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."

Financial Results
(000's except per unit data)
 Three months 
ended March 31
Three months 
ended March 31 
  2010  2009 
Construction revenue $181,626  $210,515 
Investment & 
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
Net income  $14,429  $13,755 
Net income 
per unit from 
continuing operations
 $1.03  $1.10 
Net income 
per unit from
discontinued operations
  $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.

For further information:

Paul Raboud, CEO or
Stephen Entwistle, CFO
Bird Construction Inc.
5403 Eglinton Avenue West
Toronto, ON  M9C 5K6
Phone: 416.620.7122
Fax: 416.620.1516
Bird Construction Income Fund Announces Strong 2010 First Quarter Financial Results And May, June And July 2010 Distributions : News & Media : Bird Construction