Stephenson's Rental Services Income Fund last week announced results for the period ended Sept. 30, 2005. The results are the first to be issued by the fund and reflect Stephenson's operations as an income trust for the 65-day period from July 28, 2005, the date of completion of the fund's initial public offering, to Sept. 30, 2005.
EBITDA for the 65-day period was up 6.1 percent to CD $2.5 million compared to CD $2.4 million in 2004. Rental revenue, a key indicator, grew by 3 percent to CD $7 million. Used equipment sales were down CD $0.5 million, resulting in total revenue of CD $8.2 million an overall decline of 3.3 percent from 2004.
"The operational performance and financial results posted by the fund in its first 65 days are consistent with the positive historical performance detailed during our initial public offering process, and are a direct result of leveraging our competitive advantages to successfully execute our business plan,” said William Swisher, president and CEO of the fund. “Our positive results also demonstrate the benefits of a number of recent specific initiatives undertaken by the fund's management team, including significant capital expenditures in the first half of 2005, an addition to our store branch network and recent management appointments.”
Mississauga, Ontario-based Stephenson’s Rental Service is No. 48 on the RER.
