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Sun Gro Horticulture Income Fund Releases 2007 Third Quarter Results
Sun Gro Horticulture Income Fund Releases 2007 Third Quarter Results.
About this update from Coloured Ties Capital Inc
[{"type":"text","content":"\n\n\n\nFund Continues to Position Operations for Future Growth\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 third quarter and nine-month results on November 2, 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 416-644-3422. A replay will be available\n\n\nthrough November 16, 2007 at: 1-877-289-8525 or 416-640-1917. (Passcode:\n\n\n21250880 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)122413 or to the fund's\n\n\nwebsite at: www.sungro.com.\n\n\nVANCOUVER, Nov. 1 /CNW/ - Sun Gro Horticulture Income Fund (the Fund)\ntoday reported financial results for the three and nine months ended\nSeptember 30, 2007. The three-month period represents the third quarter of the\nFund's 2007 fiscal year. The Fund's strategic focus this year has been to\nexpand its manufacturing presence into key US horticultural markets. Its third\nquarter financial statements include the results of two California businesses\nacquired in January 2007.\n\n\nDistributable Cash\n\n\nIn the three months ended September 30, 2007, the Fund generated\ndistributable cash of $4.2 million, or $0.19 per unit. This compares to\n$7.1 million, or $0.32 per unit, in the third quarter of 2006. For the\nnine-month period, distributable cash totalled $17.1 million, or $0.78 per\nunit, compared to $19.8 million, or $0.90 per unit, in 2006. Distributable\ncash paid to unitholders was unchanged at $5.0 million, or $0.225 per unit,\nfor the quarter and $14.9 million, or $0.675 per unit, for the nine months.\n\n\n(in thousands of dollars For the For the For the For the\n except per-unit amounts) three three nine nine\n months months months months\nStatement of distributable ended ended ended ended\n cash September September September September\n 30, 2007 30, 2006 30, 2007 30, 2006\n -------------------------------------------\n\nCash flows from operating\n activities $ 4,436 $ 7,066 $ 16,699 $ 18,645\nAdjustments:\n Change in non-cash operating\n working capital(1) 407 (742) 591 (865)\n Realized gain on foreign\n currency contracts(2) 1,263 1,538 2,569 4,074\n Sustaining capital\n expenditures(3) (1,279) (300) (2,760) (1...