Bird Construction Income Fund announces strong 2010 first quarter financial
results and May, June and July 2010 distributions



TORONTO, May 10 /CNW/ - Bird Construction Income Fund today reported strong 2010 first quarter financial results. Paul Raboud, the C.E.O. of Bird, stated that "the strong financial performance of the Fund was partially based on the execution of contracts relating to infrastructure projects and demonstrates a leadership position that we are developing in this market. The reduction in construction revenues compared to last year is primarily due to a reduction of construction activity in the Alberta oil sands and in the commercial sector company wide. While we are now beginning to see some signs of a recovery in both sectors, we do not expect to see any significant impact on our financial results until 2011. Our Backlog stands at $844 million and does not include two PPP construction contracts awarded in April 2010, which will add approximately $175 million to the March 31, 2010 backlog."

    (000's except per unit data)

                                                          Three months ended
                                                               March 31
                                                           2010       2009
      Construction Revenue                                181,626    210,515
      Investment and other income                             876      1,168
    Total revenues                                        182,502    211,683

    Income before income taxes                             17,753     20,068

    Net income from continuing operations                  14,429     15,482
    Net loss from discontinued operations                       0     (1,727)
                                                         ---------  ---------
    Net income                                             14,429     13,755
                                                         ---------  ---------
                                                         ---------  ---------

    Net income per unit
      From continuing operations                             1.03       1.10
      From discontinued operations                              0      (0.12)
                                                         ---------  ---------
                                                             1.03       0.98
                                                         ---------  ---------
                                                         ---------  ---------

    -   Construction revenue declined by 13.7% compared to 2009, primarily
        due to a slowing of construction activity in the Alberta oil sands.
    -   Income before taxes of $17.8 million was $2.3 million lower in 2010
        than 2009 reflecting the impact of the downturn in the economy.
    -   Net income of $14.4 million was $0.7 million higher than 2009, which
        included a net after-tax loss of $1.7 million resulting from the wind
        down of our Seattle branch.
    -   Working capital increased to $130.5 million at March 31, 2010
        compared to $122.2 million at December 31, 2009.
    -   Backlog of $844.1 million at March 31, 2010 compared to $901.4
        million at December 31, 2009.

Bird Construction Income Fund also announced that its Board of Trustees has approved its regular cash distributions for the months of May, June and July 2010 in the amount of $0.15 per unit each month to be paid as follows:

    i)   the May distribution will be paid June 18, 2010 to the unitholders
         of record as of the close of business May 31, 2010;

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

    iii) the July distribution will be paid August 20, 2010 to unitholders of
         record as of the close of business on July 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: (416) 620-7122, Fax: (416) 620-1516

Organization Profile

Bird Construction Income Fund

More on this organization

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890