Business
Sun Gro Horticulture Income Fund Releases 2007 First Quarter Results - Fund Continues to Grow Revenues and Operating Income
Sun Gro Horticulture Income Fund Releases 2007 First Quarter Results - Fund Continues to Grow Revenues 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 2007 first quarter results on May 4, 2007 at 7:30 am Pacific Time\n(10:30 am Eastern). The call can be accessed by dialing: 1-866-249-1964 or\n416-644-3422. A replay will be available through May 19, 2007 at:\n1-877-289-8525 or 416-640-1917. (Passcode: 21230978 followed by the number\nsign)\n\n\nTo access the live and archived webcast, please go to:\nhttp://www.vcall.com/IC/CEPage.asp?ID(equal sign)116583 or to the fund's website at:\nwww.sungro.com.\n\n\nVANCOUVER, May 3 /CNW/ - Sun Gro Horticulture Income Fund today reported\nfinancial results for the three months ended March 31, 2007, which represents\nthe first quarter of its 2007 fiscal year.\n\n\nDistributable Cash\n\n\nIn the first three months of 2007, the Fund generated distributable cash\nof $6.6 million, or $0.30 per unit. This compares to $6.5 million, or $0.30\nper unit, in the first quarter of 2006. Distributable cash paid to unitholders\nwas consistent in both quarters at $5.0 million, or $0.225 per unit.\n\n\n"We have made a solid start to our seasonally stronger first half of the\nyear," said Mitch Weaver, president and CEO of the Fund's wholly owned\nsubsidiary, Sun Gro Horticulture Canada (Sun Gro, or the company) and a\nTrustee of the Fund. "We are pleased with Sun Gro's performance and remain\nconfident in our ability to continue to generate sufficient distributable cash\nto meet the current rate of distributions, as well as provide for other\ncorporate requirements."\n\n\n(in thousands of dollars except\n per unit amounts) For the three For the three\n Months ended Months ended\nStatement of distributable cash March 31, 2007 March 31, 2006\n -------------------------------\nCash flows from operating activities\n before change in non-cash operating\n working capital $ 7,072 $ 6,664\nAdjustments:\n Realized gain (loss) on foreign\n currency contracts (111) 491\n Sustaining capital expenditures (621) (1,014)\n Repayment of government loans (55) (50)\n Current income taxes expected to\n seasonally reverse in the current\n fiscal year 340 450\n -------------------------------\nDistributable cash $ 6,625 $ 6,541\n -------------------------------\n -------------------------------\nDistributable cash p...