VANCOUVER, Nov. 12 /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 nine months ended September 30, 2009.
The results, consisting of WesternOne Equity's unaudited interim financial statements for the three and nine months ended September 30, 2009, and Management's Discussion and Analysis ("MD&A") dated November 12, 2009, are available on SEDAR (www.sedar.com).
"WesternOne Equity achieved a payout percentage of 88.9% for the nine months ended September 30, 2009, down from 89.3% last year. On a trailing twelve month basis this translates to 82.6%, down from 88.1% last year," said Mr. Darren Latoski, Chief Executive Officer. "We are pleased with these results despite challenges faced by the industry under the prevailing economic conditions."
"Physical utilization of our rental fleet emerged from a slow summer and picked up in September and October, thanks to a gradual pickup in construction activity. As winter approaches our winter heat and fuel distribution season will soon follow, and we expect to generate incremental operating cash flow and earnings. Furthermore, our continuing effort to seek new revenue sources will benefit from the effective deployment of our diverse rental fleet and leveraging of market expertise from across our network of operations," continued Mr. Latoski.
Summary Financial Overview For the three months For the nine months
(unaudited) ended September 30, ended September 30,
($000's except unit amounts) 2009 2008 2009 2008
Revenue $ 7,741 $ 8,813 $ 31,326 $ 24,132
Gross Profit 5,494 6,276 21,080 17,142
Gross Margin 71.0% 71.2% 67.3% 71.0%
EBITDA(1) 1,584 2,858 9,180 7,542
Generated(1) $ 883 $ 2,126 $ 7,010 $ 5,979
Distributions Declared 2,092 1,790 6,234 5,342
Distributable Cash per Unit(2) 0.0634 0.1784 0.5075 0.5039
per Unit 0.1500 0.1500 0.4500 0.4500
Payout Percentage 236.9% 84.2% 88.9% 89.3%
Trailing Twelve Month Payout
Percentage 82.6% 88.1%
(1) "EBITDA" refers to earnings before interest, income taxes,
depreciation, amortization, accretion, gain/loss 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). "Distributable
Cash" refers to cash available for distribution to the unitholders by
the Fund. Distributable Cash is not a recognized measure under GAAP
and does not have a standardized meaning prescribed by GAAP. For
further description of EBITDA and Distributable Cash refer to "Non-
GAAP Measures" in the MD&A dated November 12, 2009.
(2) Calculated based on basic weighted average number of units.
Darren Latoski, CEO, and Carlos Yam, CFO, of WesternOne Equity GP Inc. will host a conference call at 4:30pm (Eastern time) or 1:30pm (Pacific time), on Friday, November 13, 2009, to review the financial results and corporate developments for the three and nine months ended September 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 November 13, 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 November 20, 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
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, and a description of these factors can be found under "Risks and Uncertainties" in WesternOne Equity's MD&A dated November 12, 2009, which is available on SEDAR (www.sedar.com).
Although the forward-looking information contained in this press release is based upon what the 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.
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 appreciation.
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 www.weq.ca.
Toronto Stock Exchange: WEQ.UN and WEQ.DB
THE TORONTO STOCK EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT
RESPONSIBILITY FOR THE ADEQUACY OR THE ACCURACY OF THIS RELEASE.
SOURCE WesternOne Inc.
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: firstname.lastname@example.org; 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: email@example.com