Business
Chemtrade Logistics Income Fund reports 2014 first quarter results
TORONTO , May 13, 2014 /CNW/ - Chemtrade Logistics Income Fund (TSX: CHE.UN) today annou...
About this update from Chemtrade Logistics Income Fund
[{"type":"text","content":"\n\n\nTORONTO, May 13, 2014 /CNW/ - Chemtrade Logistics Income Fund (TSX:\n CHE.UN) today announced results for the three months ended March 31,\n 2014.  The first quarter financial statements and MD&A will be\n available on Chemtrade's website at chemtradelogistics.com and on SEDAR at sedar.com.\n\n\nMark Davis, President and Chief Executive Officer of Chemtrade, said,\n \"Chemtrade had a good start to the year. The highlight of the quarter\n was the completion of the acquisition of General Chemical in late\n January and the related $345.0 million equity issue. We are making good\n progress towards integrating the acquired business and are pleased with\n the performance of the combined businesses.\"\n\n\nAs previously disclosed, Chemtrade reconfigured its North American\n business segments at the beginning of 2014. A new segment, Water\n Solutions & Specialty Chemicals (\"WSSC\"), was introduced which includes\n the newly acquired and legacy water treatment businesses, the General\n Chemical specialty chemical businesses, and the legacy phosphorus\n pentasulphide operations, as well as the former Pulp Chemicals segment.\n Chemtrade's Sulphur Products & Performance Chemicals (\"SPPC\") segment\n now includes the newly acquired sulphuric acid businesses. Comparative\n numbers for 2013 have been restated to reflect the reorganization. The\n International segment is unchanged.\n\n\nThe results for the first quarter include costs of $17.7 million related\n to the acquisition of General Chemical that was completed on January\n 23, 2014 (\"Acquisition Related Costs\").\n\n\nRevenue in the quarter was $273.9 million compared with $210.0 million\n in the first quarter of 2013. The primary reason for the revenue\n increase was the approximately two months of revenues from the General\n Chemical businesses. Cash flow from operating activities for the first\n quarter (including the effect of the Acquisition Related Costs) was\n negative $40.3 million (2013: positive $2.6 million).\n\n\nDistributable cash after maintenance capital expenditures for the first\n quarter was $14.3 million, or $0.26 per unit (2013: $27.0 million, or\n $0.65 per unit) or $32.0 million, or $0.56 per unit excluding\n Acquisition Related Costs.  During the first quarter of 2014 and the\n comparable period of 2013, distributable cash benefited f...