WesternOne Equity Income Fund posted a 9.8 percent revenue increase for the year 2009, with total revenue at CA$41.7 million (about U.S. $41 million), compared with 2008 total revenue of CA$37.6 million.
However, more indicative of recent trends, WesternOne posted $10.3 million in fourth-quarter revenue, compared with $13.4 million for the same period in 2008, a 23.2-percent decrease.
EBITDA for the year was CA$11.9 million, a 2.2-percent increase compared with CA$11.6 million, which the company posted in 2008. Fourth-quarter EBITDA declined 34.2 percent from CA$4.1 million in the fourth quarter of 2008, to CA$2.7 million in 2009.
“We are pleased with the 2009 financial results and our ability to continue a strong track record of delivering monthly distribution to our unitholders, despite the economic challenges faced by the industry throughout the year,” said CEO Darren Latoski. “Our entry into the fuel distribution market in late 2008 was an effective strategy in enhancing unitholders’ value. In addition to generating an incremental and stable source of cash flow, the fuel distribution business forms part of an important strategy to diversify our product offering and achieve our goal of a year-round operating model.
“With the gradual economic recovery since late 2009/early 2010, the construction sector in western Canada will benefit from an increase in activity as well as growth in demand for equipment rentals and related services. We will continue to facilitate internal growth efficiency through leveraging our diversified product lines and network of operations. At the same time we will also seek external growth by pursuing accretive acquisition opportunities that will supplement our existing platform businesses.”
Based in Vancouver, B.C., Canada, WesternOne Equity Income Fund has acquired about a half-dozen rental businesses in western Canada during the past few years as well as a propane-distribution business. The company continues to seek to acquire equipment, fuel distribution and infrastructure-related businesses located primarily in British Columbia, Alberta and Saskatchewan. The company is No. 81 on the RER 100.