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CML Healthcare Income Fund Reports Fiscal 2006 Second Quarter Financial Results
CML Healthcare Income Fund Reports Fiscal 2006 Second Quarter Financial Results.
About this update from Christina Lake Cannabis Corp
[{"type":"text","content":"\n\n\n\n\n>\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, 2006.\n\n>\n\n\"Our increase to unitholder distributions in the quarter reflects our\ncontinued strong performance and our commitment to building unitholder value.\nGiven our anticipated ongoing capital expenditure requirements, we are\ncomfortable with a payout ratio in the low-to-mid 90 percent range,\" said Paul\nBristow, President and newly appointed CEO of CML Healthcare Income Fund. \"CML\nHealthcare remains well positioned within the Canadian healthcare landscape.\nThis position is further supported by a new three-year MOH funding agreement\nfor community-based laboratory services, a growth strategy focused on both our\ncapped and non-capped revenues, and our ongoing commitment to maintaining\nstrong operating margins.\"\n\nFinancial Results\nFor the three months ended June 30, 2006, the Fund generated\ndistributable cash(x) of $23.0 million, and declared distributions (including\npayments to non-controlling interest and Part VI.1 tax paid) totaling\n$21.2 million, representing 92.4% of normalized cash available for\ndistributions. For the six months ended June 30, 2006, the Fund generated\ndistributable cash of $46.4 million, and declared distributions (including\npayments to non-controlling interest and Part VI.1 tax paid) totaling $41.7\nmillion, representing 90.0% of normalized cash available for distributions.\nRevenue for the Fund in the second quarter of 2006 increased 4.3% to\n$72.5 million compared to revenue of $69.5 million in the second quarter of\n2005. The Fund's increase in revenue in the quarter resulted from: an increase\nin cap revenues based on the new MOH funding agreement for laboratory services\nresulting in a $1.7 million increase from the comparative period a year ago;\n$0.4 million in additional funding as set-out in the new MOH agreement for the\nperiod April 1 to June 30, 2006; organic growth of non-cap revenues; and a 2%\nincrease in certain professional fee codes listed in the Schedule of Benefits\nfor Physician Services.\n\n>\n\n\nOperating, general and administrative expenses for the second quarter of\n2006 were $43.8 million, or 60.4% of revenue, compared to operating, general\nand administrative exp...