Phoenix Technology Income Fund
TSX : PHX.UN

Phoenix Technology Income Fund

April 30, 2008 20:12 ET

Phoenix Technology Income Fund: Report on Record Financial Results for the Three-Month Period Ended March 31, 2008 and Capital Budget Increase

CALGARY, ALBERTA--(Marketwire - April 30, 2008) - Phoenix Technology Income Fund (TSX:PHX.UN) is pleased to report on its financial and operating results for the three-month period ended March 31, 2008. Continued growth and strong demand for the Fund's services in both Canada and the US created record quarterly financial results. For the three-month period ended March 31, 2008, revenue increased by 30 percent to $39.0 million from $30.0 million in 2007. Distributable cash increased by 18 percent in the 2008 period to $10.0 million from $8.5 million in 2007 and the 2008 period's cash payout ratio was 44 percent as compared to 51 percent in 2007.

The Board of Directors of Phoenix Technology Services Inc., Manager for the Phoenix Technology Income Fund, approved a 31% increase in the monthly distributions of the Fund to $0.085 per unit from $0.065 per unit. On an annualized basis this equates to distributions of $1.02 per unit. This distribution increase will be effective for the Fund's May 2008 distribution that will be payable on June 13, 2008 to unitholders of record on May 30, 2008. The increase in the monthly distributions is a direct result of the Fund's strong financial performance in the first quarter of 2008, its current financial condition, and the level of forecasted activity for the balance of 2008.

Due to the forecasted demand for the remainder of 2008, the Fund has increased its overall capital budget by $5.4 million to $20.7 million. The Fund now plans to add an additional six measurement while drilling ("MWD") systems to the previously announced 14 MWD systems and also add numerous related downhole performance drilling motors and other associated equipment. This will leave the Fund with a job capacity of 114 at year end.



(Stated in thousands of dollars except per unit amounts, cash payout ratios
and units outstanding)

Three-months ended March 31, 2008 2007 % Change
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(unaudited) (unaudited)

Operating Results
Revenue 39,011 30,008 30
Net earnings 7,311 5,875 24
Earnings per unit - diluted 0.32 0.26 23
EBITDA (1) 10,615 8,493 25
EBITDA per unit - diluted (1) 0.47 0.37 27
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Cash Flow
Cash flows from operating activities 5,863 5,481 7
Distributable cash (1) 10,015 8,475 18
Distributable cash per unit - diluted (1) 0.44 0.37 19
Cash distributions made 4,376 4,344 1
Cash distributions per unit (2) 0.195 0.195 -
Cash payout ratio (1) 44% 51%
Capital expenditures 5,402 3,439 57
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March 31, December 31,
Financial Position 2008 2007
Working capital 17,406 15,800 10
Long-term debt (3) 1,775 1,775 -
Unitholders' equity 64,077 59,860 7
Fund units outstanding 22,495,960 22,434,044 -
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1. Refer to non-GAAP measures section.
2. Cash distributions on a per unit basis paid in the period.
3. Includes current portion of long-term debt.


NON-GAAP MEASURES

The Fund uses certain performance measures throughout this document that are not recognizable under Canadian generally accepted accounting principles ("GAAP"). These performance measures include earnings before interest, taxes, and depreciation ("EBITDA"), EBITDA per unit, distributable cash, distributable cash per unit, and cash payout ratio. Management believes that these measures provide supplemental financial information that is useful in the evaluation of the Fund's operations. Investors should be cautioned however, that these measures should not be construed as alternatives to measures determined in accordance with GAAP as an indicator of Phoenix's performance. Phoenix's method of calculating these measures may differ from other organizations, and accordingly, these may not be comparable. Please refer to the Non-GAAP measures section.

RESULTS OF OPERATIONS

Led by exceptionally strong growth in the US, consolidated revenue for the three-month period ended March 31, 2008 increased to a record $39.0 million, or by 30 percent, from $30.0 million in the comparable 2007 period. The Canadian and US regions both generated all time record activity levels in the three-month period ended March 31, 2008, where consolidated operating days increased by 51 percent to 4,275 days in the 2008 period as compared to 2,826 days in 2007. Due to new fracturing techniques that allow operators to optimize reservoir recoveries, industry horizontal drilling activity has increased in certain areas such as the Bakken in southern Saskatchewan and North Dakota, the Montney in northeastern BC, and certain shale gas plays in the US. Phoenix has been an active service provider in all of these areas in the first quarter of 2008. The number of horizontal and directional wells drilled made up approximately 42 percent of all wells drilled in Canada and 46 percent of all wells drilled in the US in the first quarter of 2008.

Distributable cash for the three-month period ended March 31, 2008 increased by 18 percent to a record $10.0 million from $8.5 million in the 2007 period. For the three-month period ended March 31, 2008 distributions to unitholders were $4.4 million, or $0.195 per unit, as compared to $4.3 million, or $0.195 per unit, in 2007. The resulting cash payout ratio in the 2008 period was 44 percent compared to 51 percent in 2007.

Due to the strong financial results achieved, the Board of Directors of the Manager for the Fund approved a distribution increase of 31 percent to $0.085 per unit per month from $0.065 per unit per month. This equates to distributions of $1.02 on an annual basis. This distribution increase will be effective for the Fund's May 2008 distribution that will be payable on June 13, 2008 for unitholders of record on May 30, 2008.

EBITDA for the three-month period ended March 31, 2008 was a record $10.6 million, $0.47 per unit diluted, compared to $8.5 million, $0.37 per unit diluted, in 2007; a 25 percent increase. Net earnings for the 2008 period was also a record for the Fund at $7.3 million, $0.32 per unit diluted, which was an increase of 24 percent from $5.9 million, $0.26 per unit diluted in 2007.

In the 2008 quarter, Phoenix added three Current Loop Telemetry electromagnetic ("CLT-EM") MWD guidance systems to its fleet, which now stands at 93 systems. One additional CLT-EM MWD system is expected to be put into service in the second quarter of 2008. After taking this into consideration, the Fund's fleet will be comprised of 50 CLT-EM MWD systems and 44 positive pulse MWD systems. The US operations currently deploy 41 MWD systems, with 52 systems in Canada. Due to continued strong demand and US market expansion, Phoenix plans to add another 10 positive pulse and 10 CLT-EM MWD systems to its fleet in the later part of the third quarter and the fourth quarter of 2008, creating a concurrent job capacity of 114.

REVENUE

The Fund reports its operations through two geographical areas namely, the Canadian provinces of Alberta, Saskatchewan and British Columbia, and the Gulf Coast, Northeast and Rocky Mountain regions of the United States.

Canadian Revenue

For the three-month period ended March 31, 2008, the Fund's Canadian revenue grew by 17 percent to a record $22.3 million from $19.0 million in the comparable 2007 period. Phoenix was able to gain new customers and market share in Canada during a period where industry activity was flat. The number of horizontal and directional wells drilled in the Canadian industry during the three-month period ended March 31, 2008 was 2,160 wells as compared to 2,157 wells in the 2007 period. (Source: Daily Oil Bulletin)

Oil well diversification within the Fund has continued with approximately 39 percent of the Canadian drilling days in the first quarter of 2008 related to oil wells that were drilled in Alberta and Saskatchewan. Through the success of the Remote Access Directional Drilling ("RADD") division, which the Fund used predominantly for shallow gas wells in Alberta, Phoenix realized an increase of 182 percent in the number of shallow gas wells drilled from 65 wells during the first quarter of 2007 to 183 in 2008.

Phoenix's Canadian drilling days increased by 35 percent to 2,460 days in the 2008 period from 1,823 days in 2007. Realized day rates on average were approximately 6 percent lower in the 2008 period as compared to 2007.

United States Revenue

Nevis Energy Services Inc. ("Nevis"), the Fund's wholly owned subsidiary, increased its revenue for the three-month period ended March 31, 2008 by 53 percent to a record $16.7 million from $11.0 million in 2007. Nevis operates predominantly in the natural gas drilling market across the US.

As anticipated, all of its regions reported increases in activity in 2008. In particular the Northeast region, headquartered in Traverse City, Michigan, generated a significant contribution to revenue in the first quarter. Nevis' activity increased in certain shale gas plays in the US as well as the Piceance & Jonah regions in Colorado and Wyoming, and the Bakken area of North Dakota. The Fund also continued its presence as a significant service provider in the Barnett Shale region in Texas. US operating days increased by approximately 81 percent to 1,815 days in the three-month period ended March 31, 2008 from 1,003 days in 2007. Although Nevis realized similar average day rates in both periods, the strengthening of the Canadian dollar that occurred in late 2007 had a large negative impact on Nevis' results reported in Canadian dollars in the 2008 period.

In comparison to Nevis' growth, the US industry, as measured by the average number of horizontal and directional rigs running on a daily basis, increased its activity by 14 percent in the first quarter of 2008 to 821 rigs as compared to 722 rigs in the comparable 2007 period. (Source: Baker Hughes).

In 2008, Nevis opened a new sales office in Dallas, Texas in order to further build its presence in selected areas. It is expected that the US operations will continue to show growth and contribute a healthy percentage of the Fund's overall activity in 2008.

OPERATING COSTS AND EXPENSES

Direct costs are comprised of field and shop expenses and include current period research and development expenditures. Gross profit as a percentage of revenue declined in the 2008 period to 39 percent from 40 percent in 2007, due primarily to the lower day rates realized in Canada and higher third-party rental costs. Due to the record level of activity that occurred during the first quarter of 2008, Phoenix was forced to incur a significant amount of third-party rentals. The Fund has increased and accelerated its 2008 capital expenditure program in order to meet the expected high level of demand for the balance of the year. Research and development costs for both of the three-month periods ended March 31, 2007 and 2008 were $0.3 million.

SG&A costs for the three-month period ended March 31, 2008 increased by approximately $1.5 million to $4.5 million as compared to $3.0 million in 2007. The increase in SG&A costs was due primarily to the addition of sales and support staff in the US regions in mid-2007 and early 2008 to allow for continued growth and expansion. As a percentage of revenue SG&A costs were 11 percent in the 2008 period as compared to 10 percent in 2007.

As a result of past period capital expenditures, depreciation and amortization for the three-month period ended March 31, 2008 increased to $2.0 million from $1.7 million in 2007.

The Fund realized a net gain on disposal of drilling equipment of $416,000 for the three-month period ended March 31, 2008 compared to a net loss of $57,000 in 2007. The disposals relate primarily to equipment lost in well bores and are uncontrollable in nature. The gain or loss is reported net of any asset retirements that are made before the end of their useful lives and self-insured downhole equipment losses, if any.

Income Taxes

The Fund reported an income tax provision of $1.2 million for the three-month period ended March 31, 2008. The effective income tax rate was 15 percent compared to an expected consolidated income tax rate of 29.5 percent. The difference in the two rates was primarily due to the deductibility of declared cash distributions that are allowable in calculating taxable income of the Fund, and a reduction in the Fund's expected tax rate for the year. Under the Income Tax Act , as an investment trust, the Fund is subject to income taxes only on income not distributed to its unitholders.

INVESTMENT

The Fund's investment in drilling and other equipment in the 2008 period was $5.4 million compared to $3.4 million in 2007. The 2008 expenditures comprised predominantly of downhole performance drilling motors and drill collars that were required as a result of the increased activity. The capital expenditures undertaken in the period were financed from cash flow from operations and working capital.

Based on the Fund's strong financial results and forecasted activity for the balance of the 2008-year, the capital budget has been revised from $15.3 million to $20.7 million. This increase includes the addition of six MWD systems and additional downhole performance drilling motors and tubulars required. The planned capital expenditures will be financed from cash flow from operations, by the Fund's unused credit facilities, and/or equity.

As at March 31, 2008, the Fund had working capital of $17.4 million, which was $1.6 million higher than $15.8 million reported at December 31, 2007.

OUTLOOK

Phoenix is very proud that once again it experienced new record activity levels in both Canada and the United States. Activity became robust following the 2007 Christmas holiday season and it remained fairly consistent throughout the entire quarter. The Canadian region's activity slowed in mid-March as expected due to the spring break-up period, and in spite of this, all operating regions achieved additional growth.

With higher forecasted oil and natural gas commodity prices and higher than expected demand for the Fund's services, Phoenix will follow through on two exciting initiatives.

First, the Fund is expanding its 2008 capital expenditure budget from $15.3 million to $20.7 million. This will allow Phoenix to further increase its job capacity through the construction of six additional MWD systems, and the addition of required downhole performance drilling motors. The Fund is now committed to build 20 new MWD systems, which will bring its job capacity to 114 jobs by the end of 2008.

Second, Phoenix announced effective for its May 2008 distribution that it will increase the cash distributions paid to its unitholders from $0.065 per unit per month, or $0.78 per unit per year, to $0.085 per unit per month, or $1.02 per unit per year. This is an increase of 31 percent and is the fourth distribution increase initiated by Phoenix since its conversion to an income fund in June 2004. The Fund is very proud of its distribution history and the returns that it has generated for its unitholders.

Many of Phoenix's successes in the future will be the result of strategic expansion, not just in the US market, but more importantly, into areas throughout North America where operators are utilizing innovative engineering and emerging completion solutions. The Fund has through past expansion initiatives established key marketing and operational centres in these areas throughout North America. In virtually all of these regions not only has horizontal drilling become the mainstream, but it is now a necessity. Long horizontal wells are providing operators with a large increase in exposure to their reservoirs, and management feels that this trend will continue in the future. Due to these positive developments the Fund expects that the percent of wells drilled that require horizontal and directional drilling services will continue to increase.

As always Phoenix will strive to provide its unitholders with consistent distributions and cash flow growth while maintaining a conservatively strong balance sheet.

NON-GAAP MEASURES

1) EBITDA

EBITDA, defined as earnings before interest, taxes, depreciation and amortization, is not a financial measure that is recognized under Canadian GAAP. However, management believes that EBITDA provides supplemental information to net earnings that is useful in evaluating the Fund's operations before considering how it was financed or taxed in various countries. Investors should be cautioned, however, that EBITDA should not be construed as an alternative measure to net earnings determined in accordance with GAAP. Phoenix's method of calculating EBITDA may differ from that of other organizations and, accordingly, its EBITDA may not be comparable to that of other companies.



The following is a reconciliation of net earnings to EBITDA:

Three-months ended March 31,
(Stated in thousands of dollars) 2008 2007
----------------------------------------------------------------------------
Net earnings 7,311 5,875
Add:
Depreciation and amortization 1,989 1,733
Provision for income taxes 1,243 856
Interest on long-term debt 25 25
Other interest 47 4
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EBITDA as reported 10,615 8,493
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Diluted EBITDA per unit is calculated using the treasury stock method whereby deemed proceeds on the exercise of the unit options are used to reacquire fund units at an average unit price. The calculation of EBITDA on a dilutive basis does not include anti-dilutive options.

2) DISTRIBUTABLE CASH

Distributable cash is defined as cash flows generated from operating activities before net changes in non-cash working capital, excluding bad debt provisions, and is not a measure recognized under Canadian GAAP. However, management believes that distributable cash provides supplemental information to cash flows from operating activities that is useful in evaluating the Fund's operating cash flow before considering changes in working capital balances. Management uses this measure to calculate its cash payout ratio to show what percentage of its distributable cash is paid out to its unitholders. Investors should be cautioned, however, that distributable cash should not be construed as an alternative measure to cash flows from operating activities determined in accordance with GAAP. Phoenix's method of calculating distributable cash may differ from that of other organizations and, accordingly, its distributable cash may not be comparable to that of other companies.

The Fund considers its maintenance capital expenditures to be minimal. Maintenance capital would only be relevant to the Fund's retirement of tubular equipment that is subsequently replaced. Typically, lost-in-hole equipment is replaced, but these losses are funded by the proceeds from insurance or customers. In addition, due to the nature of the industry, the Fund's drilling equipment is frequently re-conditioned to an "as new" state with the associated costs expensed and included in the Fund's direct costs. Consequently, the Fund will not make an adjustment to distributable cash for capital maintenance expenditures. The Fund's assumptions used with respect to maintenance capital are believed to be reasonable at the time of preparation; however, no assurance can be given that these assumptions will prove to be correct and, consequently, the Fund's distributable cash could differ materially in the future.



The following is a reconciliation of net earnings to distributable cash:

Three-months ended March 31,
(Stated in thousands of dollars) 2008 2007
----------------------------------------------------------------------------
Net earnings 7,311 5,875
Add (deduct) items not affecting cash:
Depreciation and amortization 1,989 1,733
Future income taxes 693 395
Unrealized foreign exchange loss 102 74
(Gain) / loss on disposition of
drilling equipment (416) 57
Stock-based compensation 331 341
Provision for bad debts 5 -
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Distributable cash 10,015 8,475
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Diluted distributable cash per unit is calculated using the treasury stock method whereby deemed proceeds on the exercise of the unit options are used to reacquire fund units at an average unit price. The calculation of distributable cash per unit on a dilutive basis does not include anti-dilutive options.

3) CASH PAYOUT RATIO

The cash payout ratio is defined as cash distributions made by the Fund in the period divided by its distributable cash for the same period. The cash payout ratio is not a measure recognized under Canadian GAAP. However, management believes the cash payout ratio provides supplemental information that is useful in evaluating the level of cash distributions in relation to the Fund's distributable cash. Investors should be cautioned, however, that the cash payout ratio should not be construed as an alternative measure to other GAAP measures. Phoenix's method of calculating its cash payout ratio may differ from other organizations, and accordingly the cash payout ratio may not be comparable to other companies.

FORWARD-LOOKING STATEMENTS

Certain information set forth in this MD&A, including a discussion of future plans and operations, contains forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements include statements relating to Phoenix's plans, strategies, objectives, expectations, intentions, resources and business activities, which are not guarantees as to future results since there are inherent difficulties in predicting these future results. The use of any of the words: "anticipate", "expect", "project", "may", "will", "should", "believe", "estimate", "forecast", "intends" and similar expressions identify forward-looking statements. Such statements are subject to known and unknown risks and uncertainties, many of which are beyond the Fund's control. These would include the impact of the general state of the economy, oil and natural gas energy price fluctuations, industry conditions, competition from other organizations, weather conditions and the seasonal nature of business, access to third-party suppliers and contractors, changes in government regulation, access to competent employees including senior management, and currency and interest rate fluctuations. In particular, if there is a material downturn in activity levels in the oil and gas industry, there may also be a sudden impact to the Fund's level of cash flow and distributions. The Fund's assumptions used in these forward-looking statements are believed to be reasonable at the time of preparation; however, no assurance can be given that these assumptions will prove to be correct and consequently, the Fund's actual results could differ materially from those implied by or contained in any forward-looking statement. As a result, readers should be cautioned about placing any undue reliance on any forward-looking statement included in this report.

Phoenix is in the business of providing horizontal and directional technology and drilling services in Canada and the United States. In addition to this core business, the Fund also rents downhole, high-performance drilling motors, drilling jars, and other ancillary equipment in Canada. CLT technology which was developed in Phoenix's research and development center is used to manufacture CLT guidance systems for use in the Fund's internal operations, and for short-term leases to other horizontal and directional service providers within North America. The Fund maintains its corporate head office, research & development, Canadian sales, service and operational centers in Calgary, Alberta. The Fund's US operations, conducted through the Fund's wholly owned subsidiary, Nevis Energy Services Inc. ("Nevis"), is headquartered in Houston Texas. Nevis has sales and service facilities in Houston, Texas; Traverse City, Michigan; and Casper, Wyoming. In addition sales offices are located in Denver, Colorado and Dallas, Texas.



Consolidated Balance Sheets

March 31, 2008 December 31, 2007
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ASSETS (unaudited)

Current assets:
Cash and cash equivalents $ 1,226,319 $ 3,008,797
Accounts receivable 36,401,661 29,943,706
Inventory 3,711,693 3,254,756
Prepaid expenses 921,220 574,853
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42,260,893 36,782,112

Drilling and other equipment 42,764,454 39,694,148
Goodwill 8,876,351 8,876,351
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$ 93,901,698 $ 85,352,611
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LIABILITIES AND UNITHOLDERS' EQUITY

Current liabilities:
Bank Indebtedness 2,581,102 2,827,355
Accounts payable and accrued
liabilities 20,311,182 16,631,330
Distributions payable 1,462,238 1,458,187
Income taxes payable 429,650 65,000
Current portion of long-term debt 71,000 -
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24,855,172 20,981,872

Long-term debt 1,704,000 1,775,000
Future income taxes 3,265,691 2,736,000
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29,824,863 25,492,872

Unitholders' equity:
Unitholders' capital 45,273,658 44,812,574
Contributed surplus 3,297,063 3,103,536
Retained earnings 18,672,391 15,741,760
Accumulated other comprehensive income (3,166,277) (3,798,131)
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15,506,114 11,943,629
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64,076,835 59,859,739


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$ 93,901,698 $ 85,352,611
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Consolidated Statements of Earnings


Three months ended March 31
2008 2007
----------------------------------------------------------------------------
----------------------------------------------------------------------------
(unaudited) (unaudited)

Revenue $ 39,011,397 $ 30,008,189
Direct costs $ 23,909,604 $ 18,007,040
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Gross profit 15,101,793 12,001,149
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Expenses
Selling, general and administrative 4,462,512 3,036,385
Depreciation and amortization 1,989,351 1,732,972
Stock-based compensation 330,956 340,869
Foreign exchange loss 108,687 73,961
Interest on long-term debt 25,052 24,395
Other interest 47,318 4,281
(Gain) / loss on disposition of
drilling equipment (415,851) 56,778
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6,548,025 5,269,641

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Earnings before income taxes 8,553,768 6,731,508
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Provision for income taxes
Current 550,187 461,356
Future 692,813 395,000
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1,243,000 856,356
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Net earnings $ 7,310,768 $ 5,875,152
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Earnings per unit - basic $ 0.33 $ 0.26
Earnings per unit - diluted $ 0.32 $ 0.26
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Consolidated Statements of Comprehensive Income

Three months ended March 31
2008 2007
----------------------------------------------------------------------------
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(unaudited) (unaudited)

Net earnings $ 7,310,768 $ 5,875,152
Foreign currency adjustment 631,854 (136,094)

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Comprehensive income $ 7,942,622 $ 5,739,058
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Consolidated Statements of Cash Flows

Three months ended March 31
2008 2007
----------------------------------------------------------------------------
----------------------------------------------------------------------------
(unaudited) (unaudited)

Cash flows from operating activities:
Net earnings $ 7,310,768 $ 5,875,152
Add (deduct) items not affecting cash:
Depreciation and amortization 1,989,351 1,732,972
Future income taxes 692,813 395,000
Unrealized foreign exchange loss 101,924 73,963
(Gain) / loss on disposition of
drilling equipment (415,851) 56,778
Stock-based compensation 330,956 340,869
Provision for bad debts 4,853 -
Change in non-cash working capital (4,152,102) (2,993,680)
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5,862,712 5,481,054
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Cash flows from investing activities:
Proceeds on disposition of drilling
equipment 1,169,279 489,624
Acquisition of drilling and other
equipment (5,401,652) (3,438,998)
Change in non-cash working capital 885,891 (37,490)
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(3,346,482) (2,986,864)
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Cash flows from financing activities:
Proceeds on issuance of units 323,655 75,331
Distributions to unitholders' (4,376,112) (4,343,885)
(Repayment of)/ proceeds from bank
overdraft facility (246,251) 1,995,577
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(4,298,708) (2,272,977)
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(Decrease)/ increase in cash and cash
equivalents (1,782,478) 221,213
Cash and cash equivalents, beginning
of period 3,008,797 1,763,191
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Cash and cash equivalents, end of period $ 1,226,319 $ 1,984,404
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Contact Information

  • Phoenix Technology Services Inc.
    John Hooks
    President and CEO
    (403) 543-4466
    (403) 543-6025 (FAX)
    or
    Phoenix Technology Services Inc.
    Cameron Ritchie
    Senior Vice President Finance and CFO
    (403) 543-4466
    (403) 543-6025 (FAX)
    or
    Phoenix Technology Services Inc.
    Suite 630, 435 4th Avenue SW
    Calgary, Alberta T2P 3A8
    Website: www.phoenixcan.com