,000
      Current portion of long-term debt              1,637,151     1,461,502
    -------------------------------------------------------------------------
                                                     3,752,283     4,360,569

    Long-term debt                                   5,739,443     5,640,673

    Future income taxes                                559,603       594,740
    -------------------------------------------------------------------------
                                                    10,051,329    10,595,982
    -------------------------------------------------------------------------

    Partners' equity:
      Limited Partnership units                      8,322,439     8,272,782
      Unit purchase loans receivable                  (438,659)     (487,877)
      Contributed surplus                              468,246       469,197
      Retained earnings                                235,675       700,466
    -------------------------------------------------------------------------
                                                     8,587,701     8,954,568
    -------------------------------------------------------------------------
                                                  $ 18,639,030  $ 19,550,550
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------



    Statements of Operations - Unaudited
    -------------------------------------------------------------------------
                      Three Months  Three Months    Six months    Six months
                             ended         ended         ended         ended
                           June 30,      June 30,      June 30,      June 30,
                              2009          2008          2009          2008
    -------------------------------------------------------------------------

    Revenue:          $  2,955,470  $  3,717,615  $  7,127,456  $  9,063,214
    -------------------------------------------------------------------------

    Expenses:
      General and
       administrative      308,361       355,125       623,809       611,620
      Interest on long
       term debt            87,372        95,907       163,231       210,780
      Operating          1,778,637     2,079,534     3,794,270     4,241,605
      Unit based
       compensation          6,050        27,645        13,153        61,643
      Amortization of
       property and
       equipment           835,725       843,377     1,665,705     1,674,793

    -------------------------------------------------------------------------
                         3,016,145     3,401,588     6,260,168     6,800,441
    -------------------------------------------------------------------------

    Other:
      Loss (gain) on
       derivatives         (21,724)            -       (21,724)            -

    -------------------------------------------------------------------------
    (Loss) income
     before taxes          (38,951)      316,027       889,012     2,262,733

    Future income
     taxes (recovery)      (68,511)       40,205       (35,137)       48,635

    -------------------------------------------------------------------------
    Net and
     comprehensive
     income           $     29,560  $    275,822  $    924,149  $  2,214,138
    -------------------------------------------------------------------------

    Retained earnings,
     beginning of
     period                901,759     2,067,094       700,466     1,043,393

    Partner
     distributions
     declared             (695,644)     (918,805)   (1,388,940)   (1,833,420)

    -------------------------------------------------------------------------
    Retained earnings,
     end of period    $    235,675  $  1,424,111  $    235,675  $  1,424,111
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    Net income per unit:
      Basic           $       0.00  $       0.05  $       0.16  $       0.40
      Diluted         $       0.00  $       0.05  $       0.16  $       0.37
    -------------------------------------------------------------------------

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

    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 5,842,897 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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