Business
CML HealthCare Income Fund Reports Fiscal 2006 Third Quarter Financial Results
CML HealthCare Income Fund Reports Fiscal 2006 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. 7 /CNW/ - CML HealthCare Income Fund (the \"Fund\"),\n(TSX: CLC.UN) today reported its financial results for the three and\nnine-month periods ended September 30, 2006.\n\nQ3 2006 Highlights\n>\n\n\"Our business continues to perform in-line with expectations including\ncontinued steady revenue growth and EBITDA margins of approximately 40\npercent,\" said Paul Bristow, President and CEO of CML HealthCare Income Fund.\n\"We remain focused on advancing our growth plan, which includes completing\naccretive acquisitions to further strengthen our operating performance. We are\ntargeting opportunities that are complementary to our core businesses and that\nenable us to expand our referring physician network and enhance our service\noffering to our existing network. We will also continue to identify and\nexecute on opportunities to maximize efficiencies and capacity utilization\nwithin our existing operations. We have a strong balance sheet and the\nfinancial flexibility to pursue strategic, value-enhancing opportunities as\nthey arise.\"\n\nFinancial Results\nFor the three months ended September 30, 2006, the Fund generated\ndistributable cash(x) of $23.1 million, and declared distributions (including\npayments to non-controlling interest and Part VI.1 tax paid) totaling\n$21.6 million, representing a payout ratio of 93.5%. For the nine months ended\nSeptember 30, 2006, the Fund generated distributable cash of $69.5 million,\nand declared distributions (including payments to non-controlling interest and\nPart VI.1 tax paid) totaling $63.4 million, representing a payout ratio of\n91.2%.\nRevenue for the Fund in the third quarter of 2006 increased 5.2% to\n$70.4 million compared to revenue of $66.9 million in the third quarter of\n2005. The Fund's increase in revenue in the quarter primarily resulted from a\n$2.0 million increase in base and additional funding cap revenues, and\n$1.5 million in organic growth of non-cap revenues including $0.5 million from\na one-time retroactive increase in technical fees.\n\n>\n\nOperating, general and administrative expenses for the third quarter of\n2006 were $41.0 million, or 58.2% of revenue, compared to operating, general\nand administrative expenses of $40.3 million, or 60.2% of revenue, in the\nthird quarter a year ago. In...