WesternOne Equity Income Fund Announces Release of Q2 2009 Financial Results and Schedules Conference Call

    VANCOUVER, Aug. 13 /CNW/ - WesternOne Equity Income Fund ("WesternOne
Equity") (Toronto Stock Exchange: WEQ.UN and WEQ.DB) today announced the
release of its financial results for the three and six months ended June 30,
    The results, consisting of WesternOne Equity's unaudited interim
financial statements for the three and six months ended June 30, 2009, and
Management's Discussion and Analysis ("MD&A") dated August 13, 2009, are
available on SEDAR (www.sedar.com).

    Financial Highlights

    -   The Fund increased its cash balance by $4.3 million since
        December 31, 2008.

    -   The Fund reduced bank debts by $2.8 million during the six months
        ended June 30, 2009.

    -   The Fund achieved a payout percentage of 67.6% for the six months
        ended June 30, 2009.

    Summary Financial Overview     For the three months   For the six months
    (unaudited)                       ended June 30,        ended June 30,
    ($000's except unit amounts)     2009       2008       2009       2008
    Revenue                        $  9,485   $  7,952   $ 23,585   $ 15,319
    Gross Profit                      6,494      5,694     15,586     10,866
    Gross Margin                      68.5%      71.6%      66.1%      70.9%
    EBITDA(1)                         2,584      2,335      7,596      4,684

    Distributable Cash
     Generated(1)                  $  1,826   $  1,873   $  6,127   $  3,854
    Distributions Declared            2,085      1,781      4,142      3,553
    Distributable Cash per Unit(2)   0.1314     0.1589     0.4408     0.3255
    Distributions Declared per
     Unit                            0.1500     0.1500     0.3000     0.3000
    Payout Percentage                114.2%      95.1%      67.6%      92.2%
    Coverage Ratio                    0.88x      1.05x      1.48x      1.08x

    (1) See definition of EBITDA, and Distributable Cash under "Non-GAAP
        Measures" below.
    (2) Calculated based on basic weighted average number of units.

    "We are pleased with the Fund's year-to-date operating results," said Mr.
Darren Latoski, Chief Executive Officer. "We attribute the year-to-date payout
percentage of 67.6% to our management's tireless effort to seek new revenue
sources and identify new business opportunities by means of leveraging the
Fund's diversified product offering and geographical network established
through previous acquisitions. We continue to believe that this is an
effective strategy to address the current economic issues, strengthen our
financial position and allow us to deliver stable distributions to our

    Conference Call

    Darren Latoski, CEO, and Carlos Yam, CFO, of WesternOne Equity GP Inc.
will host a conference call at 5:15pm (Eastern time) or 2:15pm (Pacific time),
on Monday, August 17, 2009, to review the financial results and corporate
developments for the three and six months ended June 30, 2009.
    To participate in this conference call, please dial one of the following
numbers approximately 10 minutes prior to the commencement of the call, and
ask to join the WesternOne Equity conference call.

    Dial in numbers:  Toll Free from Canada and USA.......... 1-866-212-4491
                      International or Local Toronto......... 1-416-800-1066

    Conference Call Replay:

    If you cannot participate on August 17, a replay of the conference call
will be available by dialing one of the following replay numbers. You will be
able to dial in and listen to the conference 60 minutes after the meeting end
time, and the replay will be available until August 24, 2009. Please enter the
Replay ID number 2589493 followed by the pound key.

    Replay Dial In    Toll Free from Canada or the USA....... 1-866-583-1035
                      International..................... 011-44-208-196-1998

    Forward-Looking Information

    Certain statements in this press release may constitute "forward-looking"
information that involves known and unknown risks, uncertainties and other
factors, and it may cause actual results, performance or achievements or
industry results, to be materially different from any future results,
performance or achievements expressed or implied by such forward-looking
information. Forward-looking information is identified by the use of terms and
phrases such as "anticipate", "believe", "could", "estimate", "expect",
"intend", "may", "plan", "predict", "project", "will", "would", and similar
terms and phrases, including references to assumptions. Such information may
involve but is not limited to comments with respect to strategies,
expectations, planned operations or future actions.
    Forward-looking information reflects current expectations of management
regarding future events and operating performance as of the date of this press
release. Such information involves significant risks and uncertainties, should
not be read as guarantees of future performance or results, and will not
necessarily be accurate indications of whether or not such results will be
achieved. A number of factors could cause actual results to differ materially
from the results discussed in the forward-looking information, including, but
not limited to, the following factors: reliance on key personnel, financial
health of WesternOne Equity's subsidiaries and their related cash flows,
failure to realize anticipated benefits of acquisitions, regulation, general
economic conditions and levels of economic activity, current financial
conditions, growth initiatives, competition, interest rates, labour shortages,
employee relations, seasonality, weather, resale of rental equipment,
equipment availability, supply disruptions, environmental regulation and
health and safety matters, import product restrictions and foreign trade
risks, financing constraints, insurance coverage, dependence on information
systems and technology, dependence upon WesternOne Equity LP to fund cash
distributions, cash distributions are not guaranteed and will fluctuate with
the performance of subsidiaries, distributions are discretionary, nature of
the Units, limited liability, unpredictability and volatility of Unit prices,
attributes of securities distributed on redemption of Units and termination of
WesternOne Equity, dilution, leverage and restrictive covenants, investment
eligibility, impact of changes to tax treatment of income trusts or dividend
tax credits, tax incentives offered by government for film and production
services, taxation of WesternOne Equity and WesternOne Equity LP, nature of
distributions, limitations on future growth and cash flow, restrictions on the
ownership of units by non-residents of Canada, indemnities under acquisition
agreements and unitholders are not afforded certain statutory rights. A
description of these factors can be found under "Risks and Uncertainties" in
WesternOne Equity's MD&A dated August 13, 2009, which is available on SEDAR
    Although the forward-looking information contained in this press release
is based upon what WesternOne Equity's management believes to be reasonable
assumptions, WesternOne Equity cannot assure investors that actual results
will be consistent with such information. Forward-looking information reflects
management's current beliefs and is based on information currently available
to WesternOne Equity. Such information reflects current assumptions regarding
future events and operating performance including, without limitation,
stability in the economy in western Canada, interest rates and the equipment
rental and sales and fuel wholesale markets in which WesternOne Equity
operates, and speaks only as of the date of this press release. The
forward-looking information is made as of the date of this press release and
WesternOne Equity assumes no obligation to update or revise such information
to reflect new events or circumstances, except as may be required by
applicable law.

    Non-GAAP Measures

    References in this press release to "EBITDA" are to earnings before
interest, income taxes, depreciation, amortization, accretion, gains/losses on
financial derivatives relating to changes in the fair market value of the
fixed interest rate swap, foreign exchange gains/losses, and write-down of
fleet assets, intangible assets and goodwill (if any). EBITDA is a measure
used by many investors to compare issuers on the basis of ability to generate
cash flow from operations. EBITDA is not an earnings measure recognized by
GAAP, does not have standardized meanings prescribed by GAAP and is therefore
unlikely to be comparable to similar measures presented by other issuers.
WesternOne Equity's management believes that EBITDA is an important
supplemental measure in evaluating WesternOne Equity's performance and in
determining whether to invest in Units.
    Readers of this information are cautioned that EBITDA should not be
construed as an alternative to net income or loss determined in accordance
with GAAP as indicators of WesternOne Equity's performance or to cash flows
from operating, investing and financing activities as measures of WesternOne's
liquidity and cash flows. WesternOne Equity's method of calculating EBITDA may
differ from the methods used by other issuers and, accordingly, WesternOne
Equity's EBITDA may not be comparable to similar measures presented by other
    References in this press release to "Distributable Cash" are to cash
available for distribution to the unitholders by WesternOne Equity.
Distributable Cash is not a recognized measure under GAAP and does not have a
standardized meaning prescribed by GAAP. Canadian open-ended income trusts,
such as WesternOne Equity, use distributable cash as an indicator of financial
performance and it should not be seen as a measurement of liquidity or a
substitute for comparable metrics prepared in accordance with GAAP. WesternOne
Equity's Distributable Cash may differ from similar computations as reported
by other issuers and, accordingly, may not be comparable to distributable cash
as reported by such issuers. WesternOne Equity's management believes that, in
addition to net income, Distributable Cash is a useful supplemental measure
that may assist investors in assessing the return on their investment in

    About WesternOne Equity

    WesternOne Equity seeks to acquire equipment and infrastructure related
businesses located primarily in the western Canadian provinces of British
Columbia, Alberta and Saskatchewan, in order to generate stable and growing
distributions to its unitholders as well as to achieve overall capital

    Additional Information

    Additional information relating to WesternOne Equity, including
WesternOne Equity's Annual Information Form and other public filings, is
available on SEDAR at www.sedar.com or on WesternOne Equity's website at

    Trading Symbols
    Toronto Stock Exchange: WEQ.UN and WEQ.DB


For further information:

For further information: Carlos Yam, Chief Financial Officer, WesternOne
Equity Income Fund, Suite 910, 925 West Georgia Street, Vancouver, BC, V6C
3L2, Phone: (604) 678-4042, E-mail: cyam@weq.ca; Investor Relations: For
investor relations information, please contact: Andrew Greig, Manager of
Investor Relations, WesternOne Equity Income Fund, Suite 910, 925 West Georgia
Street, Vancouver, BC, V6C 3L2, Phone: (604) 678-4042, E-mail: agreig@weq.ca

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