Business
CML HealthCare Income Fund Reports Fiscal 2006 Year End Financial Results
CML HealthCare Income Fund Reports Fiscal 2006 Year End Financial Results.
About this update from Christina Lake Cannabis Corp
[{"type":"text","content":"\n\n\n\nToronto Stock Exchange Symbol: CLC.UN\n\n\nMISSISSAUGA, ON, March 14 /CNW/ - CML HealthCare Income Fund (the\n"Fund"), (TSX: CLC.UN) today reported its financial results for the three and\ntwelve-month periods ended December 31, 2006.\n\n\n2006 Highlights\n- Revenue increased 6.0% to $288.9 million from $272.6 million for the\n year ended December 31, 2005\n- Net earnings increased 16.1% to $92.4 million compared to\n $79.6 million in 2005\n- EBITDA(xx) increased 8.1% to $117.0 million compared to\n $108.3 million in 2005\n- The Fund generated distributable cash(x) of $98.8 million and\n declared distributions (including payments to non-controlling\n interest and Part VI.1 tax paid) totaling $85.1 million, representing\n a payout ratio of 86.2%\n- Increased annualized unitholder distributions from $0.9468 per unit\n to $1.00 per unit, representing a 5.6% increase, effective as of the\n Fund's May 2006 distribution\n- Senior management team strengthened with the appointments of: Paul\n Bristow as President and CEO; Tom Weber as CFO; and Cameron Duff as\n Vice President, Corporate Development\n- New three-year funding agreement for community based laboratory\n services between the Ontario Association of Medical Laboratories\n ("OAML") and the Ontario Ministry of Health and Long-Term Care\n ("MOH")\n- Completed acquisitions of seven medical imaging clinics in Ontario;\n pending acquisition of three additional clinics in Alberta expected\n to close in early 2007\n\n\n"Our continued revenue growth and strong EBITDA(xx) margins demonstrate\nour commitment to growing our business while maintaining strong operating\nefficiencies and financial discipline," said Paul Bristow, President and CEO\nof CML HealthCare Income Fund. "Looking ahead, we remain focused on leveraging\nour core assets, improving our business processes and increasing our capacity\nutilization. Strategic initiatives in 2007 will include growing our non-capped\nrevenues; driving physician cross-referrals between our Lab and Imaging\nservices; elevating the national profile of CML HealthCare through an enhanced\nbrand awareness program; and adopting new cost-effective technologies.\nAccretive acquisitions will also play a key role in our growth. We are\ndeveloping an acquisition pipeline in medical imaging and evaluatin...