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GENIVAR Income Fund Announces Growth in Revenues and Earnings for the Second Quarter of 2009
MONTREAL, Aug. 10 /CNW Telbec/ - GENIVAR Income Fund (the "Fund") announced today its financial a...
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[{"type":"text","content":"\n\n\n\nMONTREAL, Aug. 10 /CNW Telbec/ - GENIVAR Income Fund (the "Fund")\nannounced today its financial and operating results (unaudited) for the second\nquarter of 2009. These results cover the period from March 29, 2009, to June\n27, 2009.\n\n\nHighlights\n\n- For the second quarter of 2009, revenues were $120.0 million up from\n $97.3 million for the same period in 2008, representing an increase of\n 23.3%. Net revenues were $100.6 million compared to $80.9 million, an\n increase of 24.4% from 2008 to 2009. Organic growth accounted for\n almost half of the increase in revenues and net revenues, the remaining\n increase being generated by the acquisitions completed since the second\n quarter of 2008.\n\n- Net earnings were $7.7 million for the second quarter, a 15.1% increase\n from the amount of $6.7 million achieved for the same period in 2008.\n\n- Earnings before non controlling interest were $12.6 million or $0.54\n per unit on a diluted basis for the second quarter, up 13.9% from\n $11.1 million or $0.52 per unit on a diluted basis generated in the\n same quarter of 2008. EBITDA increased 11.7% from $17.5 million in the\n second quarter of 2008 to $19.5 million for the same period in 2009.\n The results of the second quarter of 2009 were negatively impacted by\n an exchange loss of $1.1 million as a result of the stronger Canadian\n dollar. Without the impact of the exchange loss, EBITDA would have been\n $20.6 million and our earnings before non-controlling interest would\n have been $0.59 per unit on a diluted basis for the second quarter.\n\n- For the second quarter of 2009, adjusted distributable cash totalled\n $14.5 million of which $8.8 million were distributed to unitholders,\n representing an adjusted payout ratio of 60.4%. For the six-month\n period ended June 27, 2009, adjusted distributable cash totalled\n $26.6 million, of which $17.5 million were distributed to unitholders,\n representing an adjusted payout ratio of 65.8%.\n\n- During the second quarter of 2009, the Fund added approximately\n 125 employees with the acquisitions of Algal & Associates, a leading\n provider of electrical engineering services for power generation,\n transmission and distribution systems, Jagger Hims Limited, an Ontario-\n based earth and environmental firm, and ENAQ, a specialized nuclear\n engineering firm.\n\n-...