Bird Construction Income Fund announces strong 2009 annual financial results
and March and April 2010 distributions



TORONTO, March 12 /CNW/ - Bird Construction Income Fund today reported strong 2009 annual financial results. Paul Raboud, the C.E.O. of Bird, stated that "the excellent financial performance of the Fund was based on the execution of contracts in Backlog at the commencement of the fiscal year. Despite a reduction in total revenues of approximately 15.1%, our income before taxes of $71.6 million is effectively the same as the amount reported in 2008, which represented the best earnings performance in the history of the Company. The reduction in revenues is a reflection of the state of the economy, while our higher pre-tax earnings are a result of favourable margins realized on our contracts, many of which were secured prior to the downturn in the economy. We are also pleased with our ability to maintain our Backlog at approximately $901 million in a competitive environment."

    ($000 except per unit data)
                                      Three months ended       Year ended
                                          December 31          December 31
                                   --------------------- --------------------
                                       2009       2008       2009       2008
                                   --------------------- --------------------

      Construction revenue          204,383    247,717    877,859  1,036,288
      Investment and other income
       (loss)                           840     (1,065)     5,080      3,132
    Total revenues                  205,223    246,652    882,939  1,039,420
    Income before income taxes       16,959     20,201     71,592     71,214
    Net income                       13,024     14,568     56,913     60,860
    Earnings per unit                  0.93       1.04       4.05       4.34

    -   Construction revenue declined by 15.3% to $877.9 million for the
        2009 year compared to $1,036.3 million for 2008.
    -   2009 income before taxes of $71.6 million was comparable to
        $71.2 million reported in 2008 reflecting the execution of contracts
        in Backlog many of which were secured before the downturn in the
    -   2009 net income of $56.9 million was $4.0 million less than that
        reported in 2008, primarily because of the effect of an income tax
        benefit recorded in 2008 resulting from certain transactions between
        entities in the consolidated group of companies which resulted in a
        reduction to income tax expense of $6.6 million.
    -   Working capital increased to $122.2 million at December 31, 2009
        compared to $83.5 million at December 31, 2008.
    -   Backlog of $901.4 million at December 31, 2009 compared to
        $1,104.7 million 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 March and April 2010 in the amount of $0.15 per unit each month to be paid as follows:

    i)  the March distribution will be paid April 20, 2010 to the unitholders
        of record as of the close of business on March 31, 2010;

    ii) the April distribution will be paid May 20, 2010 to the unitholders
        of record as of the close of business on April 30, 2010.

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.

SOURCE Bird Construction Income Fund

For further information: For further information: P.R. Raboud, 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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