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CML Healthcare Income Fund announces fiscal 2005 first quarter financial results
CML Healthcare Income Fund announces fiscal 2005 first quarter financial results.
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[{"type":"text","content":"\n\n\n\n\nToronto Stock Exchange Symbol: CLC.UN\n\nMISSISSAUGA, ON, May 10 /CNW/ - CML Healthcare Income Fund (the \"Fund\"),\n(TSX: CLC.UN) today reported its first quarter financial results for the \nthree-month period ended March 31, 2005.\nDuring the quarter, the Fund generated normalized cash available for\ndistributions of $20.3 million, of which it declared distributions of\n$20.0 million or 98.4%. The Fund paid distributions to unitholders totaling\n$18.9 million and dividends to exchangeable shareholders totaling $1.1 million\nduring the quarter. The increase in the Fund's payout ratio for the first\nquarter, versus the Fund's fourth quarter of the previous fiscal year, was in\nlarge part the result of a higher receivable balance for the month of March\n2005 versus the month of December 2004. This difference in receivables balance\nis the result of seasonally higher testing volumes in March versus December.\nFor the first quarter of fiscal 2005, revenue for the Fund was\n$67.1 million versus comparable revenue of $65.9 million reported for the\nthree-month period ended March 31, 2004. Earnings Before Interest, Taxes,\nDepreciation, Amortization and Other Expenses (EBITDA) in the current quarter\nwas $27.9 million, virtually unchanged from the $28.2 million reported in the\nquarter ended March 31, 2004. It is important to note that the three-month\nperiod ended March 31, 2004 was positively impacted by $1.2 million in one-\ntime funding received from the Ontario Ministry of Health (MOH). EBITDA is not\na recognized measure under Canadian generally accepted accounting principles.\nOperating, general and administrative expenses increased by 4% from\n$37.7 million for the three months ended March 31, 2004 to $39.2 million for\nthe three months ended March 31, 2005. The increase in operating expenses is a\ndirect result of increased testing volumes and associated operating expenses\nduring the period. As part of its operating philosophy, the Fund continues to\nundertake initiatives to drive future operational efficiencies where possible.\n\"Our first quarter delivered strong operating results as we await the\nconclusion of negotiations with the MOH for a new funding agreement regarding\nour community-based laboratory services,\" said John Mull, President and CEO.\n\"In the coming year, CML will also explore strategic growth ...