Armtec Infrastructure Income Fund (TSX: ARF.UN - News; the "Fund" or "Armtec") today reported financial results for the first quarter ended March 31, 2007.
Highlights for the Quarter
- Revenue grew by 6.9%
- Gross margin improved to 23.4% from 20.0%
- EBITDA(1) improved by $1.3 million
- 2007 provincial budgets support infrastructure spending
- Declared distributions of $4.0 million
"Armtec's overall revenue growth continued as a result of on-going investments in public infrastructure by all levels of government as well as management's focus on strategic diversity. Our first quarter results are consistent with our seasonal pattern of lower activity, however, this quarter benefited from an unusually large number of projects slated for winter construction," said Charles Phillips, President and Chief Executive Officer. "We also took advantage of the first quarter's slower installation period to build inventory for the busy summer months and make productivity investments to further improve our efficiency. Looking forward, we are pleased that spending levels announced in the 2007 provincial budgets are consistent with the multi-year commitments announced in the last year's budgets."
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