Canadian Equipment Rental Fund Limited Partnership, which does business as 4-Way Equipment Rentals, reported a 23-percent decline in revenues and earnings in 2009. Revenue was CA $13.1 million (about U.S. $13 million), compared with CA $17.1 in 2008.
CERF, based in Calgary, Alberta, Canada, posted full-year earnings of $420,952, 7 cents per diluted share, compared with $3.3 million or 56 cents per diluted share in 2008.
Noting the worldwide economic downturn, CERF president Wayne Wadley said: “Canadian Equipment Rental Fund LP was affected but survived, thanks in large part to our product and customer diversity, our conservative fiscal policies, and the growth we have delivered over the past four years. Our experience taught us that all recessions end and while the strategy not to make deep cuts would cause us some short-term pain in 2009, when the recession finally ended we would be in good position to benefit from the recovery.”
Wadley said the company for the most part resisted cutting staff and fleet. “Skilled labor is essential to our services and investing in people has always been a key to our success,” he said. “In the future, other rental companies will struggle to attract key personnel and rebuild their rental fleets to meet the renewed customer demand. Because of our longer-term strategies, we feel we will be ahead of these competitors.”
Wadley said he expects a stronger performance in 2010.