Business
Sun Gro Horticulture Income Fund Releases 2008 Third Quarter Results
Performance Significantly Impacted by Poor Peat Harvest and Reduced Peat Shipments; Fund Focuses ...
About this update from Coloured Ties Capital Inc
[{"type":"text","content":"\n\n\n\nPerformance Significantly Impacted by Poor Peat Harvest and Reduced Peat\nShipments; Fund Focuses on Debt Reduction\n\nTRADING SYMBOL: Toronto Stock Exchange - GRO.UN\n\nSun Gro Horticulture Income Fund will hold a conference call and webcast\nto discuss 2008 third quarter results on November 13, 2008 at 7:30 am\nPacific Time (10:30 am Eastern). The call can be accessed by dialing:\n1-800-814-3911 or 416-915-5763 (Greater Toronto Area and International).\n\nA replay will be available through November 28, 2008 at: 1-877-289-8525\nor 416-640-1917. Passcode 21287125 followed by the pound sign.\n\nTo access the live and archived webcast, please go to:\nhttp://www.investorcalendar.com/IC/CEPage.asp?ID(equal sign)136455 or to\nthe fund's website at: www.sungro.com.\n\n\nVANCOUVER, Nov. 12 /CNW/ - Sun Gro Horticulture Income Fund (the Fund)\ntoday reported financial results for the three and nine months ended September\n30, 2008. The three-month period represents the third quarter of its 2008\nfiscal year. Copies of management's discussion and analysis, and the Fund's\nunaudited interim financial statements will be available at www.sedar.com and\nwww.sungro.com on or about November 13, 2008. The Fund also announced that it\nwould not be proceeding with conversion from an income trust to a corporate\nstructure before the end of 2008, as contemplated at mid-year.\n\n\nFinancial Results\n\n\nDuring the third quarter, the financial performance of the Fund's\nwholly-owned subsidiary, Sun Gro Horticulture Canada Ltd. (Sun Gro) continued\nto be negatively impacted by poor peat harvest conditions and general economic\nweakness in the US. Demand in both the nursery and greenhouse segments of its\nbusiness was down due to the low level of housing starts in the US and more\ncautious crop plantings by professional growers throughout North America.\n\n\nWhile revenues and sales volumes for the three months were up by 7% and\n5%, respectively, over 2007, the gains were due to sales contributed by the\nFlorida operations acquired in October 2007. Same-store sales volumes\n(excluding the Florida operations) were down by 16% over the prior year, due\nto decreased demand from professional growers and reduced peat shipments. For\nthe nine-month period, same-store sales volumes were down by 11%, overall\nsales volumes improved by 4% and revenues w...