The company’s US revenues continued to be impacted by the malaise in Florida’s economic conditions. The lower fuel prices and cost control initiatives preserved operating margins at slightly better than in 2008 levels and reduced first quarter losses compared to last year. The company’s operating results have reflected core operating levels typical of the late fall/early winter cycle and current economic circumstances in the US with an absence of severe weather conditions experienced in prior first quarters of the previous two to three years.
With no immediate end to the US financial and general economic crisis in sight, the company anticipates operating conditions for its Florida unit to remain very challenging throughout 2009. The Western Canadian economy appears to be somewhat insulated thus far from the global economic crisis and we expect the company’s Canadian operations to reflect seasonal operating characteristics during the second quarter. The company said that it will continue to maintain tight control over operating costs and adjust operations to face the current economic conditions and take advantage of any opportunities that might arise as we continue to explore new initiatives.
