Business
Sun Gro Horticulture Income Fund Releases 2010 Second Quarter and First-Half Results
Sun Gro Horticulture Income Fund Releases 2010 Second Quarter and First-Half Results
About this update from Coloured Ties Capital Inc
[{"type":"text","content":"\n\n\n\n Aug. 10, 2010 (Canada NewsWire Group) -- \n\n \n \n \nTR.cnwUnderlinedCell TD {\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD {\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD {\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell {\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell {\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell {\n BORDER-BOTTOM: #000000 3px solid\n}\n\nFund continues to strengthen balance sheet; Sun Gro delivers stable operating performance and improved sales volumes of core growing mix products, experiences ongoing negative impact of stronger Canadian dollar\n\nTRADING SYMBOL: Toronto Stock Exchange - GRO.UN\n\nSun Gro Horticulture Income Fund will hold a conference call and webcast to discuss 2010 second quarter and first-half financial results on Wednesday, August 11 at 7:30 am Pacific Time (10:30 am Eastern). The call can be accessed by dialing: 1-888-231-8191 or 647-427-7450 (Greater Toronto Area and International).\nA replay will be available through August 24, 2010 at: 1-800-642-1687 or 416-849-0833. Passcode 91465710.\nTo access the live and archived webcast, please go to: http://www.investorcalendar.com/IC/CEPage.asp?ID=160847 or to the Fund's website at: www.sungro.com.\n\nVANCOUVER, Aug. 10 /CNW/ - Sun Gro Horticulture Income Fund (the Fund or Sun Gro) today reported financial results for the three and six months ended June 30, 2010. For the three-month period, which represents the second quarter of the Fund's 2010 fiscal year, its primarily US dollar denominated sales revenues were level with the amount recorded in 2009 when reported in US dollars. In Canadian dollars, second quarter revenues were down by 13% year-over-year, due to the effect of a significantly stronger Canadian dollar.\nOverall sales volumes, as measured in equivalent bales, or EBs (referring to 10 cubic feet of product), declined by 2% due to significant, ongoing weakness in Sun Gro's sales of sand-based mixes and a slowdown in orders for straight peat moss. However, the company continued to enjoy volume growth in sales of its core growing mix product lines.\nThis year's stronger Canadian dollar had an unfavourable impact on Sun Gro's gross margin and a favourable impact on its selling, general and administrative expenses. Distribution c...