Canadian Equipment Rental Fund’s revenues leapt 28.7 percent in the third quarter compared to the same period a year ago, posting CA $3.275 million (about U.S. $3.24 million) compared to $2.54 million in the same period a year ago. Revenue for the first nine months of 2010 was CA $10 million, compared to $9.8 million a year ago.
EBITDA for the period was $3.14 million.
Wayne Wadley, CEO of the Calgary, Alberta, Canada-based company said the improvement was “driven by increasing demand for our products and services relating to the improving economy in the sectors we service. The first half of 2010 was hampered by a warm and wet spring, which reduced the demand for winter equipment and put many construction projects on hold as it was too wet to continue. Also some projects were put on hold due to the tightening of credit caused by the fear of a worsening economy related to the crisis in Europe. With those events behind us, we have seen a significant increase in revenues for the third quarter, which is continuing into the fourth quarter of 2010. We feel that this trend will continue into and throughout 2011.”