Bird Construction Income Fund announces strong 2009 annual financial results and March and April 2010 distributions


TORONTO, March 12 /CNW/ - Bird Construction Income Fund today reported strong 2009 annual financial results. Paul Raboud, the C.E.O. of Bird, stated that "the excellent financial performance of the Fund was based on the execution of contracts in Backlog at the commencement of the fiscal year. Despite a reduction in total revenues of approximately 15.1%, our income before taxes of $71.6 million is effectively the same as the amount reported in 2008, which represented the best earnings performance in the history of the Company. 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 our contracts, many of which were secured prior to the downturn in the economy. We are also pleased with our ability to maintain our Backlog at approximately $901 million in a competitive environment."

Financial Results
($000 except per unit data)
 Three months 
ended Dec.31
Three months 
ended Dec.31 
Year ended
Year ended
  2009 2008  2009  2008 
Construction revenue $204,383  $247,717  $877,859  $1,036,288 
Investment & 
other income (loss)
 $840  (1,065)  $5,080  $3,132 
Total revenues $205,223  $246,652  $882,939  $1,039,420 
Income before 
income taxes
 $16,959  $20,201  $71,592  $71,214 
Net income  $13,024  $14,568  $56,913  $60,860 
Earnings per unit $0.93  $1.04  $4.05  $4.34 

  • Construction revenue declined by 15.3% to $877.9 million for the 2009 year compared to $1,036.3 million for 2008.
  • 2009 income before taxes of $71.6 million was comparable to $71.2 million reported in 2008 reflecting the execution of contracts in Backlog many of which were secured before the downturn in the economy.
  • 2009 net income of $56.9 million was $4.0 million less than that reported in 2008, primarily because of the effect of an income tax benefit recorded in 2008 resulting from certain transactions between entities in the consolidated group of companies which resulted in a reduction to income tax expense of $6.6 million.
  • Working capital increased to $122.2 million at December 31, 2009 compared to $83.5 million at December 31, 2008.
  • Backlog of $901.4 million at December 31, 2009 compared to  $1,104.7 million 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 March and April 2010 in the amount of $0.15 per unit each month to be paid as follows:

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

ii) the April distribution will be paid May 20, 2010 to the unitholders of record as of the close of business on April 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: P.R. Raboud, 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 2009 Annual Financial Results And March And April 2010 Distributions : News & Media : Bird Construction