Business
The DATA Group Income Fund announces full year and fourth quarter results for 2009
The DATA Group Income Fund announces full year and fourth quarter results for 2009
About this update from Data Communications Management Corp.
[{"type":"text","content":"\n\n\n\nBRAMPTON, ON, Mar. 4, 2010 (Canada NewsWire Group) -- /CNW/ -- The DATA Group Income Fund (TSX: DGI.UN) (\"the Fund\") today announced financial and operating results for the full year and fourth quarter ended December 31, 2009, which include the results of operations for The Data Group Limited Partnership (the \"Data Group\").\"The fourth quarter of 2009 marks the 20th consecutive quarter of distributions since we went public in December 2004, with distributions over that period totalling $120.5 million\", said David Odell, President and Chief Executive Officer.OUTLOOKDuring the fourth quarter of 2009, the Fund made progress towards increasing its consolidated revenues and profitability on a quarter-over- quarter basis, as a result of the initiatives executed in the fourth quarter and previous periods. Consequently, the Fund currently intends to maintain its monthly distributions at existing levels, based upon the Data Group's fourth quarter 2009 results and currently projected cash flow from operations, including expected revenues from new business wins, lower anticipated operating expenses as a result of previous and recent cost reductions, and its current liquidity and existing cash resources. The Fund's Board of Trustees will continue to closely monitor the Fund's monthly distribution levels in light of the current economy, the Fund's on-going cash available for distribution and cash resources and the application of the Specified Investment Flow-Through Entity tax on the Fund commencing January 1, 2011. The current economic environment continues to be very fluid, volatile and difficult to predict. Management will continue to manage the Data Group's business on a \"more of the same basis\" and believes the Data Group is well positioned to benefit from an economic recovery.Table 1 The following table sets out selected historical financialinformation for the periods noted.Consolidated Financial Information-------------------------------------------------------------------------For the periods endedDecember 31, 2009 and2008(in thousands of Oct. 1 to Oct. 1 to Jan. 1 to Jan. 1 todollars, except per Dec. 31, Dec. 31, Dec. 31, Dec. 31,unit amounts, 2009 2008 2009 2008unaudited) $ $ $ $-------------------------------------------------------------------------Revenues 90,698 96,508 349,827 380,472Cost of revenues 68,347 71,76...