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Sun Gro Horticulture Income Fund Releases 2006 Year-End Results - Fund Generates Record Distributable Cash and Operating Income
Sun Gro Horticulture Income Fund Releases 2006 Year-End Results - Fund Generates Record Distributable Cash and Operating Income.
About this update from Coloured Ties Capital Inc
[{"type":"text","content":"\n\n\n\nTRADING SYMBOL: Toronto Stock Exchange - GRO.UN\n\n\nSun Gro Horticulture Income Fund will hold a conference call and webcast\nto discuss 2006 fourth quarter and year-end results on March 9, 2007 at\n7:30 am Pacific Time (10:30 am Eastern). The call can be accessed by dialing:\n1-800- 814-4860 or 416-644-3417. A replay will be available through March 23,\n2007 at: 1-877-289-8525 or 416-640-1917. (Passcode: 21218117 followed by the\nnumber sign)\n\n\nTo access the live and archived webcast, please go to:\nhttp://www.vcall.com/IC/CEPage.asp?ID(equal sign)113422 or to the fund's website at:\nwww.sungro.com.\n\n\nVANCOUVER, March 8 /CNW/ - Sun Gro Horticulture Income Fund (the Fund)\ntoday reported financial results for the three and twelve-month periods ended\nDecember 31, 2006. The three-month period represents the final quarter of the\nFund's 2006 fiscal year.\n\n\nDistributable Cash\n\n\nFor the fourth consecutive quarter, the Fund generated record year-over-\nyear distributable cash. In the three months ended December 31, 2006, it\nearned $4.5 million, or $0.21 per unit, of distributable cash, up from\n$3.8 million, or $0.17 per unit, in the final quarter of 2005. Distributable\ncash for the twelve-month period totalled $24.3 million, or $1.10 per unit, up\nfrom $20.1 million, or $0.91 per unit, in 2005. Distributable cash paid to\nunitholders was unchanged at $5.0 million, or $0.225 per unit, for the quarter\nand $19.8 million, or $0.90 per unit, for the twelve months in both years.\nThis represents a payout ratio of 82% for 2006 compared to 99% in fiscal 2005.\n\n\n"Thanks to the sustained improvement in our distributable cash generation\nin 2006, we made significant progress in reducing the Fund's payout ratio, one\nof our primary goals for the year," said Mitch Weaver, president and CEO of\nthe Fund's wholly owned subsidiary, Sun Gro Horticulture Canada (Sun Gro, or\nthe company) and a Trustee of the Fund. "We are pleased with Sun Gro's\nperformance and remain dedicated to building value for our unitholders over\nthe long term."\n\n\n (in thousands of dollars except per unit amounts)\n\n For the For the\n three three For the For the\n months months year year\nStatement of distributable ended ended ended ended\n cash December December December December\n 31, 2006 31, 2005 31, 2006 31, 2005\n -----...