Business
CML HealthCare Income Fund Reports 2005 Third Quarter Financial Results
CML HealthCare Income Fund Reports 2005 Third 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, Nov. 8 /CNW/ - CML Healthcare Income Fund (the \"Fund\"),\n(TSX: CLC.UN) today reported its financial results for the three and nine-\nmonth periods ended September 30, 2005.\n\n2005 Third Quarter Highlights\n - Revenue increased to $66.9 million from $65.4 million in the\n comparable period in 2004\n - EBITDA(xx) totaled $26.6 million compared to $27.1 million in the\n comparable period in 2004\n - The Fund generated distributable cash(x) of $24.6 million and\n declared distributions to unitholders and dividends to\n non-controlling interest totaling $20.0 million, representing a\n payout ratio of 81.1% for the quarter\n\n\"Our business continued to perform in-line with expectations as 2005\nthird quarter revenue increased $1.5 million compared to the corresponding\nperiod a year ago and EBITDA margins remained in the range of 40 percent,\"\nsaid Dr. John Mull, Chairman and CEO of CML HealthCare Income Fund. \"We\ncontinue to await a decision from the Ontario Ministry of Health concerning a\nnew funding agreement and hope to be in a position to announce the terms of a\nnew agreement as soon as possible. In the meantime, we continue to position\nthe business of CML Healthcare for future opportunities in the current\nhealthcare environment. This positioning includes the recruitment of\nadditional senior level talent to round out our management team and the\npursuit of targeted growth opportunities as they become available.\"\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 included\nfive quarters from October 1, 2003 to December 31, 2004. Due to the change in\nits fiscal year-end, the Fund's 2005 third quarter financial results are\npresented in comparison to the corresponding three-month period ended\nSeptember 30, 2004, and the Fund's fiscal 2005 first nine month results are\npresented in comparison to the Fund's financial results for the twelve months\nended September 30, 2004.\nIn January 2005, the Emerging Issues Committee issued EIC 151,\nExchangeable Securities Issued by Subsidiaries of Income Trusts. The EIC was\nfurther clarified during February 2005. EIC 151 requ...