Business
The DATA Group Income Fund Announces third quarter results for 2009
The DATA Group Income Fund Announces third quarter results for 2009
About this update from Data Communications Management Corp.
[{"type":"text","content":"\n\n\n\nNov. 5, 2009 (Canada NewsWire Group) -- BRAMPTON, ON, Nov. 5 /CNW/ -- The DATA Group Income Fund (TSX: DGI.UN) (\"the Fund\") today announced financial and operating results for the third quarter ended September 30, 2009, which include the results of operations for The Data Group Limited Partnership (the \"Data Group\").OUTLOOKDuring the quarter, the Fund has made progress as a result of the initiatives executed in this and previous quarters. Consequently, the Fund currently intends to maintain its monthly distributions at existing levels, based upon the Data Group's third quarter 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 economic volatility and the Fund's on-going cash available for distribution and cash resources. The current economic environment continues to be very fluid, volatile and difficult to predict. Management will continue to manage on a \"more of the same basis\". Management believes the Fund 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 endedSeptember 30, 2009 and2008(in thousands of dollars,except per unit amounts,unaudited) Jul. 1 to Jul. 1 to Jan. 1 to Jan. 1 toSept. 30, Sept 30, Sept. 30, Sept. 30,2009 2008 2009 2008$ $ $ $-------------------------------------------------------------------------Revenues 84,443 89,205 259,129 283,964Cost of revenues 62,411 66,220 192,624 206,644-------------------------------------------------------------------------Gross profit 22,032 22,985 66,505 77,320Selling, general andadministrativeexpenses 15,130 16,749 46,751 52,333Gain on cancellation ofconvertibledebentures - - (2) -Lease exit charge - - 866 -Write down of assets heldfor sale - 927 - 927Amortization ofintangible assets 2,649 2,744 7,947 8,232-------------------------------------------------------------------------Income before interestand income taxe...