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COMPETITION WATCH: Mullen’s record first quarter acquired through acquisitions (May 12, 2006)

ALDERSYDE, Alta. -- The Mullen Group Income Fund generated record consolidated revenues of $245.9 million and recor...

ALDERSYDE, Alta. — The Mullen Group Income Fund generated record consolidated revenues of $245.9 million and record operating income of $59.8 million, during the first quarter of 2006.

The fund’s revenue of $245.9 million was an increase of $69.7 million during the same period in 2005. This increase was primarily attributable to the revenue generated by the addition of seven new business units which collectively added $64.3 million in revenue growth.

“Acquisitions continue to be the cornerstone of our growth strategy. The economic climate in western Canada is so strong and the demand for skilled workers so high that we accelerated our acquisition strategy over the past year to ensure we could not only grow the fund but also to meet the service demands of our loyal customer base, which continues to expand. Based upon what we know today and the continued strength in energy related commodities we expect this trend will continue,” commented Stephen Lockwood, president and Co-CEO of Mullen.

Mullen recorded operating income for the quarter of $59.8 million, an increase of $15.8 million; of which $10.0 million was attributable to the seven new business units and the balance attributable to the existing business units.

Net income for the period was $43.1 million, an increase of $17.1 million compared to the same period last year. The earnings per unit for the three month period were $0.86 compared to $0.57 for the same period in 2005.

“We are extremely pleased with the operating performance of our business units in the first quarter, which combined to produce record profits for the fund and our unitholders,” stated Lockwood. “It was obviously a busy period for our people and they did an outstanding job of capitalizing on the demand for their services while maintaining a disciplined approach to safety.”

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