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CML Healthcare Income Fund Reports Fiscal 2005 Year End Financial Results
CML Healthcare Income Fund Reports Fiscal 2005 Year End 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, March 15 /CNW/ - CML Healthcare Income Fund\n(the \"Fund\"), (TSX: CLC.UN) today reported its financial results for the three\nand twelve-month periods ended December 31, 2005.\n\n2005 Highlights\n\n - Revenue increased to $272.6 million from $271.4 million for the\n 12 months ended December 31, 2004\n - EBITDA(xx) totaled $108.3 million compared to $113.0 million for the\n 12 months ended December 31, 2004\n - The Fund generated distributable cash(x) of $97.1 million and\n declared distributions (including payments to non-controlling\n interest and Part VI.1 tax paid) totaling $82.0 million,\n representing a payout ratio of 84.4%\n - Appointment of Paul Bristow as President and Chief Operating Officer\n - Appointment of Tom Weber as Chief Financial Officer\n\n\"We are pleased to report continued steady revenue growth and strong\nEBITDA margins of approximately 40% for 2005, while operating under terms of\nthe existing funding agreement for our lab services business. We expect a\ndecision from the Ontario Ministry of Health concerning a new funding\nagreement for lab services in the near term and will announce any developments\nas soon as possible,\" said Dr. John Mull, Chairman and CEO of CML Healthcare\nIncome Fund. \"Looking ahead, our growth strategy will continue to focus on\nexpanding our laboratory services and medical imaging businesses, and on\nopportunities to broaden our diagnostic testing services, while maintaining\nour strong operating margins. At the core of our growth strategy are\nfundamental value drivers that we are well positioned to capitalize on; these\ninclude: leveraging our core assets, improving business processes, and\nmaximizing capacity utilization. We look forward to pursuing our growth\nstrategy supported by our recently strengthened senior management team and our\nstrong balance sheet.\"\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 fourth quarter financial results are\npresented in comparison to the corresponding...