Business
GENIVAR Income Fund announces fourth quarter and year-end results
MONTREAL, March 9 /CNW Telbec/ - GENIVAR Income Fund (the "Fund") announced strong growth in reve...
About this update from Wsp Global Inc
[{"type":"text","content":"\n\n\n\nMONTREAL, March 9 /CNW Telbec/ - GENIVAR Income Fund (the "Fund")\nannounced strong growth in revenues, net revenues and EBITDA for its fourth\nquarter of 2008 and for the period from January 1, 2008 to December 31, 2008.\n\n\nHighlights\n\n- For the full year 2008, revenues grew from $257.2 million, in 2007, to\n $387.8 million, representing a 50.8% increase. Net revenues were\n $320.1 million, up 54.9% from $206.6 million in 2007. EBITDA stood a\n $68.6 million, up 62.7% from $42.2 million in 2007.\n\n- Revenues in the fourth quarter of 2008 were $115.7 million, up 64.1%\n for the same period in 2007. Net revenues increased by 60.8% to\n $93.3 million compared to $58.0 million in the fourth quarter of 2007.\n EBITDA reached $19.6 million for the period from September 28 to\n December 31, 2008, up 53.3% for the same period in 2007.\n\n- For the full year 2008, earnings before non-controlling interest were\n $42.5 million, or $1.95 per unit, up from $25.9 million, or $1.32 per\n unit, in 2007. Earnings before non-controlling interest were\n $10.2 million or $0.44 per unit for the fourth quarter compared to\n $9.1 million or $0.44 per unit for the same period in 2007. In the\n fourth quarter of 2008, net earnings were impacted by increased\n depreciation, amortization, interest and income tax expenses of\n $5.7 million.\n\n- In 2008, the Fund generated adjusted distributable cash of\n $52.9 million, or $2.26 per unit, of which $38.0 million were\n distributed to unitholders, representing annual distributions of $1.70\n per unit and an adjusted payout ratio of 71.8%. This represents an\n increase of $18.9 million of adjusted distributable cash, or $0.67 per\n unit, over the 2007 fiscal year. For the fourth quarter of 2008, the\n Fund generated adjusted distributable cash of $13.8 million, or $0.59\n per unit, up from $11.2 million or $0.53 per unit for the same period\n in 2007.\n\n\n"We are extremely pleased with our financial performance in 2008 and the\nsolid execution of our business plan," said Pierre Shoiry, GENIVAR's President\nand CEO. "In 2008, we significantly expanded our geographic reach and\nbroadened the expertise of our market segments with the addition of 1,000\nemployees. Our team is strong and our business operates in a wide range of\nsectors throughout Canada and abroad which sho...