CALGARY, Alta. - Mullen Group Income Fund enjoyed a successful year in 2006, thanks largely to a number of key acquisitions by the company. Mullen generated consolidated revenues of $1 billion in 2006...
CALGARY, Alta. – Mullen Group Income Fund enjoyed a successful year in 2006, thanks largely to a number of key acquisitions by the company. Mullen generated consolidated revenues of $1 billion in 2006, compared to $591.7 million the year before. Net income was also up, to the tune of $128.1 million compared to $70 million in 2005.
Mullen Group attributes the 83% increase in net income to income generated by new acquisitions made in 2006.
The company also enjoyed modest price and volume increases in its trucking/logistics segment. That helped offset some revenue reductions on the oilfield services side of the business resulting from a decline in drilling activity.
“Two thousand and six was an important year for the fund,” said Stephen Lockwood, president and Co-CEO. “We hit the coveted $1 billion dollars in revenues, improved profitability, paid out $118.1 million in distributions to unitholders and strengthened the balance sheet with an equity offering and a private debt placement. By most standards one would have to conclude that it was a great year. But we are mindful that in spite of all these accomplishments our long-term unitholders have witnessed a significant decline in the value of their investment in Mullen. We believe this is only a temporary set-back.”
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