Bird Construction Income Fund announces strong third quarter financial
results and November 2009, December 2009, January 2010, and February 2010
distributions

    
    LISTING:  TORONTO STOCK EXCHANGE
    SYMBOL:   BDT.UN
    

TORONTO, Nov. 9 /CNW/ - Bird Construction Income Fund today reported strong results for the nine months ended September 30, 2009. Paul Raboud, the C.E.O. of Bird, stated that "the third quarter results represent a continuation of the solid financial performance Bird reported in the first half of 2009. Despite a reduction in total revenues of approximately 14.5%, our income before taxes of $54.6 million represents a 7.1% increase compared with 2008. 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 pre-recession construction contracts. We are also encouraged by our ability to increase backlog to over $1.0 billion in the third quarter."

    
    Highlights
    ($000 except per unit data - unaudited)

                                      Three months ended   Nine months ended
                                            September 30        September 30
                                      -------------------  ------------------
                                          2009      2008      2009      2008
                                      -------------------  ------------------
    Revenue:
      Construction revenue             229,186   296,119   673,476   788,571
      Investment and other income          968     1,105     4,240     4,197
    Total revenues                     230,154   297,224   677,716   792,768
    Income before income taxes          17,486    19,686    54,633    51,013
    Net income                          14,192    23,403    43,889    46,292
    Earnings per unit                     1.01      1.67      3.12      3.30

    -  Construction revenue declined by 14.6% to $673.5 million for the nine
       months ended September 30, 2009 compared to $788.6 million for the
       nine months ended September 30, 2008.
    -  Income before taxes increased by 7.1% to $54.6 million for the nine
       months ended September 30, 2009 compared to $51.0 million for the nine
       months ended September 30, 2008.
    -  Net income declined by 5.2% to $43.9 million for the nine months ended
       September 30, 2009 compared to $46.3 million for the nine months ended
       September 30, 2008, when net income included a $6.6 million income tax
       recovery.
    -  Working capital increased to $114.3 million at September 30, 2009
       compared to $73.3 million at September 30, 2008 and $83.5 million at
       December 31, 2008.
    -  Backlog of $1,051.2 million at September 30, 2009 compares with
       $940.4 million at June 30, 2009 and $1,104.7 million as 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 November 2009,
December 2009, January 2010 and February 2010 in the amount of $0.15 per unit
each month to be paid as follows;

    i)    the November distribution will be paid December 18, 2009 to the
          unitholders of record as of the close of business on November 30,
          2009;

    ii)   the December distribution will be paid January 20, 2010 to the
          unitholders of record as of the close of business on December 31,
          2009;

    iii)  the January distribution will be paid February 19, 2010 to the
          unitholders of record as of the close of business on January 29,
          2010;

    iv)   the February distribution will be paid March 19, 2010 to the
          unitholders of record as of the close of business on February 26,
          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, President & 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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