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Vicwest Income Fund Reports Results for the First Quarter 2010

^{Published on 2010-05-12 16:05:17 - Market Wire}
 

 Highlights: - Revenue for the quarter of $76.1 million, a decrease of $8.2 million or 9.7% from the same period in 2009. - EBITDA(1) for the quarter was $4.5 million, very strong when compared on a historical level, though down from $6.3 million in the same period in 2009. - Gross profit for the first quarter was $14.2 million compared to $15.6 million in 2009. As a percentage of revenue, gross profit of 18.6% was in line with 18.5% in the prior year. - Net income per unit for the quarter was $0.15, down from the $0.23 achieved in 2009. - Net debt level declined to $33.2 million at the end of the first quarter of 2010 compared to $44.6 million at March 31, 2009. Net debt to EBITDA ratio at March 31, 2010 was 0.8 to 1.0. - Declared cash distributions in the quarter were of $6.8 million, or $0.39 per unit, consistent with the cash distributions declared in the same period of 2009. 

 RESULTS OF OPERATIONS Comparative Statements of Income For the periods ended March 31, 2010 and 2009 (Thousands of Canadian dollars, unaudited) ------------------------------------------------------------------------- Three months ended March 31, 2010 2009 -------------------- $ $ Revenue 76,140 84,300 Cost of goods sold 61,954 68,678 ------------------------------------------------------------------------- Gross profit 14,186 15,622 ------------------------------------------------------------------------- Gross profit percentage 18.6% 18.5% ------------------------------------------------------------------------- Selling, general and administrative 11,210 11,021 Foreign exchange loss (gain) 47 (182) Net interest and financing 344 604 ------------------------------------------------------------------------- Income before income taxes 2,585 4,179 (Recovery of) provision for income taxes (15) 165 ------------------------------------------------------------------------- Net income 2,600 4,014 EBITDA(1) 4,458 6,293 As a percentage of revenue 5.9% 7.5% ------------------------------------------------------------------------- ------------------------------------------------------------------------- Certain amounts in the prior period's financial statements have been reclassified to conform to the current period's presentation. Amortization of property, plant and equipment relating to the manufacturing of product has been reclassified to cost of goods sold ($1.1 million in 2010 and $1.0 million in 2009). 

 DISTRIBUTABLE CASH(1) Statement of Distributable Cash For the periods ended March 31, 2010 and 2009 (Thousands of Canadian dollars except unit and per unit amounts, unaudited) ------------------------------------------------------------------------- Three months ended March 31, 2010 2009 ----------------------- $ $ Net income 2,600 4,014 Amortization of property, plant and equipment 1,173 1,070 Amortization of intangible assets 356 440 Net interest and financing 344 604 (Recovery of) provision for income taxes (15) 165 ------------------------------------------------------------------------- EBITDA(1) 4,458 6,293 Net interest expense (283) (544) Cash income taxes (22) 29 Maintenance capital additions(1) (1,010) (402) ------------------------------------------------------------------------- Distributable cash(1) 3,143 5,376 ------------------------------------------------------------------------- Cash distributions declared 6,791 6,794 ------------------------------------------------------------------------- Average units outstanding 17,413,201 17,419,468 Net income per unit 0.15 0.23 Distributable cash per unit 0.18 0.31 Cash distributions declared per unit 0.39 0.39 ------------------------------------------------------------------------- ------------------------------------------------------------------------- 

 ------------------------- (1) For more information, refer to Non-GAAP Measures described below.