WesternOne Equity Income Fund posted a 45-percent revenue increase in the third quarter, with CA $11.2 million (about U.S. $11 million) compared with $7.7 million for the same period last year. EBITDA jumped 52 percent from $1.58 million a year ago to $2.4 million this year.
For the first nine months of 2010, WesternOne posted CA$35.4 million (about U.S. 34.6 million), a 13.1-percent increase compared with $31.3 million for the first nine months of 2009.
“WesternOne Equity recorded significant year-over-year growth in the third quarter, in which revenue, gross profit and EBITDA grew by 45 percent, 46 percent and 52 percent respectively,” said Darren Latoski, WesternOne CEO. “The execution of our integration and market expansion strategies, along with the improved market condition in Western Canada, gave rise to an organic revenue growth of 11 percent within our existing network of operations. Additional year-over-year growth was achieved due to incremental earnings from the acquisition of On*Site Equipment in April 2010.”
Latoski said the company expected to continue to prosper during the winter months. “Through expanding our construction heat market into the commercial sector in Southern Alberta, we anticipate our operation will benefit from the higher demand for related products and services in this coming winter,” he said. “In B.C., we have seen a gradual improvement in fleet utilization from an oversupply market due to the growth in construction activity. Along with a strong film and production sector, we anticipate the physical demand for rental equipment will continue to improve, therefore leading to higher rental rates and margins, and improved payout percentages.”
Based in Vancouver, B.C., Canada, WesternOne Equity Income Fund is No. 73 on the RER 100.