Business
Third quarter yields strong results for GENIVAR Income Fund
Third quarter yields strong results for GENIVAR Income Fund
About this update from Wsp Global Inc
[{"type":"text","content":"\n\n\n\nNov. 10, 2009 (Canada NewsWire Group) -- MONTREAL, Nov. 10 /CNW Telbec/ -- GENIVAR Income Fund (the \"Fund\") announced today its financial and operating results (unaudited) for the third quarter of 2009. These results cover the period from June 28, 2009, to September 26, 2009.Highlights- For the third quarter of 2009, revenues rose to $125.4 million, up from$104.7 million, representing an increase of 19.9%. Net revenues were$101.2 million, compared to $85.8 million, an increase of 17.9% from2008 to 2009. Organic growth accounted for 6.2% of this increase innet revenues, the remaining 11.7% resulting from acquisitions.- Net earnings were $8.8 million in the third quarter, up from the$8.3 million achieved for the same period in 2008, representing anincrease of 6.0%.- Earnings before non-controlling interest were $14.4 million, or$0.62 per unit on a diluted basis for the third quarter, up from$13.7 million or $0.65 per unit on a diluted basis generated in thesame quarter of 2008. EBITDA increased from $19.7 million in the thirdquarter of 2008 to $21.4 million for the same period in 2009. Theresults of the third quarter were negatively impacted by an exchangeloss of $1.0 million as a result of the stronger Canadian dollar.- For the third quarter of 2009, adjusted distributable cash totalled$18.2 million, of which $8.8 million were distributed to unitholders,representing an adjusted payout ratio of 48.2%. For the 2009 nine-monthperiod, adjusted distributable cash totalled $44.8 million, of which$26.3 million were distributed to unitholders, representing an adjustedpayout ratio of 58.6%.- During the third quarter, the Fund completed the acquisitions ofWM.R. Walker Engineering, an Ontario-based multidisciplinaryengineering firm in Sault Ste. Marie; Magnate Engineering & Associatesand Magnate Communication Corp., an Ontario and a British Columbiatelecommunications firms, and Progemes, a Montreal-based mechanical andelectrical consulting firm.- Backlog increased to $334.2 million, up $12.9 million from$321.3 million as at the previous quarter, ended June 27, 2009.- Subsequent to the quarter-end, on October 16, 2009, the Fund completedan equity financing of $100.0 million through a public offering of3,809,500 units at a price of $26.25.- Subsequent to the quarter-end, two small firms joined GENIVAR and added15 employees: Harp Eng...