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Chemtrade Logistics Income Fund reports solid 2014 second quarter results
Full Quarter Contribution of General Chemical Business Boosts Results TORONTO , Aug. ...
About this update from Chemtrade Logistics Income Fund
[{"type":"text","content":"\n\nFull Quarter Contribution of General Chemical Business Boosts Results \n\n\n\nTORONTO, Aug. 7, 2014 /CNW/ - Chemtrade Logistics Income Fund (TSX:  CHE.UN) today announced results for the three and six months ended June 30, 2014.  The second quarter financial statements and MD&A will be available on Chemtrade's website at www.chemtradelogistics.com and on SEDAR at www.sedar.com.\n\nThe results for the second quarter include the first full quarter of contribution from the acquisition of General Chemical that was completed on January 23, 2014.  Revenue in the quarter was $318.1 million compared to $217.5 million in 2013.  The primary reason for the increase in revenues was the addition of the General Chemical business, offset partially by lower revenues in the SPPC segment due to lower volumes of sulphuric acid.\n\nDistributable cash after maintenance capital expenditures for the second quarter was $37.3 million, or $0.62 per unit (2013:  $21.4 million, or $0.51 per unit), generated from revenue of $318.1 million (2013:  $217.5 million).  During the second quarter of 2014, distributable cash benefited from maintenance capital expenditures being lower than the anticipated annual run rate.  \n\nAdjusted cash flows from operating activities for the period were $44.6 million (2013:  $30.3 million).  EBITDA for the second quarter was $59.5 million compared with $36.0 million in the second quarter of 2013.  Net earnings were $40.9 million compared with $10.0 million in the same period in 2013.  The increase is primarily due to a large non-cash income tax recovery in the second quarter of 2014 of $23.8 million, mostly related to the sale of the Montreal East facility, partially offset by fair value adjustments on outstanding convertible debentures of the Fund and transaction costs related to the issuance of new convertible debentures in June 2014.  \n\nFor the six months ended June 30, 2014, distributable cash after maintenance capital expenditures was $51.6 million (2013:  $48.4 million), or $0.89 per unit (2013:  $1.16 per unit) generated from revenue of $592.0 million (2013:  $427.6 million).  EBITDA was $87.7 million (2013:  $71.2 million).  Adjusted cash flow from operating activities was $62.6 million (2013:  $59.9 million), a...