Highlights
• Revenues for the first quarter of 2008 were $70.1 million, up from $54.3 million for the same period in 2007, representing an increase of 29.0%. Net revenues were $60.1 million, representing an increase of $15.9 million (36.2%).
• Earnings before non-controlling interest were $7.6 million or $0.36 cents per unit for the first quarter. EBITDA increased 46.8% from $8.1 million in the first quarter of 2007 to $11.9 million for the same period in 2008.
• Cash flows from operating activities generated $7.4 million of cash. Adjusted distributable cash totalled $9.8 million of which $5.3 million was distributed to unitholders, representing an adjusted payout ratio of 54.5%.
• The Fund completed four acquisitions during the first three months of 2008, adding approximately 365 employees in Ontario, Alberta and British Columbia.
• Backlog stands at $294.1 million as at March 29, 2008 up from $207.5 million on December 31, 2007.
“We are very pleased with these first quarter results that bode well for the rest of 2008" said Pierre Shoiry, President and CEO of the GENIVAR Income Fund. "With the recent acquisition of Doucet & Associates, five quality firms have now joined the Fund so far this year and we are especially pleased to now have an established presence in Alberta,” he added. “We secured several significant contracts during this period in all of our operating regions,” concluded Mr. Shoiry.
Recent awards include:
• Project and construction management services in environment for the Gaspe Reclamation Project in Murdochville for Xstrata Copper.
• Electrical and mechanical engineering, instrumentation and piping, as well as civil technical support for the Twin Rivers canola seed and soybean crushing plant in the Mauricie Region, in Quebec.
• A multidisciplinary mandate in building engineering for two new office towers, 21 and 25 storeys respectively, in Quebec City for Cominar.
• Structural, mechanical and civil engineering and supervision work, as well as environmental studies for the new Calypso Park, the future largest water park in Canada which will be located in Ottawa, Ontario.
• In transportation, GENIVAR has been selected by the Quebec Ministry of Transportation to provide engineering services, in consortium, for the refurbishment of the Dorval Interchange near Montreal’s Trudeau International Airport in Montreal.
• International activities were also buoyant as we successfully completed the engineering and commissioning of the Mana Mining project in Burkina Faso for SEMAFO, a fast-track project, with the first gold output being produced in March 2008.
• GENIVAR was also awarded an important fast-track project management assignment for a new Convention Centre, in Oran, Algeria, including a multi-purpose conference and convention facility, a five-star 300-room hotel, and a hotel-apartment.
• GENIVAR has been awarded a major project for Trinidad and Tobago’s Ministry of National Security aimed at redeveloping its security facilities including: police stations, fire halls and detention centres among others. The scope of the mandate covers the calls for proposals and tender documents, in addition to managing the project and monitoring the work.
The Fund will hold its annual meeting on May 22, 2008 at 10:00 a.m., at the Montreal Convention Centre, Room 520AD.
About GENIVAR
GENIVAR is a leading Canadian engineering services firm, providing public and private 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 are of varying sizes and fall into diverse market segments, including building, industrial and power, urban infrastructure, transportation, and environment. GENIVAR is one of the largest engineering services firms in Canada, in terms of number of employees, employing over 2,800 managers, professionals, technicians, technologists, and support staff, in over 60 offices in Canada and abroad.
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For further information, contact:
Pierre Shoiry, President and CEO
GENIVAR Income Fund
Tel.: (514) 340-0046, ext. 5104
Marlene Casciaro, Director of Communications
GENIVAR Income Fund
Tel.: (514) 340-0046, ext. 5184
