Business
CML HealthCare Income Fund Reports 2009 Third Quarter Financial Results
CML HealthCare Income Fund Reports 2009 Third Quarter Financial Results
About this update from Christina Lake Cannabis Corp
[{"type":"text","content":"\n\n\n\nNov. 11, 2009 (Canada NewsWire Group) -- MISSISSAUGA, ON, Nov. 11 /CNW/ -- CML HealthCare Income Fund (the \"Fund\" or \"CML HealthCare\"), (TSX: CLC.UN) today reported its financial results for the three and nine-month periods ended September 30, 2009 (all amounts are in Canadian dollars, unless noted otherwise).Q3 2009 Summary---------------- Revenue increased to $128.2 million from $117.9 million in Q3 2008- EBITDA(1) totaled $35.3 million compared to $33.6 million in Q3 2008- Net earnings decreased to $24.0 million from $26.4 million in Q3 2008- Cash provided by operating activities totaled $28.9 million comparedto $28.5 million in Q3 2008- The Fund generated distributable cash(2) of $28.6 million anddeclared distributions totaling $24.0 million, representing a payoutratio of 83.8%\"We continued to achieve growth in revenue, EBITDA(1) and cash flow from operations in the third quarter of 2009, while advancing our acquisition strategy and operating initiatives. Strong operating cash flow in Q3 2009 resulted in improved distributable cash and a lower payout ratio over last quarter,\" said Paul Bristow, President and CEO of CML HealthCare Income Fund. \"Looking ahead, we will maintain our focus on margin improvement in our U.S. operations, while continuing to invest in growth opportunities. We believe the digitization of our medical imaging operations in Canada and the implementation of a common Radiology Information System and Picture Archiving Communication System platform in both Canada and the U.S. will position us to further improve our patient care and financial performance going forward.\"\"With respect to the taxation changes impacting income trusts in 2011, we have assessed early conversion from an income trust to a corporate structure in terms of the best interests of our unitholders, but at this time, we see no compelling reason to convert prior to 2011,\" said Mr. Bristow. \"Decisions relating to CML HealthCare's structure and distribution policy will be in careful consideration of delivering the greatest value for our investors.\"Financial Results-----------------Revenue for the Fund third quarter of 2009 (\"Q3 2009\") increased 8.8% to $128.2 million from $117.9 million in the third quarter of 2008 (\"Q3 2008\"). Increased revenue in the quarter is largely attributable to: i) $2.4 million in revenue from A...