Nikolai Khabibulin seems to be the odd man out.And Los Angeles is in need of a starter. Will it happen? Stay tuned.. TORONTO, ONTARIO, Apr 22 (MARKET WIRE) -- Toromont Industries Ltd. (TSX: TIH) today reported record financialresults for the three months ended March 31, 2009. Revenues in thequarter increased 15% and operating income increased 56% versus thecomparable period of 2008. Net earnings were $23.7 million or $0.37 pershare, 44% higher than that reported in the first quarter of 2008.----------------------------------------------------------------------------Three months ended March 31 ---------------------------------$ millions, except per share amounts20092008 % change----------------------------------------------------------------------------Revenues $ 457.7 $ 397.115%Operating income $36.6 $23.456%Net earnings $23.7 $16.544%Earnings per share - basic $0.37 $0.2548%----------------------------------------------------------------------------Highlights:- Compression Group revenues were up 36% in the quartercompared to the same period last year on growth in U.S natural gascompression package sales.

Operating income for the quarter was up on thehigher revenues.- Compression Group booking activity for the quarter was 56% lowercompared to the first quarter of 2008, on lower demand for natural gascompression in the U.S and Canada. Backlogs were down 11% from December31, 2008.- Equipment Group revenues were down 5% in the first quarter of 2009versus the same period of 2008 on lower new and used machine sales,partially offset by higher product support revenues. Operating incomeincreased over the same period last year on higher gross margins largelydue to gains realized during a period of rapid devaluation of theCanadian dollar.- Equipment Group bookings were 44% lower than the first quarter of 2008.Generally, order rates have slowed in most regions and for most products.Backlogs at March 31, 2009 were 8% lower than at December 31, 2008.- The Company maintained a strong financial position and ended thequarter with $67 million of cash and cash equivalents and a net debt toshareholders' equity ratio at a very conservative 0.14:1.- In February 2009, the Board of Directors approved a 7% increase in theregular quarterly cash dividend This represented the twentiethconsecutive annual increase. The quarterly dividend now stands at 15cents per common share.- During the quarter, 43,400 shares were purchased and cancelled underthe normal course issuer bid.

Total cash outlay was $0.9 million andaverage cost was $19.77 per share."We are on the down side of the natural gas cycle and this has impactedbooking levels in the first quarter," stated Robert M. Ogilvie, Chairmanand Chief Executive Officer of Toromont Industries Ltd. "Our EquipmentGroup is also experiencing reduced bookings due to the general economicslowdown. We expect that recently announced infrastructure programs willhave some positive impact beginning later this year. I am very pleasedwith the actions taken by our managers and believe that we are wellpositioned to ride out this recession."The Company will hold its Annual and Special Meeting of Shareholderstomorrow, April 23rd, in Toronto, Ontario at 10 a.m (EDT).