Business
The DATA Group Income Fund announces second quarter results for 2009
Highlights ---------- Q2 2009
About this update from Data Communications Management Corp.
[{"type":"text","content":"\n\n\n\nHighlights\n----------\n\nQ2 2009\n-------\n\n- Second quarter ("Q2") 2009 Revenues of $84.3 million, Q2 Gross Profit\n of $21.3 million, Q2 Net Income of $0.7 million\n- Q2 Cash Available for Distribution of $5.8 million or $0.249 per unit\n and Cash Distributions of $6.8 million or $0.290 per unit\n (see Table 4 and "Non-GAAP Measures" below)\n- Q2 Payout Ratio of 116.5% (See Table 4 below)\n- Q2 Adjusted EBITDA of $7.4 million (See Table 3 and "Non-GAAP\n Measures" below)\n\nYTD 2009\n--------\n\n- Year to Date ("YTD") 2009 Revenues of $174.7 million, YTD Gross\n Profit of $44.5 million, YTD Net Income of $3.6 million\n- YTD Cash Available for Distribution of $12.0 million or $0.513 per\n unit and Cash Distributions of $13.6 million or $0.580 per unit (see\n Table 4 and "Non-GAAP Measures" below)\n- YTD Payout Ratio of 113.1% (See Table 4 below)\n- YTD Adjusted EBITDA of $16.5 million (See Table 3 and "Non-GAAP\n Measures" below)\n\n\nBRAMPTON, ON, Aug. 7 /CNW/ - The DATA Group Income Fund (TSX: DGI.UN)\n("the Fund") today announced financial and operating results for the second\nquarter ended June 30, 2009, which include the results of operations for The\nData Group Limited Partnership (the "Data Group").\n\n\nOUTLOOK\n\n\nMany of the Data Group's customers have been impacted by the current\neconomic environment and, as a result, have reduced spending. Those factors\nhave negatively affected the Fund's revenues through the first six months of\n2009. This decline in revenues has resulted in lower cash available for\ndistribution and a payout ratio in excess of 100% for the first and second\nquarters of 2009. In response, the Data Group has initiated workforce\nreductions, changes to its pension plan and its employee group benefit plans\nand other measures to reduce costs. These measures are expected to lower the\nData Group's operating expenses by approximately $15.0 million annually. In\naddition, over the past nine months, the Data Group has secured new business\nwhich is expected to generate approximately $15.0 million in revenues over the\nnext 12 months. Based upon the Data Group's currently projected cash flow from\noperations, including expected revenues from new business wins, lower\nanticipated operating expenses as a result of re...