Armtec Infrastructure Income Fund (TSX: ARF.UN) today reported its financial results for the third quarter ended September 30, 2008.
Highlights:
- Successfully closed seven acquisitions during 2008 executing on the Fund's growth strategy.
- Revenues were the highest in the Fund's history, increasing 116% in the third quarter, and 103% year to date over 2007, as a result of the Con-Force acquisition in 2007 and the Fund's seven acquisitions in 2008.
- EBITDA(1) also set a record at $25.9 million for the quarter, compared to $12.9 million in the comparable period of 2007. Year to date, EBITDA was $43.1 million, compared to $21.1 million in the prior year.
- Distributable cash(1) increased to $22.4 million or $1.32 per unit in the quarter, from $12.2 million, or $1.19 per unit, in the second quarter of 2007. Year to date, distributable cash was $35.4 million or $2.25 per unit, up from $19.3 million or $1.87 per unit in the comparable period in 2007.
- Declared distributions were $9.1 million, or $0.53 per unit, in the third quarter of 2008 up from $4.0 million, or $0.39 per unit in the same period of the prior year. Year to date, declared distributions were $23.3 million, or $1.47 per unit for 2008 up from $12.1 million, or $1.17 per unit in the comparable period of 2007.
"In the third quarter, the Fund set another record with financial results which include strong contributions from our recent acquisitions. These transactions are well on the way to growing the scale and diversity of our business through expansion across regions and product lines. The Fund made good progress in integrating these new operations and maximizing business efficiencies with the goal of establishing a national precast platform and growing a stronger standard products revenue base," said Charles Phillips, President and Chief Executive Officer. "We have also increased our share of the active public infrastructure market across Canada and the agricultural market in Central Canada. The focus for the remainder of the year will be to capitalize on the many opportunities that exist in our expanded base to build a strong and resilient business now and into the future." -- www.cnxmarketlink.com
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