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General Donlee Income Fund Reports First Quarter March 31, 2010 Results

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  Published in Business and Finance on Friday, May 7th 2010 at 14:35 GMT by Market Wire
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 Highlights of this quarters results: - Sales were $10.4 million; an increase of $ 1.6 million and $1.9 million respectively over the last two quarters of 2009. - Sales order backlog of $41.6 million at March 31, 2010 - Cash generated from operating activities of $1.3 million - $0.270/Unit in distributions paid to Unitholders for the quarter 

 ($ millions, except Unit and Three Months Ended per Unit amounts, unaudited) ------------------ Mar 31/10 Mar 31/09 --------- --------- Operations ---------- Sales 10.4 13.8 Gross profit 2.5 4.4 Net income 0.6 2.9 Basic income per Unit $0.118(a) $0.530(b) Distributions ------------- Distributable cash(1) 0.7 2.6 Distributable cash per Unit(1) $0.140(a) $0.464(b) Distributions paid 1.4 1.5 Distributions paid per Unit $0.270 $0.270 (1) Distributable cash is not a defined term under Canadian generally accepted accounting principles ("GAAP"), but is determined by the Fund as cash flow provided by operating activities (adjusted to remove changes in non-cash working capital items), less repayment of long-term bank debt and less the pro-rated reserve for maintenance capital expenditures, for which Management estimates $1.25 million for 2010. See reconciliation of distributable cash below. Management believes that this liquidity measure is a useful supplemental measure of performance, as it provides investors with an indication of the amount of cash available for distribution to Unitholders. Investors are cautioned, however, that distributable cash should not be construed as an alternative to using net earnings as a measure of profitability, or to using the statements of cash flows. Further, the Fund's method of calculating distributable cash may not be comparable to measures used by other companies or trusts. For details of distributable cash, see the table below. (a) Based on weighted average of 5,332,317 Units outstanding for the first quarter of 2010. (b) Based on weighted average of 5,508,326 Units outstanding for the first quarter of 2009. 

 Three Months Ended ($000, except per Unit amounts) Mar 31 Mar 31 2010 2009 ---- ---- Cash provided by operating activities $853 $2,014 Adjust for net changes in non-cash working capital balances related to operations 460 1,092 --------------------- Cash provided by operating activities before changes in non-cash working capital balances 1,313 3,106 Repayment of long-term bank debt (251) (239) Reserve for maintenance capital expenditures (313) (313) --------------------- Distributable cash(1) $749 $2,554 Distributions paid to Unitholders $1,440 $1,484 Basic income per Unit $0.118 $0.530 Distributable cash(1) per Unit $0.140 $0.464 Distributions paid per Unit $0.270 $0.270 Payout ratio(2) 193% 58% (2) Payout ratio is not a defined term under Canadian GAAP, but is determined as actual distributions divided by distributable cash. The Fund's method of calculating its payout ratio may not be comparable to measures used by other companies or trusts.