Bird Construction Income Fund announces second quarter results and August, September and October distributions

TORONTO, Aug. 7 /CNW/ -- LISTING: TORONTO STOCK EXCHANGE

SYMBOL: BDT.UN

TORONTO, Aug. 7 /CNW/ - Bird Construction Income Fund today reported results for the six months ended June 30, 2008. Paul Charette, the Chairman and C.E.O. of Bird, stated that "the results represent record levels of revenues and income for Bird. The increase in revenues reflect the buoyant market conditions for construction services across Canada and the positive impact of reporting the revenues derived from the Rideau acquisition. The record earnings result from higher revenues, improved construction margins and the ability to manage overhead expenditures at levels commensurate with the amounts of revenues. We are also encouraged by our ability to maintain Backlog at the $1.0 billion level."

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Highlights
($000 except per unit data - unaudited)

Three months ended June 30 Six months ended June 30
-------------------------- -------------------------
2008 2007 2008 2007
-------------------------- -------------------------
Revenue:
Construction revenue 280,461 178,200 492,452 306,752
Investment and other
income 1,563 131 3,092 630
Total revenues 282,024 178,331 495,544 307,382
Income before income
taxes 17,368 9,995 31,327 15,768
Net income 13,684 7,990 22,889 10,880
Earnings per unit 0.97 0.58 1.63 0.79

- Construction revenue increased by 60.5% to $492.5 million for the six
months ended June 30, 2008 compared to $306.8 million for the six
months ended June 30, 2007.
- Income before taxes increased by 98.7% to $31.3 million for the six
months ended June 30, 2008 compared to $15.8 million for the six
months ended June 30, 2007.
- Net income increased by 110.4% to $22.9 million for the six months
ended June 30, 2008 compared to $10.9 million in the six months ended
June 30, 2007.
- Working capital increased to $56.1 million at June 30, 2008 compared
to $35.5 million at June 30, 2007 and $49.8 million at December 31,
2007.
- Backlog of $999.6 million at June 30, 2008 compares with
$1,027.8 million at March 31, 2008 and $969.3 million as at
December 31, 2007.

Bird Construction Income Fund also announced that its Board of Trustees
has approved its regular cash distributions for the months of August,
September and October 2008 in the amount of $0.1209 per unit each month to be
paid as follows:

i) the August distribution will be paid September 19, 2008 to the
unitholders of record as of the close of business on August 29,
2008;
ii) the September distribution will be paid October 20, 2008 to the
unitholders of record as of the close of business on September 30,
2008;
iii) the October distribution will be paid November 20, 2008 to the
unitholders of record as of the close of business on October 31,
2008;
>>

This press release contains forward-looking statements that involve a number of risks and uncertainties because they relate to events and depend on circumstances that will occur in the future. Many factors could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements.

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adequacy or accuracy of this release.