Business
GENIVAR Income Fund Announces Fourth-Quarter and Full-Year Financial Results for 2009
GENIVAR Income Fund Announces Fourth-Quarter and Full-Year Financial Results for 2009
About this update from Wsp Global Inc
[{"type":"text","content":"\n\n\n\nMONTREAL, Mar. 23, 2010 (Canada NewsWire Group) -- /CNW Telbec/ -- The GENIVAR Income Fund (the \"Fund\") released its 2009 fourth-quarter results today, together with the full-year results for the period from January 1, 2009, to December 31, 2009.Highlights----------- For the full year 2009, revenues grew from $387.8 million in 2008 to$477.9 million, representing a 23.2% increase compared with 2008. Netrevenues were $395.3 million, up 23.5% from $320.1 million in 2008. Ofthe total 23.5% increase in net revenues, 14.0% came from theacquisitions completed in 2008 and 2009 and the remaining 9.5% wasachieved through organic growth.- For the fourth quarter of 2009, revenues rose to $135.0 million, upfrom $115.7 million, representing an increase of 16.7%. Net revenueswere $108.7 million, compared with $93.3 million, an increase of 16.6%compared with 2008. Organic growth accounted for 6.2% of the 16.6%increase in net revenues, with the remaining 10.4% resulting fromacquisitions.- EBITDA for the full year 2009 increased by 14.5% to $78.6 million or19.9% of net revenues, compared with $68.6 million or 21.4% of netrevenues for the full year 2008. Without the negative impact of theexchange loss of $3.3 million registered in 2009, EBITDA would haveincreased by 23.4% to $81.9 million.- EBITDA increased from $19.6 million in the fourth quarter of 2008 to$21.0 million for the same period in 2009. The fourth-quarter resultswere negatively impacted by an exchange loss of $1.4 million as aresult of the stronger Canadian dollar.- Earnings before non-controlling interest were $50.1 million or $2.06per unit, up from $42.5 million, or $1.95 per unit, in 2008. In thefourth quarter, earnings before non-controlling interest were $12.6million or $0.47 per unit, compared with $10.2 million or $0.44 perunit for the same period in 2008.- In 2009, the Fund generated adjustable distributable cash of $61.7million or $2.56 per unit, of which $48.7 million was distributed tounitholders, representing annual distributions of $1.95 per unit and anadjusted payout ratio of 78.9%.- As at December 31, 2009, backlog remained steady at $355.6 million,representing 8.6 months of work.- In 2009, the Fund added approximately 500 employees to its platform, ofwhich about two-thirds came from the 12 acquisitions completed inCanada and the one completed in Trinidad and ...