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First Quarter Yields Strong Results for GENIVAR Income Fund
MONTREAL, May 13 /CNW Telbec/ - GENIVAR Income Fund (The Fund) announced, today, its financial an...
About this update from Wsp Global Inc
[{"type":"text","content":"\n\n\n\nMONTREAL, May 13 /CNW Telbec/ - GENIVAR Income Fund (The Fund) announced,\ntoday, its financial and operating results (unaudited) for the first quarter\nof 2008. These results cover the period from January 1, 2008 to March 29,\n2008.\n\n\nHighlights\n\n- Revenues for the first quarter of 2008 were $70.1 million, up from\n $54.3 million for the same period in 2007, representing an increase of\n 29.0%. Net revenues were $60.1 million, representing an increase of\n $15.9 million (36.2%).\n\n- Earnings before non-controlling interest were $7.6 million or\n $0.36 cents per unit for the first quarter. EBITDA increased 46.8% from\n $8.1 million in the first quarter of 2007 to $11.9 million for the same\n period in 2008.\n\n- Cash flows from operating activities generated $7.4 million of cash.\n Adjusted distributable cash totalled $9.8 million of which $5.3 million\n was distributed to unitholders, representing an adjusted payout ratio\n of 54.5%.\n\n- The Fund completed four acquisitions during the first three months of\n 2008, adding approximately 365 employees in Ontario, Alberta and\n British Columbia.\n\n- Backlog stands at $294.1 million as at March 29, 2008 up from\n $207.5 million on December 31, 2007.\n\n"We are very pleased with these first quarter results that bode well for\nthe rest of 2008" said Pierre Shoiry, President and CEO of the GENIVAR Income\nFund. "With the recent acquisition of Doucet & Associates, five quality firms\nhave now joined the Fund so far this year and we are especially pleased to now\nhave an established presence in Alberta," he added. "We secured several\nsignificant contracts during this period in all of our operating regions,"\nconcluded Mr. Shoiry.\n\nRecent awards include:\n\n- Project and construction management services in environment for the\n Gaspe Reclamation Project in Murdochville for Xstrata Copper.\n\n- Electrical and mechanical engineering, instrumentation and piping, as\n well as civil technical support for the Twin Rivers canola seed and\n soybean crushing plant in the Mauricie Region, in Quebec.\n\n- A multidisciplinary mandate in building engineering for two new office\n towers, 21 and 25 storeys respectively, in Quebec City for Cominar.\n\n- Structural, mechanical and civil engineering and supervision work, as\n well as environmental studie...