Business
CML HealthCare Income Fund Reports 2005 Second Quarter Financial Results
CML HealthCare Income Fund Reports 2005 Second Quarter Financial Results.
About this update from Christina Lake Cannabis Corp
[{"type":"text","content":"\n\n\n\n\nToronto Stock Exchange Symbol: CLC.UN\n\nMISSISSAUGA, ON, Aug. 9 /CNW/ - CML Healthcare Income Fund (the \"Fund\"),\n(TSX: CLC.UN) today reported its financial results for the three and six-month\nperiods ended June 30, 2005.\n\n2005 Second Quarter Highlights\n- Revenue increased to $69.5 million from $67.2 million in the\n comparable period in 2004\n- EBITDA(xx) increased to $27.8 million from $26.0 million in the\n comparable period in 2004\n- The Fund generated distributable cash(x) of $26.3 million and\n declared distributions to unitholders and dividends to non-\n controlling interest totaling $20.0 million, representing a payout\n ratio of 76% for the quarter\n- Appointment of Paul Bristow, CFO, as President and Chief Operating\n Officer\n- Appointment of Waldemar Zimmerman, Trustee of the Fund, as Vice\n Chairman and lead Trustee\n\n\"We are pleased to report continued growth in revenue, EBITDA and\ndistributable cash in the second quarter of 2005. As we move ahead with the\ntransition of CML's overall, day-to-day management responsibilities to Paul\nBristow, I am confident in the strength of our operations, financial\nperformance and our ability to continue building value for our stakeholders,\"\nsaid Dr. John Mull, Chairman and CEO of CML HealthCare Income Fund. \"As we\nawait the outcome of negotiations with the Ontario Ministry of Health for a\nnew funding agreement regarding our community-based laboratory services, Paul\nand I are working closely together on identifying strategic opportunities to\nfurther strengthen our business both through organic growth and acquisitions.\"\n\"We are focused on expanding our laboratory services and medical imaging\nbusinesses, and exploring opportunities to broaden our network of healthcare\nservices, while maintaining our commitment to quality service and strong\noperating margins,\" said Paul Bristow, President and COO. \"As part of our\ngrowth plan and ongoing management transition, we are initiating the process\nof reviewing candidates to assume the roles of Chief Financial Officer and\nVice President, Corporate Development.\"\n\nFinancial Results\nConcurrent with the Plan of Arrangement which resulted in the creation of\nthe Fund on February 23, 2004, the Fund's fiscal year-end was changed from\nSeptember 30 to December 31. As a result, the Fund's 2004 fiscal year in...