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TSX:TWH
TORONTO, May 7 /CNW/ -
Financial Highlights
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Three Months Ended
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(thousands of dollars except March 31, March 31,
per share amounts) 2009 2008
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Revenue 19,602 19,863
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EBITDA(1) 3,054 2,991
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Net loss (5,585) (5,765)
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Basic and diluted loss per share (0.24) (0.25)
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Weighted average shares
outstanding (000's) 22,896 22,787
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(1) EBITDA is not a recognized performance measure under Canadian GAAP.
EBITDA is defined as earnings before taxes, interest, depreciation,
amortization, non-controlling interest and earnings from equity
accounted investments. Management believes that in addition to net
earnings, this measure is useful supplemental information to provide
investors with an indication of income available prior to debt
service, capital expenditures and income taxes. Investors should be
cautioned, however, that this measure should not be construed as an
alternative to net earnings determined in accordance with GAAP as an
indicator of the Company.
TODAY, THE COMPANY ANNOUNCED THE REGULAR ELIGIBLE DIVIDEND OF
$0.06 PER SHARE TO BE PAID ON JUNE 30, 2009 TO SHAREHOLDERS OF
RECORD AS AT JUNE 15, 2009.
First Quarter 2009 Operating Highlights
EBITDA from the rail, tourism and port segment incurred a loss of US $1,944,000 in 2009 compared to US $2,019,000 for the first quarter of 2008.
The majority of the earnings of the rail, tourism and port operations are generated in US dollars. For the quarter ended March 31, 2009, the impact of the weakening Canadian dollar is estimated to have increased the reported net loss by $0.02 per share as compared to the first quarter in 2008.
EBITDA from the golf club and resort operations increased to $5,952,000 for the first quarter of 2009 compared to $5,463,000 in 2008 due to planned cost reductions in all areas of the segment.
Consolidated EBITDA for the quarter ended March 31, 2009 was $3,054,000 compared with $2,991,000 for the quarter ended March 31, 2008 and was impacted by the higher exchange rate used to convert the rail, tourism and port operations segment which incurred negative contribution for the period.
Amortization and rent increased 3.6% to $6,439,000 for the quarter ended March 31, 2009 from $6,216,000 in 2008 due to incremental amortization on 2008 additions.
Interest, net and other income totaled an expense of $5,587,000 for the quarter ended March 31, 2009 compared to $6,291,000 for the same period in 2008. This change relates to a decrease of $789,000 in gross interest expense due to a decline in variable interest rates and a 3.7% decline in consolidated debt.
Net loss decreased 3.1% to $5,585,000 for the quarter ended March 31, 2009 compared to $5,765,000 in 2008.
Loss per share decreased to 24 cents per share for the quarter ended March 31, 2009 from 25 cents for the same period in 2008.
Eligible Dividend
The Company continued with its regular quarterly dividend program and paid an eligible dividend of $0.06 per share, or $1,375,000, on March 31, 2009.
Management's discussion and analysis, financial statements and other disclosure information relating to the Company is available through SEDAR and at www.sedar.com and on the Company website at www.tri-white.com.