Bird Construction Income Fund announces strong Second Quarter results and August, September and October distributions


TORONTO, Aug. 6 /CNW/ - Bird Construction Income Fund today reported strong results for the six months ended June 30, 2010. Net income per unit of $2.13 exceeded last year's comparative amount by $0.02 per unit. Tim Talbott, President and CEO of Bird, stated that "Our earnings are particularly impressive in light of the generally adverse economic conditions in industrial and commercial sectors across Bird's operating areas. The strong earnings performance is based on the execution of contracts relating to PPP projects and demonstrates a leadership position we have developed in this market. The reduction in construction revenues compared to last year is primarily due to a reduction of capital expenditures in the Alberta oil sands and in the commercial sector company wide. While we are now beginning to see some signs of recovery in both sectors, we do not expect to see any significant impact on our financial results in the short term. Our success in the PPP and institutional markets has resulted in our Backlog increasing to just over $1 billion at the end of June 2010, which supports revenues into 2011."

Financial Results
($000s except per unit data - unaudited)
Three months 
ended June 30
Three months 
ended June 30 
Six months ended June 30 Six months
ended June 30
  2010  2009  2010  2009 
Construction revenue $203,866  $224,350  $385,492  $434,865 
Investment & 
other income
 $551  $2,105  $1,427  $3,272 
Total revenues $204,417  $226,455  $386,919  $438,137 
Income before 
income taxes
 $19,514  $20,809  $37,267  $40,877 
Net income from continuing operations $15,440 $16,853  $29,869  $32,335 
Net loss from discontinued operations (911)  -  (2,638) 
Net income  $15,440  $15,942  $29,869  $29,697 
Net income 
per unit from 
continuing operations
 $1.10  $1.20  $2.13  $2.30 
Net income 
per unit from discontinued operations
 -  (0.07)  -  (0.19) 
  $1.10  $1.13  $2.13  $2.11 

  • Construction revenue declined by 11.4% to $385.5 million for the six months ended June 30, 2010 compared to $434.9 million for the six months ended June 30, 2009, primarily due to a reduction in construction activity in the Alberta oil sands.
  • Income before taxes of $37.3 million for the six months ended June 30, 2010 compares to $40.9 million for the six months ended June 30, 2009, primarily resulting from a reduction in 2010 construction revenues.
  • Net income of $29.9 million for the six months ended June 30, 2010 compares to $29.7 million in the six months ended June 30, 2009, which included a net after-tax loss of $2.6 million resulting from the closure of our Seattle branch.
  • Working capital increased to $139.8 million at June 30, 2010 compared to $130.5 million at March 31, 2010 and $122.2 million at December 31, 2009.
  • Backlog of $1,000.2 million at June 30, 2010 compares with $844.1 million at March 31, 2010 and $901.4 million as 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 August, September and October 2010 in the amount of $0.15 per unit each month to be paid as follows;

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

ii) the September distribution will be paid October 20, 2010 to the unitholders of record as of the close of business on September 30, 2010;

iii) the October distribution will be paid November 19, 2010 to unitholders of record as of the close of business on October 29, 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.

For further information: T.J. Talbott, 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
Bird Construction Income Fund Announces Strong Second Quarter Results And August, September And October Distributions : News & Media : Bird Construction