GENIVAR Income Fund announces results for its reporting period
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE U.S.
Montreal, August 15, 2006 –GENIVAR Income Fund (The Fund) announced today financial and operating results (unaudited) for the period from May 25 to July 1, 2006. This is the first 37-day reporting period of the Fund since it commenced business operations on May 25, 2006 and, consequently, no comparative information is provided in the Fund's interim consolidated financial statements. This 37-day period is not representative of a normal quarter of operations. However, in order to provide investors with a meaningful assessment of its performance, we have included selected financial information of the Fund and its predecessor company for the six months ended July 1, 2006 and compared them to the six months ended June 30, 2005 of the predecessor company.
Revenues for the period from May 25 to July 1, 2006 were $17.5 million. The net earnings before non-controlling interest were $2,4 million. EBITDA, for this 37-day period, was $3.4 million and the Fund generated distributable cash of $3.4 million or 17.81 cents per unit, higher than declared distributions of 10.22 cents.
"We are pleased with our successful initial public offering of $110 million and the strong support of our investors into our first months as a public entity. The Fund is off to a strong start and management is optimistic in implementing its plan to create a national platform through organic growth and strategic acquisitions", said Pierre Shoiry, President and CEO of the GENIVAR Income Fund.
Revenues for the six months ended July 1, 2006 were up 33% to $83.9 million, compared to $62.9 million for the six months ended June 30, 2005. Net revenues also increased by 33% from $43.2 million to $57.5 million for the same reporting period. EBITDA, for the same six months period, was $ 11.5 million compared to $ 6.5 million in 2005.
"During this first reporting period, all our market segments and our regions performed well and we are very pleased with the successful integration of MacViro within the GENIVAR family", said Shoiry "Our staff and our 153 active partners, who indirectly own a 41.88% retained ownership of the Fund, are motivated by our successful IPO and enthusiastic about the numerous opportunities provided by the strong business outlook of our Industry".
The Fund's interim consolidated financial statements, as well as management's discussion and analysis of this first reporting period can be obtained via the GENIVAR website at www.genivar.com or at www.sedar.com.
The GENIVAR Income Fund will hold a conference call on Tuesday, August 15, 2006 at 4:00 PM EDT to discuss these results. The conference call is open to all those wishing to attend with a Question and Answer period to follow the presentation. In order to participate in the live conference call, please call (416) 340-2216, if in the Toronto area, or 1 (866) 898-9626 throughout the rest of Canada. A replay of the call will be available via the GENIVAR website at www.genivar.com.
GENIVAR is a leading Canadian engineering services firm providing private and public sector clients with a full range of professional consulting services through all execution phases of a project including planning, design, construction and maintenance. Its clients, who are of varying sizes, fall into various market segments such as, building, industrial and power, urban infrastructure, transportation and environment. GENIVAR is one of the largest engineering services firm in Canada, in terms of number of employees, with approximately 1,500 managers, professionals, technicians and technologists and support staff, in over 30 offices in Canada and abroad. The Fund's units trade on the Toronto Stock Exchange under the symbol GNV.UN.
Selected consolidated financial information
Distributable cash
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For further information, please contact:
Pierre Shoiry, President and CEO
Tel. 514 340-0046, ext. 104
For media inquiries:
Marlène Casciaro, Director, Communications
Tel. 514 340-0046, ext. 184.
