GENIVAR Income Fund Announces Second Quarter Results: Net Earnings Up by 156%

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[{"type":"text","content":"\n\n\n\nMONTREAL, Aug. 5 /CNW Telbec/ - GENIVAR Income Fund (the "Fund")\nannounced today its financial and operating results (unaudited) for the second\nquarter of 2008. These results cover the period from March 30, 2008 to\nJune 28, 2008.\n\n\nHighlights\n\n\n- For the second quarter of 2008, revenues were $97.3 million, up from\n $63.8 million for the same period in 2007, representing an increase of\n 52.6%. Net revenues were $80.9 million, compared to $50.9 million, an\n increase of 59.0% from 2007 to 2008. Strong organic growth accounted\n for half of this increase.\n\n- Net earnings were $6.7 million for the second quarter, a 156.1%\n increase from the amount of $2.6 million achieved for the same period\n in 2007.\n\n- Earnings before non-controlling interest were $11.0 million or\n $0.52 per unit on a diluted basis for the second quarter, more than\n double the amount of $0.24 per unit on a diluted basis generated in the\n same quarter of 2007. EBITDA increased 82.0% from $9.6 million in the\n second quarter of 2007 to $17.5 million for the same period in 2008.\n\n- Cash flows from operating activities generated $8.0 million of cash.\n Adjusted distributable cash totalled $13.2 million, of which\n $5.3 million were distributed to unitholders, representing an adjusted\n payout ratio of 40.3%.\n\n- The Fund announced an increase of its annual distributions from\n $1.00 per unit to $1.50 per unit, or from $0.0833 to $0.125 per unit\n per month. This increase will be effective for the Fund's July\n distribution to be paid on August 15, 2008.\n\n- During the quarter, the Fund amended its credit facilities, increasing\n its operating line from $40.0 million to $80.0 million.\n\n- The Fund completed two acquisitions during the second quarter of 2008,\n adding approximately 70 employees in British Columbia and Quebec. The\n total workforce of the Fund, as at June 28, 2008, was more than\n 3,100 employees.\n\n- Subsequent to the end of the quarter, the Fund completed the\n acquisitions of Peterson Galloway, a British Columbia building firm,\n ZENIX Engineering, an Ontario building firm, and Solmers, a Quebec\n environmental engineering firm.\n\n- As of June 28, 2008, backlog increased slightly to $300.4 million up\n from $294.1 million as of March 29, 2008.\n\n"The Fund continued delivering on its business plan fuel...

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