Vancouver, B.C., Canada-based WesternOne Equity, which has developed a rental network based on the acquisition of several rental companies in western Canada, last week posted a 32.5-percent third-quarter volume increase and a 46.7-percent volume increase for the first nine months of 2008. The increases are largely based on acquisitions that have increased the size of WesternOne’s business.
Revenue for the third quarter was CD $8.8 million (about U.S. $7.2 million), compared with $6.6 million for the same period last year. Revenue for the first eight months was $24.1 million, compared with $16.4 million for the year-ago period.
The acquisitions of C&N Rentals and Deerfoot Rentals in the first quarter of 2008 contributed about $2.1 million in incremental revenue.
The previously operating companies, Production Equipment and Old Country Rentals, contributed third-quarter revenue of $6.7 million, compared to $6.6 million for the year-ago quarter. Revenue from rental and service operation achieved organic growth of 9.6 percent, from $5.01 million to $5.49 million because of strong activities in the construction and vessel maintenance sectors in the summer months.
Gross profit jumped 30.3 percent, or $1.46 million for the three months ended Sept. 30, with $1.37 million coming from C&N and Deerfoot. PE and OCR contributed $4.89 million, compared to $4.74 for the same period a year ago.
EBITDA was $2.86 million for the third quarter, compared to $2.79 million for the third quarter of 2007.
