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Sun Gro Horticulture Income Fund Releases 2006 Second Quarter Results - Fund Generates Record Distributable Cash for Period
Sun Gro Horticulture Income Fund Releases 2006 Second Quarter Results - Fund Generates Record Distributable Cash for Period.
About this update from Coloured Ties Capital Inc
[{"type":"text","content":"\n\n\n\n\nTRADING SYMBOL: Toronto Stock Exchange - GRO.UN\n\nSun Gro Horticulture Income Fund will hold a conference call and webcast\nto discuss 2006 second quarter and first half results on August 9, 2006\nat 7:30 am Pacific Time (10:30 am Eastern). The call can be accessed by\ndialing: 1-800-814-4860 or 416-644-3417. A replay will be available\nthrough August 23, 2006 at: 1-877-289-8525 or 416-640-1917. (Passcode:\n21196138 followed by the number sign)\n\nTo access the live and archived webcast, please go to:\nhttp://www.vcall.com/IC/CEPage.asp?ID(equal sign)106795 or to the fund's\nwebsite at: www.sungro.com.\n\nVANCOUVER, Aug. 8 /CNW/ - Sun Gro Horticulture Income Fund (the \"Fund\")\ntoday reported financial results for the three and six-month periods ended\nJune 30, 2006. The three-month period represents the second quarter of its\n2006 fiscal year.\nThe Fund generated record distributable cash for both the second quarter\nand first half. In the three months to June 30, 2006, it earned $6.1 million,\nor $0.28 per unit, of distributable cash, up from $5.6 million, or $0.26 per\nunit, in the second quarter of 2005. Distributable cash for the six-month\nperiod totalled $12.7 million, or $0.58 per unit, up from $11.1 million, or\n$0.51 per unit, in 2005. Distributable cash paid to unitholders was unchanged\nat $5.0 million, or $0.225 per unit, for the quarter and $9.9 million, or\n$0.45 per unit, for the half in both years. This represents an annualized\ndistribution rate of $0.90 per unit.\n\"We are pleased with the significant year-over-year improvement in our\ndistributable cash generation during the seasonally stronger first half of the\nyear,\" said Mitch Weaver, Sun Gro's President and CEO and a Trustee of the\nFund. \"We anticipate that we will continue to generate sufficient\ndistributable cash to meet the current rate of distributions for 2006.\"\n\n>\n\n\nThree Month Operating Results\n\nIn the three months to June 30, 2006, Sun Gro Horticulture Canada (\"Sun\nGro\", or the \"company\"), the Fund's wholly owned subsidiary, continued the\ntrend of gross margin improvement it began in the first quarter. The positive\neffect of the company's pricing strategy in offsetting the stronger Canadian\ndollar, a reduction in cross-regional shipments, and an earlier start to this\nyear's peat harvest contributed to a 2% year-ov...