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Sun Gro Horticulture Income Fund Releases 2007 Second Quarter Results - Fund Continues to Grow Revenues and Position Operations for Future Growth
Sun Gro Horticulture Income Fund Releases 2007 Second Quarter Results - Fund Continues to Grow Revenues and Position Operations for Future Growth.
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\n\n\nto discuss 2007 second quarter and first half results on August 3, 2007\n\n\nat 7:30 am Pacific Time (10:30 am Eastern). The call can be accessed by\n\n\ndialing: 1-800-594-3790 or 416-644-3419. A replay will be available\n\n\nthrough August 19, 2007 at: 1-877-289-8525 or 416-640-1917. (Passcode:\n\n\n21242321 followed by the number sign)\n\n\nTo access the live and archived webcast, please go to:\n\n\nhttp://www.vcall.com/IC/CEPage.asp?ID(equal sign)119230 or to the fund's\n\n\nwebsite at: www.sungro.com.\n\n\nVANCOUVER, Aug. 2 /CNW/ - Sun Gro Horticulture Income Fund (the Fund)\ntoday reported financial results for the three and six months ended June 30,\n2007. The three-month period represents the second quarter of the Fund's 2007\nfiscal year.\n\n\nDistributable Cash\n\n\nIn the three months ended June 30, 2007, the Fund generated distributable\ncash of $6.25 million, or $0.28 per unit. This compares to $6.15 million, also\n$0.28 per unit, in the second quarter of 2006. For the six-month period,\ndistributable cash totalled $12.9 million, or $0.58 per unit, compared to\n$12.7 million, or $0.58 in 2006. Distributable cash paid to unitholders was\nunchanged at $5.0 million, or $0.225 per unit, for the quarter and\n$9.9 million, or $0.45 per unit, for the six months.\n\n\n"We have built on the positive momentum that began in 2006 and gathered\nstrength through the first quarter of this year," said Mitch Weaver, President\nand CEO of Sun Gro Horticulture Canada (Sun Gro, or the company) and a Trustee\nof the Fund. "Sun Gro's second quarter revenues were up by 22%, setting a new\nrecord for the period as we continued to enjoy healthy growth in sales\nvolumes, and to implement our growth and geographic diversification\nstrategies."\n\n\n(in thousands of dollars\n except per unit amounts) For the For the For the For the\n three three six six\n months months months months\n ended ended ended ended\nStatement of June 30, June 30, June 30, June 30,\n distributable cash(1) 2007 2006 2007 2006\n -------------------------------------------\nCash flows from operating\n activities $ 18,232 $ 16,605 $ 12,263 $ 11,579\nAdjustments:\n Change in non-cash\n operating working capital (12,8...