Business
GENIVAR Income Fund Concludes 2007 Strong Fourth Quarter and Year-end Results
MONTREAL, March 11 /CNW Telbec/ - GENIVAR Income Fund (the Fund) announced strong growth in reven...
About this update from Wsp Global Inc
[{"type":"text","content":"\n\n\n\nMONTREAL, March 11 /CNW Telbec/ - GENIVAR Income Fund (the Fund)\nannounced strong growth in revenues and EBITDA for its fourth quarter and for\nthe period from January 1, 2007 to December 31, 2007. This is the first full\nyear results for the Fund since it commenced business operations on May 25,\n2006.\n\n\nHighlights\n\n- For the full year 2007, revenues grew from $176.1 million in 2006 to\n $257.2 million, representing a 46.0% increase. Net revenue was\n $206.6 million, up 61.4% from $128.0 million in 2006. EBITDA stood at\n $42.2 million, up 62.2% from $26.0 million in 2006.\n\n- Revenues in the fourth quarter of 2007 were $70.5 million, up 41.9% for\n the same period in 2006. Net revenues increased by 57.9% to\n $58.0 million compared to $36.7 million in the fourth quarter of 2006.\n EBITDA reached $12.8 million for the period from October 1 to\n December 31, 2007.\n\n- Net earnings before non-controlling interest were $9.4 million or\n 44 cents per unit for the fourth quarter and $25.9 million or $1.32 per\n unit for the full year 2007.\n\n- In 2007, the Fund generated adjusted distributable cash of\n $34.0 million of which $26.1 million were distributed to unitholders\n representing an annual distribution of $1.30 per unit and an adjusted\n payout ratio of 77%.\n\n- In 2007, GENIVAR completed 11 acquisitions, adding 410 new employees\n across Canada : Western Canada based Cochrane Design Group, a\n multidisciplinary firm, added offices in Vancouver, Regina, Saskatoon\n and Winnipeg; Toronto based building group Kazmar, Quebec\n infrastructure and environment firms Nove, GLD, ASA, Terra, and visual\n simulation group VizStudio; Ontario transportation groups NCE and\n Harmer Podolak; Winnipeg municipal infrastructure firm SEG and,\n finally, B.H. Martin, a northern Ontario building and industrial firm.\n\n"2007 has been a tremendous year for GENIVAR in all aspects of the\nbusiness. We expanded our services across Canada, added new clients, increased\nour backlog and were awarded multiple challenging assignments and more\nimportantly grew our talented team by 800 people," said Pierre Shoiry,\nGENIVAR's President and CEO. "We are well on track to achieve our goal of\nbecoming one of Canada's leading multidisciplinary engineering, environment\nand project management firm by 2010 by offering our clients ...