Business
Hardwoods Announces 2011 Second Quarter Results and Declares Quarterly Dividend
TRADING SYMBOL: Toronto Stock Exchange - HWD A conference call to discuss second q...
About this update from Adentra Inc
[{"type":"text","content":"\n\n\n\n\n\n\n\n\nTRADING SYMBOL: Toronto Stock Exchange - HWD\n\n\nA conference call to discuss second quarter 2011 financial results will\n be held on Tuesday, August 9, 2011 at 8:00 a.m. Pacific Time (11:00\n a.m. Eastern). The call can be accessed by dialing: 1-888-231-8191 or\n 647-427-7450. A replay will be available until August 26, 2011 at:\n 1-855-859-2056 or 416-849-0833 (Passcode 85298376 followed by the\n number sign).\n\n\nLANGLEY, BC, Aug. 8, 2011 /CNW/ - This press release discusses financial\n results for Hardwoods Distribution Income Fund (the \"Fund\") for the\n three and six-month periods ended June 30, 2011. During these periods,\n the Fund held, indirectly, securities which represented an 80%\n ownership interest in Hardwoods Specialty Products LP and Hardwoods\n Specialty Products US LP (collectively, \"Hardwoods\").\n\n\nSubsequent to the end of the second quarter, the Fund was converted to a\n publicly traded corporation named Hardwoods Distribution Inc. (\"HDI\" or\n the \"Company\").  As part of that process, unitholders of the Fund\n exchanged their units for common shares of Hardwoods Distribution Inc.\n on a one-for-one basis.  Concurrently, HDI acquired the remaining 20%\n interest in the securities of Hardwoods that the Fund did not\n previously own, and the Fund was wound up into HDI.  Hardwoods\n Distribution Inc. now owns 100% of Hardwoods, and trades on the Toronto\n Stock Exchange under the symbol HWD.\n\n\nHDI is one of North America's largest wholesale distributors of hardwood\n lumber and related sheet good products, operating a network of 26\n distribution centres in the US and Canada.\n\n\nSecond Quarter Highlights \n\n\n(For the three months ended June 30, 2011)\n\n\nSecond quarter revenue increased 8.6% to $56.7 million compared to the\n second quarter of 2011.\n\n\nEBITDA increased 6.5% to $2.5 million compared to the second quarter of\n 2011.\n\n\nSecond quarter profit increased 1.1% to $1.5 million compared to the\n second quarter of 2011.\n\n\nDistributable Cash increased to $2.4 million or $0.130 per unit, from\n $2.1 million or $0.117 per unit in the same period in the prior year.\n\n\nUnitholders of the Fund voted 99.9% in favour of converting the Fund to\n a corporation. The conversion was completed on July 1, 2011.\n\n\nThe Fund's US operating subsidiary renewed ...