Westshore Terminals Income Fund
TSX : WTE.UN

Westshore Terminals Income Fund

November 03, 2006 20:00 ET

Westshore Terminals Income Fund: 2006 Third Quarter Report

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 3, 2006) - Westshore Terminals Income Fund (TSX:WTE.UN) announced today its earnings for the third quarter ending September 30, 2006. Please see attached Report to Unitholders for details.

Westshore Terminals Income Fund

Third Quarter Report

For the nine months ended September 30, 2006

Dear Unitholders:


The cash inflows of Westshore Terminals Income Fund (the "Fund") are based on the distributions received from the operations of Westshore Terminals Limited Partnership ("Westshore"). The earnings and distributable cash of the Fund are wholly dependent on the results of Westshore. Westshore's results are determined largely by the volume of coal shipped by its coal mine customers for sale in the export market, the rates charged by Westshore and Westshore's costs. Westshore's throughput charges for approximately half of the coal it handles are calculated at present by reference to coal prices. Higher prices for hard coking coal resulted in Westshore's principal customer achieving much higher average settlement prices for the 2005/06 coal year (ending March 31, 2006) compared to the 2004/05 coal year. For the 2006/07 coal year, Westshore's principal customer is achieving coal prices at approximately US$109 per tonne, down from prices of approximately US$124 in the last coal year, but still up significantly compared to the 2004/05 coal year. As Westshore has some exposure to fluctuations in exchange rates (as a result of pricing mechanisms under its customer contracts), Westshore has engaged in limited currency hedging arrangements to provide some partial shielding from material short-term swings in the CDN/US dollar exchange rate.

Westshore Terminals Income Fund

- Management's Discussion and Analysis of Financial Condition and Results of Operations

This management's discussion and analysis refers to certain measures other than those prescribed by Canadian Generally Accepted Accounting Principles ("GAAP"). These measures do not have standardized meanings and may not be comparable to similar measures presented by other trusts or corporations. They are however determined by reference to the Fund's financial statements. These non-GAAP measures are discussed because the Fund believes that they provide investors with valuable information in understanding the results of the Fund's operations and financial position. EBITDA is a non-GAAP measure and its calculation may not be consistent from company to company. The unaudited financial results along with management's discussion and analysis contained in this report should be read in conjunction with the consolidated audited financial statements and notes thereto included in the Fund's Annual Report for the year ended December 31, 2005. The date of this management's discussion and analysis and results of operations is November 3, 2006.

The following table sets out selected consolidated financial information for the Fund for the quarter ended September 30, 2006. As at November 3, 2006, the Fund had 70,381,111 issued and outstanding trust units.



------------------------------------------------------------------------
------------------------------------------------------------------------
(In thousands of dollars Three Months Ended Three Months Ended
except per unit amounts) September 30, September 30,
2006 2005
$ $
------------------------------------------------------------------------
REVENUE
Coal 36,741 46,063
Other 1,184 4,190
------------------------------------------------------------------------
37,925 50,253
EXPENSES
Operating 17,980 16,762
Administrative 1,857 4,109
------------------------------------------------------------------------
19,837 20,871
Earnings before depreciation and
income taxes 18,088 29,382
Depreciation 5,405 5,728
------------------------------------------------------------------------
Earnings before income taxes 12,683 23,654
Recovery of income taxes 9 (446)
------------------------------------------------------------------------
------------------------------------------------------------------------
Net earnings for the period 12,692 23,208
------------------------------------------------------------------------
------------------------------------------------------------------------
Net earnings per trust unit 0.180 0.330
------------------------------------------------------------------------
Adjusted EBITDA
Earnings before depreciation and
income taxes 18,088 29,382
Add:
Unrealized losses (gains) on
forward exchange contracts 1,456 (2,284)
------------------------------------------------------------------------
Adjusted EBITDA 19,544 27,098
------------------------------------------------------------------------
------------------------------------------------------------------------
Distributions declared 21,818 26,745
------------------------------------------------------------------------
------------------------------------------------------------------------
Distributions declared per trust
unit 0.310 0.380
------------------------------------------------------------------------
------------------------------------------------------------------------


The following tables set out selected consolidated financial information for the Fund on a quarterly basis for the last eight quarters.



--------------------------------------------------------------------------
--------------------------------------------------------------------------
(In thousands of dollars except
per unit amounts) Three Months Ended
---------------------------------------------------
Sep 30, 2006 Jun 30, 2006 Mar 31, 2006 Dec 31, 2005
$ $ $ $
--------------------------------------------------------------------------
Revenue
Coal 36,741 41,583 38,463 43,523
Other 1,184 2,869 858 1,898
--------------------------------------------------------------------------
37,925 44,452 39,321 45,421
Expenses
Operating 17,980 15,256 15,739 16,436
Administrative 1,857 2,577 1,739 2,077
--------------------------------------------------------------------------
19,837 17,833 17,478 18,513
--------------------------------------------------------------------------
Earnings before
depreciation and
income taxes 18,088 26,619 21,843 26,908
Depreciation 5,405 5,404 5,405 6,224
--------------------------------------------------------------------------
Earnings before
income taxes 12,683 21,215 16,438 20,684
Recovery of
(provision for)
income taxes 9 - - 42,267
--------------------------------------------------------------------------
--------------------------------------------------------------------------
Net earnings for
the period 12,692 21,215 16,438 62,951
--------------------------------------------------------------------------
--------------------------------------------------------------------------
Net earnings per
trust unit 0.180 0.301 0.234 0.894
--------------------------------------------------------------------------
--------------------------------------------------------------------------
Cash Distributions
declared 21,818 19,003 20,411 27,097
--------------------------------------------------------------------------
--------------------------------------------------------------------------
Cash Distributions
per unit 0.310 0.270 0.290 0.385
--------------------------------------------------------------------------
--------------------------------------------------------------------------
Distribution of units
in lieu of cash - - - 1,540
--------------------------------------------------------------------------
--------------------------------------------------------------------------
Distribution of units
in lieu of cash per unit - - - 0.022
--------------------------------------------------------------------------
--------------------------------------------------------------------------


--------------------------------------------------------------------------
--------------------------------------------------------------------------
(In thousands of dollars except
per unit amounts) Three Months Ended
---------------------------------------------------
Sep 30, 2005 Jun 30, 2005 Mar 31, 2005 Dec 31, 2004
$ $ $ $
--------------------------------------------------------------------------
Revenue
Coal 46,063 43,969 31,692 29,323
Other 4,190 (1,622) 21 5,547
--------------------------------------------------------------------------
50,253 42,347 31,713 34,870
Expenses
Operating 16,762 17,237 16,339 17,390
Administrative 4,109 1,562 1,392 1,725
--------------------------------------------------------------------------
20,871 18,799 17,731 19,115
--------------------------------------------------------------------------
Earnings before
depreciation and
income taxes 29,382 23,548 13,982 15,755
Depreciation 5,728 5,728 5,728 5,850
--------------------------------------------------------------------------
Earnings before
income taxes 23,654 17,820 8,254 9,905
Recovery of
(provision for)
income taxes (446) (1,239) 2,222 2,284
--------------------------------------------------------------------------
Net earnings for
the period 23,208 16,581 10,476 12,189
--------------------------------------------------------------------------
--------------------------------------------------------------------------
Net earnings per
trust unit 0.330 0.236 0.149 0.173
--------------------------------------------------------------------------
--------------------------------------------------------------------------
Cash Distributions
declared 26,745 14,076 14,076 16,891
--------------------------------------------------------------------------
--------------------------------------------------------------------------
Cash Distributions
per unit 0.380 0.200 0.200 0.240
--------------------------------------------------------------------------
--------------------------------------------------------------------------


Results of Operations

In the third quarter of 2006, Westshore shipped approximately 4.8 million tonnes of coal, compared with 5.2 million tonnes shipped during the same period in 2005. Lower shipment levels during the third quarter of 2006 were due to lower shipments from Westshore's primary customer Elk Valley Coal Partnership (the "Coal Partnership").

Fording Canadian Coal Trust owns 60% of the Coal Partnership, which is Westshore's largest customer and accounted for 92% of the terminal's throughput by volume in 2005. Fording's third quarter report provides guidance that it expects a range of total sale tonnages of between 22 and 23 million tonnes for the 2006 calendar year. Based on this and other available information, Westshore anticipates its throughput for 2006 will be in the range of 18 to 19 million tonnes.

Coal loading revenue decreased to $36.7 million in the third quarter of 2006 from $46.1 million in the third quarter of 2005. The decrease in revenue was due to declines in both loading rates and volumes. The average loading rate in the third quarter of 2006 was $7.73 per tonne compared to $8.82 per tonne for the same period in 2005. Lower rates in Q3 2006 reflect the lower coal prices for the 2006/07 coal year.

Other revenue was $1.2 million in the third quarter of 2006 as compared to $4.2 million in the third quarter of 2005. Unrealized hedging losses, net of foreign exchange, were $1.5 million in the three months ended September 30, 2006, compared to unrealized gains of $2.3 million in the third quarter of 2005. Realized hedging gains in the third quarter of 2006 increased by $0.6 million from the third quarter in 2005. (See "Currency Fluctuations"). Demurrage and train detention costs declined by $0.3 million from the same period in 2005.

Operating expenses increased from $16.8 million in the third quarter of 2005 to $18.0 million for the third quarter of 2006. This was primarily due to the $1.4 million major rebuild of a stacker reclaimer during the quarter partially offset by lower lease rates as a result of the lower volumes. Administrative expenses declined from $4.1 million in 2005 to $1.9 million in 2006 due to lower management incentive fee accruals for the quarter as such accruals have been made throughout 2006, and due to lower legal and other consulting fees during the same period.

As a result of the foregoing, Westshore's earnings before depreciation and income taxes decreased to $18.1 million for the third quarter of 2006 compared to $29.4 million for the same period in 2005.

The Fund has not provided for income taxes in 2006 as the income of the Fund is distributed to and taxed in the hands of unitholders. The income tax recovery in the current year represents a true-up of the prior year provision to actual amounts received.

Contract Rate Review

Under the contract that covers coal from the Elkview mine (the "Elkview Contract"), the Coal Partnership gave notice on September 30, 2004 requesting a review of the loading rate. The rate charged by Westshore for coal loaded under the Elkview Contract is a function of the Canadian dollar price received for such coal. The matter was heard before an arbitrator, as provided in the Elkview Contract, and a decision was made in favour of Westshore on July 13, 2006 confirming that there will be no changes to the formula determining the loading rate which will run through the end of the contract term to March 31, 2010. The Coal Partnership has been granted leave to appeal the arbitrator's decision to the Supreme Court of British Columbia.

Westshore's other contract with the Coal Partnership is the Port Services Agreement made February 21, 2003 which covers coal from the Fording River mine, the Greenhills mine and the Coal Mountain mine. That contract contains a provision which allows either party, no later than October 1, 2006, to request a review of the charges under the contract. Any change to the charges would be effective April 1, 2007 for the remaining term to 2012. In late August 2006, the Coal Partnership sent notice to Westshore requesting a review of the charges. Negotiations concerning the possibility of a change in rate have commenced as is provided for under the agreement. If negotiations are unsuccessful, the matter would be determined by arbitration, likely to be held some time in 2007.

Westshore Lease Extension and Capital Project

Westshore has negotiated a conditional lease extension with the Vancouver Port Authority (the "VPA") which would extend the lease term to December 31, 2026 and give Westshore further rights to extend the lease term to December 31, 2046. The only outstanding condition was receipt from the VPA of a project permit for the capital upgrade. The permit was granted on November 2, 2006. The cost of the upgrade is anticipated to be approximately $45 million (in 2006 dollars). The upgrade is anticipated to take approximately two years to complete and will increase Westshore's annual throughput capacity to approximately 29 million tonnes.

Currency Fluctuations

Since sale prices for coal are set in US dollars, Westshore is exposed to variations in its loading rate within a coal year by reason of changes in the Canadian-US dollar exchange rate. Since April 1, 2003, the loading rates under most of Westshore's long-term handling contracts have depended in whole or in part on the Canadian dollar price realized by Westshore's customer for coal handled by Westshore. To mitigate its risk, Westshore has engaged in periodic hedging activities pursuant to a flexible policy under which Westshore may hedge a portion of its anticipated US dollar related revenues for the coming year, based on its annual budget.

In the financial statements, the effect of currency fluctuations is shown as impacting coal loading revenues before taking into account the effect of hedging activities, the financial effect of which is accounted for as other revenue. As stated in the audited Financial Statements of the Fund for the year ending December 31, 2005, because Westshore's hedging transactions do not qualify for "hedge accounting", the value of Westshore's forward exchange contracts must be "marked to market" at each period end. On this basis, other revenue for the first nine months ended September 30, 2006 included an unrealized loss on forward exchange contracts of $3.2 million, compared to a loss of $1.4 million for the first nine months of 2005. The unrealized gains and losses are non-cash items. The cash effect of the hedging program is recognized in other revenue as the forward exchange contracts mature. For the third quarter of 2006, the inclusion in other revenue on account of settled contracts was $1.9 million, compared to $1.3 million in 2005.

Liquidity and Capital Resources

The Fund is obliged to distribute to Unitholders its cash inflows less administrative costs of the Fund (and amounts, if any, which may be paid in connection with any cash redemption of units). The Fund has no fixed distribution requirements, distributions being solely a function of amounts received by the Fund. Because the Fund's investment in Westshore is of a passive nature, it is not anticipated that the Fund will require significant capital resources to maintain its investment in Westshore on an ongoing basis.

Westshore has in place with a Canadian chartered bank a $1 million secured operating facility which, if required, can be utilized to meet working capital requirements. This facility was not used during the third quarter and remained undrawn at September 30, 2006. Westshore's distribution policy involves leaving sufficient earnings before depreciation and unrealized gains or losses on forward exchange contracts to cover cash requirements such as capital expenditures and special pension contributions. Any major capital expenditures may need to be financed, with repayment of any debt financing coming from undistributed earnings. The anticipated cost of the upgrades of approximately $45 million (in 2006 dollars) will be funded through a combination of cash on hand and debt financing on terms and conditions acceptable to Westshore.

Quarterly Distributions

On October 15, 2006, the Fund distributed $21,818,144 ($0.31 per unit) in cash for the third quarter of 2006 to Unitholders of record on September 30, 2006 as compared with $26,744,822 (representing $0.38 per unit) in cash for the third quarter of 2005. The Q3 2006 distribution for unitholder income tax purposes was comprised entirely of income. This may vary when calculated for the year as a whole.

Outlook

The Fund's cash inflows are entirely dependent on Westshore's operating results and are significantly influenced by four variables: the volume of coal shipped through the terminal; the US dollar denominated price received by Westshore's customers for that coal; the Canadian-US dollar exchange rate; and Westshore's operating and administrative costs.

Fording's third quarter report provides guidance that it expects a range of total sale tonnages of between 22 and 23 million tonnes for the 2006 calendar year. Based on this and other information, Westshore now anticipates its throughput for 2006 will be in the range of 18 to 19 million tonnes.

As announced by Fording, the Coal Partnership expects its average price for coal sales in the period April 1, 2006 to March 31, 2007 to be approximately US$109 per tonne. This represents a reduction of approximately 11% from the US dollar prices realized by the Coal Partnership for the coal year ending March 31, 2006. These prices represent sales for all products, not only those exported through Westshore. Coupled with the continuing strength of the Canadian dollar relative to the US dollar, these prices indicate that Westshore's loading rate for tonnage shipped at a variable rate, and hence its average loading rate, for the 2006/07 coal year will be lower than for the 2005/06 coal year.

For 2006, and based on current tonnage estimates, tonnages shipped at fixed rates are expected to account for approximately 23% of the terminal's throughput; tonnages shipped at variable rates but subject to a cap, in effect for this year, are expected to account for approximately 24% of throughput; and finally, tonnages shipped at full variable rates are expected to account for approximately 53% of throughput at Westshore.

For 2006 the Fund budgeted for distributions to be at approximately the same level as for the 2005 calendar year as a whole. On average, year to date distributions in 2006 have been at the same average rate as in 2005. Results in the fourth quarter will determine whether that level of distribution will be sustained. Since it appears likely the distributions for the calendar year 2006 will exceed $1.035 per unit, incentive fees will be payable by Westshore to the Manager under the Management Agreement, as was the case in 2005.

There are many variables that affect Westshore's EBITDA and the Fund's distributions in 2006, most of which are outside the control of Westshore or the Fund. The Fund has assessed the likely sensitivity of its distributions, in respect of the three months from October 1, 2006 to December 31, 2006, to changes in tonnage shipped, the US dollar coal price and the US/Canadian dollar exchange rate. The sensitivities described below are expected to be applicable only for the three months from October 1, 2006 to December 31, 2006 and are based on Westshore's current assumptions. Sensitivities for any other period would depend upon assumptions that are considered appropriate and relevant at such time(s).

Based on existing contract provisions, assumed aggregate tonnage for 2006 of 18 million tonnes (approximately 4.5 million tonnes for the three months ending December 31, 2006), Westshore's current assumptions of volume per specific customer, US dollar coal price assumption of US$107 per tonne and exchange rates of US$0.87 per CDN$1.00.

- for every 1,000,000 tonnes difference in throughput, the effect on distributions by the Fund is expected to be approximately 5 cents per unit;

- for every US$5.00 change in the US dollar denominated coal price received by the Elk Valley Coal Partnership, the effect on distributions by the Fund is expected to be approximately 1.3 cents per unit; and

- for every US$0.01 change in the value of the Canadian dollar, the effect on distributions by the Fund is expected to be approximately 0.3 cents per unit.

The foregoing sensitivities factor in the anticipated effects of Westshore's hedges currently in place.

Recently Announced Tax Measures

On October 31, 2006, the Government of Canada announced a proposed distribution tax on income trusts. Management is reviewing the potential impact of this proposal on the Fund.

Forward-looking Statements

The foregoing statements concerning tonnages, coal prices, exchange rates, loading rates and variability of distributions are forward-looking statements but reflect the current expectations of the Fund and Westshore with respect to future events and performance. Wherever used, the words "may", "will", "anticipate", "intend", "expect", "plan", "believe", and similar expressions identify forward-looking statements. Forward-looking statements should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether, or the times at which, such performance or results will be achieved.

Forward-looking statements are based on information available at the time they are made, assumptions made by management, and management's good faith belief with respect to future events, and are subject to the risks and uncertainties outlined in the Fund's Annual Information Form that could cause actual performance or results to differ materially from those reflected in the forward-looking statements, historical results or current expectations.

All forward-looking statements will be impacted by and are subject to the risks set out under Risk Factors in the Fund's Annual Information Form.

Additional Information

Additional information relating to the Fund, including the Fund's latest Annual Report and Annual Information Form, are available on SEDAR at www.sedar.com and on Westshore's website at www.westshore.com.

On behalf of the Trustees,

William W. Stinson, Chairman

November 3, 2006

The enclosed financial statements have not been reviewed by the Fund's or Westshore's auditors.



Consolidated Statements of Earnings and Cumulative Earnings
(in thousands of dollars, except per unit amounts)

Three months ended Nine months ended
September 30 September 30
$ $
2006 2005 2006 2005
--------------------------------------------------------------------------
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
REVENUE
Coal 36,741 46,063 116,787 121,724
Other 1,184 4,190 4,911 2,589
--------------------------------------------------------------------------
37,925 50,253 121,698 124,313
EXPENSES
Operating 17,980 16,762 48,975 50,338
Administrative 1,857 4,109 6,173 7,063
--------------------------------------------------------------------------
19,837 20,871 55,148 57,401
--------------------------------------------------------------------------
Earnings before
depreciation and
income taxes 18,088 29,382 66,550 66,912

Depreciation 5,405 5,728 16,214 17,184
--------------------------------------------------------------------------
Earnings before income
taxes 12,683 23,654 50,336 49,728

Recovery of (provision for)
income taxes 9 (446) 9 537
--------------------------------------------------------------------------
Net earnings for the period 12,692 23,208 50,345 50,265
Cumulative earnings -
Beginning of period 408,009 284,197 370,356 257,140
--------------------------------------------------------------------------
Cumulative earnings -
End of period 420,701 307,405 420,701 307,405
--------------------------------------------------------------------------
Basic and diluted earnings
per trust unit 0.180 0.330 0.715 0.714
--------------------------------------------------------------------------
--------------------------------------------------------------------------
Weighted average number
of trust units
outstanding 70,381,111 70,381,111 70,381,111 70,381,111
--------------------------------------------------------------------------
--------------------------------------------------------------------------


Consolidated Statements of Cash Flows
(in thousands of dollars)

Three months ended Nine months ended
September 30 September 30
$ $
2006 2005 2006 2005
--------------------------------------------------------------------------
(Unaudited) (Unaudited) (Unaudited) (Unaudited)

Cash flows from
operating activities
Net earnings for the
period 12,692 23,208 50,345 50,265
Items not affecting cash
Unrealized losses (gains)
on forward exchange
contracts 1,456 (2,284) 3,213 1,383
Depreciation 5,405 5,728 16,214 17,184
Future income tax
recovery - (3,396) - (7,975)
Increase (decrease) in
deferred employee
future benefits
costs 55 300 (148) 509
--------------------------------------------------------------------------
19,608 23,556 69,624 61,366

Increase (decrease) in
non-cash working capital 6,521 8,267 (3,417) (2,991)
--------------------------------------------------------------------------
26,129 31,823 66,207 58,375
--------------------------------------------------------------------------
Cash flows from financing
activities
Distributions paid to
unitholders (19,003) (14,076) (66,511) (45,043)
--------------------------------------------------------------------------
(19,003) (14,076) (66,511) (45,043)
--------------------------------------------------------------------------
Cash flows from investing
activities
Additions to plant and
equipment (927) (1,857) (2,813) (2,764)
--------------------------------------------------------------------------
(927) (1,857) (2,813) (2,764)
--------------------------------------------------------------------------
Increase (decrease) in cash
and cash equivalents 6,199 15,890 (3,117) 10,568

Cash and cash equivalents -
Beginning of period 30,588 30,678 39,904 36,000
--------------------------------------------------------------------------
Cash and cash equivalents -
End of period 36,787 46,568 36,787 46,568
--------------------------------------------------------------------------
--------------------------------------------------------------------------
Supplemental cash flow
information
Cash received for interest 546 162 1,261 440
Income taxes paid
(received) (1,625) 26 (1,791) 168
--------------------------------------------------------------------------
--------------------------------------------------------------------------


Consolidated Balance Sheets September 30, December 31,
(in thousands of dollars) 2006 2005
$ $
------------------------------------------------------------------------
(Unaudited) (Audited)
ASSETS
Current assets
Cash and cash equivalents 36,787 39,904
Accounts receivable 11,684 10,633
Inventories 5,702 6,012
Prepaid expenses 4,032 2,844
Income taxes receivable - 1,800
Other assets 5,082 6,202
------------------------------------------------------------------------
63,287 67,395
------------------------------------------------------------------------

Plant and equipment
At cost 466,094 463,780
Accumulated depreciation (337,170) (321,455)
------------------------------------------------------------------------
128,924 142,325
------------------------------------------------------------------------

Employee future benefits 1,902 1,754
Goodwill 365,541 365,541
Other assets - 2,092
------------------------------------------------------------------------
559,654 579,107
------------------------------------------------------------------------
------------------------------------------------------------------------

LIABILITIES & UNITHOLDERS' EQUITY

Current liabilities
Accounts payable and accrued
liabilities 16,599 19,887
Distribution payable to unitholders 21,818 27,097
------------------------------------------------------------------------
38,417 46,984

Unitholders' equity
Capital contributions 663,602 663,602
Cumulative earnings 420,701 370,356
Cumulative distributions declared (563,066) (501,835)
------------------------------------------------------------------------
521,237 532,123
------------------------------------------------------------------------
559,654 579,107
------------------------------------------------------------------------
------------------------------------------------------------------------


Notes to Financial Statements

1. Basis of presentation

These interim financial statements do not contain all the information required for annual financial statements and should be read in conjunction with the financial statements and notes included in the Fund's Annual Report for the year ended December 31, 2005. These interim financial statements have not been audited or reviewed by external auditors.

2. Significant accounting policies

These interim financial statements have been prepared in accordance with Canadian generally accepted accounting principles and follow the same accounting principles and methods of application as set out in Note 2 of the Fund's annual financial statements for the year ended December 31, 2005.

3. Employee future benefits



Three months ended Nine months ended
September 30 September 30
2006 2005 2006 2005
--------------------------------------------------------------------------
(Unaudited) (Unaudited) (Unaudited) (Unaudited)

Pension plan benefits $ (509) $ (247) $ (1,527) $ (585)
Other retirement and
post-employment benefits 564 547 1,379 1,094
--------------------------------------------------------------------------
Employee future
benefits expense $ 55 $ 300 $ (148) $ 509
--------------------------------------------------------------------------
--------------------------------------------------------------------------



Contact Information

  • Westshore Terminals Income Fund
    Nick Desmarais
    Secretary
    (604) 488-5295
    (604) 687-2601 (FAX)
    Website: www.westshore.com