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BFI Canada Income Fund announces financial results

BFI Canada Income Fund (the "Fund") (TSX:BFC.UN) has announced its financial results for the three months ended Mar...


BFI Canada Income Fund (the “Fund”) (TSX:BFC.UN) has announced its financial results for the three months ended March 31, 2004. Highlights, in thousands of Canadian dollars, include the following:

– Revenues and EBITDA(A) increased 10.0% and 12.1%, respectively, over the comparative three month period ended March 31, 2003

– Free cash flow available for distribution(B) increased to $10,913 or 14.2% from $9,552 for the comparative three month period ended March 31, 2003

– Aggregate distributions declared totaled $8,446, representing a payout ratio of 77% of free cash flow available for distribution(B)

– Core operations, contract wins and strategic acquisitions have continued to support the Fund’s revenue and EBITDA(A) growth

– Effective January 1, 2004, the Fund adopted the new accounting standard for asset retirement obligations (“ARO”).

“The Fund’s strong quarter-over-quarter performance reflects our continued focus on improving efficiencies, growing organically and seeking accretive acquisitions,” said Keith Carrigan, President and Chief Executive Officer. “New contracts and organic revenue growth generated from our core collection and landfill customer base, as well as strategic acquisitions, continue to fuel revenue and EBITDA(A) improvements for the Fund.”

Contact BFI Canada Income Fund:

Anne MacMicken >
Manager, Investor and Employee Relations
Phone: 416-401-7729
anne.macmicken@bficanada.com

or

Joseph D. Quarin
Chief Financial Officer
Phone: 416-401-7722
joe.quarin@bficanada.com


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