($ millions, except per share amounts)	2012		2011
Revenues	175.7		138.6
Gross profit	34.3		28.7
Selling, general & administrative expenses	27.9		24.1
Net (loss) income from continuing operations	(8.4	)	20.9
EBITDA	3.7		40.4
Adjusted EBITDA	6.5		3.8
Basic (loss) income per share from continuing operations	(0.12	)	0.29

Revenue for the three-month period ended March 31, 2012 was $175.7 million, versus $138.6 million produced in 2011. Gross profit was $34.3 million for the quarter representing a gross profit margin of 19.5 percent. For the same period last year, Tuckamore reported gross profit of $28.7 million representing a gross profit margin of 20.7 percent. EBITDA was $3.7 million for 2012, compared to $40.4 million for 2011. EBITDA for the first quarter of 2012 includes a $2.8 million loss on extinguishment of debt whereas EBITDA for the first quarter of 2011 includes a $37.5 million gain on extinguishment of debt. Adjusted EBITDA was $6.5 million, compared to $3.8 million for the corresponding period in 2011.

INDUSTRIAL SERVICES

Solid results at ClearStream reflect Tuckamore's increase in ownership in Golosky Energy Services as well as strong performance of the underlying businesses.
At ClearStream, the conventional industrial services, fabrication and transportation revenues drove the improved results. The wear division experienced lower volumes compared to the corresponding period in 2011.
Quantum Murray had a challenging quarter, mostly due to decreased activity in the demolition division as well as project completion cost overruns.

MARKETING

Overall results were relatively flat compared to the prior year quarter.
Gemma continues to experience business level fluctuations from a major client, which was offset by increased volumes from other significant clients.
Armstrong had lower results due to a shift to lower margin revenues and a reduction of services provided to a significant client.
IC Group's results were comparable to the same quarter in the prior year.

OTHER

Gusgo experienced significant growth in the quarter due to increased business from one of its largest customers and additional business from a new client.
Titan's revenues were comparable to the prior year quarter, however higher staffing costs eroded overall results.

CORPORATE

Corporate expenses were significantly reduced in the quarter due to one-time costs incurred in 2011 related to the first time adoption of IFRS and costs related to the conversion to a corporation.

SECOND QUARTER OUTLOOK

At ClearStream, the Wear and Fabrication divisions have signed new contracts and more bidding opportunities for large multi-year projects have become available. The Transportation sector has also completed its strongest quarter since inception and ongoing growth in this sector is expected.
At Quantum Murray, the outlook for the second quarter is mixed. The environmental division is expecting strong positive business volumes. The demolition division will experience increased difficulty in successfully bidding on large projects as competition increases. This division is performing below expectations and a review of major projects is underway. With regards to the metals division, ferrous prices are expected to remain reasonably stable; although volumes are uncertain.
In the marketing segment, the outlook is mixed, with results similar to the first quarter expected. At Gemma, the overall outlook remains positive as the focus will continue to be a diversification of its client base and increased opportunities from new clients. IC Group is anticipating maintaining their first quarter momentum with key clients well into the second quarter.
In the Other segment, the outlook is also mixed. At Titan, management expects to continue to see growth in oil sands maintenance and construction activity, whereas the other divisions are expecting stable revenues. Gusgo is expecting to maintain its solid and stable client base with volume increases from existing clients.
Corporate costs are expected to remain comparable to the first quarter.

About Tuckamore Capital Management Inc.

Tuckamore Capital Management Inc. is a publicly-traded diversified fund that invests in successful Canadian private businesses run by proven entrepreneurs. We target above-average rates of return by putting our money to work behind talented entrepreneurs who have a record of success in their business and a growth opportunity for the future. Tuckamore currently has $352 million invested in 8 companies representing a diverse cross-section of the Canadian economy.

Forward-looking information

This press release contains certain forward-looking information. Certain information included in this press release may constitute forward-looking information within the meaning of securities laws. In some cases, forward-looking information can be identified by terminology such as "may", "will", "should", "expect", "plan", "anticipate", "believe", "estimate", "predict", "potential", "continue" or the negative of these terms or other similar expressions concerning matters that are not historical facts. Forward-looking information may relate to management's future outlook and anticipated events or results and may include statements or information regarding the future plans or prospects of Tuckamore or the Operating Partnerships and reflects management's expectations and assumptions regarding the growth, results of operations, performance and business prospects and opportunities of Tuckamore and the Operating Partnerships. Without limitation, information regarding the future operating results and economic performance of Tuckamore and the Operating Partnerships constitute forward-looking information. Such forward-looking information reflects management's current beliefs and is based on information currently available to management of Tuckamore and the Operating Partnerships. Forward-looking information involves significant risks and uncertainties. A number of factors could cause actual events or results to differ materially from the events and results discussed in the forward-looking information including risks related to investments, conditions of capital markets, economic conditions, dependence on key personnel, limited customer bases, interest rates, regulatory change, ability to meet working capital requirements and capital expenditures needs of the Operating Partners, factors relating to the weather and availability of labour. These factors should not be considered exhaustive.
In addition, in evaluating this information, investors should specifically consider various factors, including the risks outlined under "Risk Factors," which may cause actual events or results to differ materially from any forward-looking statement. In formulating forward-looking information herein, management has assumed that business and economic conditions affecting Tuckamore and the Operating Partnerships will continue substantially in the ordinary course, including without limitation with respect to general levels of economic activity, regulations, taxes and interest rates. Although the forward- looking information is based on what management of Tuckamore and the Operating Partnerships consider to be reasonable assumptions based on information currently available to it, there can be no assurance that actual events or results will be consistent with this forward-looking information, and management's assumptions may prove to be incorrect. This forward-looking information is made as of the date of this press release, and Tuckamore does not assume any obligation to update or revise it to reflect new events or circumstances except as required by law. Undue reliance should not be placed on forward-looking information. Tuckamore is providing the forward-looking financial information set out in this press release for the purpose of providing investors with some context for the "Second Quarter Outlook" presented. Readers are cautioned that this information may not be appropriate for any other purpose.

Non-standard measures

The terms "EBITDA", "adjusted EBITDA", "invested capital", (collectively the "Non-GAAP) are financial measures used in this press release that are not standard measures under International Financial Reporting Standards ("IFRS"). Tuckamore's method of calculating Non-GAAP measures may differ from the methods used by other issuers. Therefore, Tuckamore's Non-GAAP measures, as presented may not be comparable to similar measures presented by other issuers.

EBITDA refers to net earnings determined in accordance with IFRS, before depreciation and amortization, interest expense and income tax expense. EBITDA is used by management and the Directors as well as many investors to determine the ability of an issuer to generate cash from operations. Management also uses EBITDA to monitor the performance of Tuckamore's reportable segments and believes that in addition to net income or loss and cash provided by operating activities, EBITDA is a useful supplemental measure from which to determine Tuckamore's ability to generate cash available for debt service, working capital, capital expenditures, income taxes and distributions.

Adjusted EBITDA refers to EBITDA excluding the gain or loss on reduction or sale of ownership interest (dilution gains or losses), the write-down of goodwill and intangible assets, restructuring costs, gain on re-measurement of investments, gain or loss on debt extinguishment, fair value adjustments on stock based compensation expense and the impairment of long-term investments. Tuckamore has used Adjusted EBITDA as the basis for the analysis of its past operating financial performance. Adjusted EBITDA is used by Tuckamore and management believes it is a useful supplemental measure from which to determine Tuckamore's ability to generate cash available for debt service, working capital, capital expenditures, and income taxes. Adjusted EBITDA is a measure that management believes facilitates the comparability of the results of historical periods and the analysis of its operating financial performance which may be useful to investors.

Investors are cautioned that the Non-standard Measures are not alternatives to measures under IFRS and should not, on their own, be construed as an indicator of performance or cash flows, a measure of liquidity or as a measure of actual return on the shares. These Non-standard Measures should only be used in conjunction with the financial statements included in the press release and Tuckamore's (formerly Newport Partners Income Fund) annual audited financial statements available on SEDAR at [ www.sedar.com ]or [ www.tuckamore.ca ].

TUCKAMORE CAPITAL MANAGEMENT INC.

Consolidated Interim Balance Sheets

(In thousands of Canadian dollars)

(unaudited)

		March 31, 2012		December 31, 2011
Assets
Current Assets:
	Cash	$	19,140	$	28,625
	Cash and short-term investments held in trust		6,337		8,108
	Accounts receivable		148,139		149,371
	Inventories		33,628		37,464
	Prepaid expenses		3,333		3,486
	Other current assets		3,382		3,046
	Current assets of discontinued operations		-		3,517
		$	213,959	$	233,617
Property, plant and equipment			60,924		60,100
Goodwill			77,093		77,093
Intangible assets			75,921		78,928
Other assets			3,423		3,114
		$	431,320	$	452,852
Liabilities and Shareholders' Equity
Current liabilities:
	Accounts payable and accrued liabilities		79,872		91,173
	Deferred revenue		6,846		8,608
	Current portion of obligations under capital leases		4,283		5,540
	Current portion of senior credit facility		-		10,000
	Current liabilities of discontinued operations		-		651
		$	91,001	$	115,972
Obligations under capital leases			5,900		3,681
Senior credit facility			94,555		85,705
Secured debentures			147,923		146,314
Unsecured debentures			15,240		14,215
Deferred tax liability			8,633		11,028
Shareholders' equity			68,068		75,937
		$	431,320	$	452,852

TUCKAMORE CAPITAL MANAGEMENT INC.

Consolidated Interim Statements of (Loss) Income and Comprehensive (Loss) Income

(In thousands of Canadian dollars, except per unit amounts)

(unaudited)

		Three months ended			Three months ended
		March 31, 2012			March 31, 2011

Revenues		$	175,712		$	138,637
Cost of revenues			(141,386	)		(109,917	)
Gross profit			34,326			28,720
Selling, general and administrative			(27,854	)		(24,084	)
Amortization of intangible assets			(2,664	)		(3,872	)
Depreciation			(3,214	)		(3,957	)
Income from equity investments			-			372
Interest expense, net			(8,574	)		(7,115	)
(Loss) gain on debt extinguishment			(2,812	)		37,451
Fair value adjustment to stock based compensation expense			-			(883	)
Transaction costs			-			(1,178	)
(Loss) income before income taxes		$	(10,792	)	$	25,454
Income tax expense - current			-			(3	)
Income tax recovery (expense) - deferred			2,395			(4,572	)
Net (loss) income from continuing operations		$	(8,397	)	$	20,879
Loss from discontinued operations (net of income tax)			-			(107	)
Net (loss) income and comprehensive (loss) income		$	(8,397	)	$	20,772

(Loss) income per share
Basic:
	Continuing operations	$	(0.12	)	$	0.29
	Net income	$	(0.12	)	$	0.29
Diluted:
	Continuing operations	$	(0.12	)	$	0.28
	Net income	$	(0.12	)	$	0.28

TUCKAMORE CAPITAL MANAGEMENT INC.

Consolidated Interim Statements of Cash Flows

(In thousands of Canadian dollars)

(unaudited)

		Three months ended			Three months ended
		March 31, 2012			March 31, 2011
Cash provided by (used in):
Operating activities:
	Net (loss) income for the period	$	(8,397	)	$	20,772
	Items not affecting cash:
	Loss from discontinued operations		-			107
	Amortization of intangible assets		2,664			3,872
	Depreciation		3,214			3,957
	Deferred income tax (recovery) expense		(2,395	)		4,572
	Income from equity investments, net of cash received		-			(372	)
	Non-cash interest expense		2,754			664
	Loss (gain) on extinguishment of debt		2,812			(37,451	)
	Stock based compensation expense		528			1,668
	Changes in non-cash working capital		(9,438	)		(16,622	)
	Distributions from discontinued operations		-			801
	Cash used in discontinued operations		-			(2,736	)
		$	(8,258	)	$	(20,768	)
Investing activities:
	Acquisition of businesses, net of cash acquired		-			(14,547	)
	Proceeds on disposal of investment		2,500			-
	Purchase of property, plant and equipment		(1,481	)		(46	)
	Net proceeds on disposal of property, plant and equipment		48			202
	Purchase of software		(14	)		(477	)
	Increase in other assets		(309	)		-
	Cash used in discontinued operations		-			(12	)
		$	744		$	(14,880	)
Financing activities:
	Increase of long-term debt		-			19,766
	Repayment of long-term debt		(2,400	)		-
	Decrease (increase) in cash held in trust		1,771			(638	)
	Repayment of capital lease obligations		(1,342	)		(1,300	)
	Cash provided by discontinued operations		-			2,864
		$	(1,971	)	$	20,692
Decrease in cash			(9,485	)		(14,956	)
	Cash, beginning of period - continuing operations		28,625			26,065
	Cash, beginning of period - discontinued operations		-			1,674
Cash, end of period		$	19,140		$	12,783
Cash, end of period - continuing operations		$	19,140		$	10,993
Cash, end of period - discontinued operations			-			1,790

Supplemental cash flow information:
	Interest paid		11,724			77
	Cash acquired upon acquisition		-			20
Supplemental disclosure of non-cash financing and investing activities:
	Acquisition of property, plant and equipment through capital leases		2,299			379
	Debt and accrued interest repaid through issuance of debentures		-			152,951

Contributing Sources

Market Wire

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Tuckamore Announces First Quarter 2012 Financial Results

Tuckamore Announces First Quarter 2012 Financial Results