First National AlarmCap Income Fund presents its results for the second quarter of 2009



    EDMONTON, Aug. 14 /CNW/ - The Management and Trustees of First National
AlarmCap Income Fund are pleased to report results for the second quarter (Q2)
of 2009.
    Total revenues of the Fund for Q2 of 2009 were $7.42 million compared to
$7.82 million for Q2 of 2008, a decrease of 5.0%. This is primarily due to a
2.6% decrease in the number of subscribers since Q2 of 2008 combined with
lower installation revenues. The Fund has experienced a softening in demand in
the commercial sector and higher residential customer attrition than
anticipated. Operating expenses were $25 thousand less in Q2 of 2009 versus Q2
of 2008 due to lower monitoring costs. EBITDA for the Fund in Q2 of 2009 was
$3.46 million compared to $3.83 million for Q2 2008. This 9.7% drop in
quarterly EBITDA is mainly attributable to lower revenues.
    Cash on hand at the end of the first quarter was $8.73 million as
compared to $7.37 million at December 31, 2008. This improvement in cash is
the largely the result of cash generated from our portfolio of monitored
accounts and the reduced level of distributions to Unitholders since June
2007.
    The Fund realized earnings per unit of $0.266 for the first half of the
year, up from $0.230 in the first half of 2008. Looking ahead, the Fund will
continue to implement its business plan of improving customer service while
implementing strategies to stabilize and grow the subscriber base and improve
operating income. As part of this business plan, the Fund launched a new
corporate website in June for the Fund (www.alarmcap.com) and a new customer
website for its Microtec operating division (www.microtec.com). In addition,
management is in the process of finalizing an expanded "dealer program" to
generate account base growth while providing quality service to its customers
for its monitoring services.
    The Trustees were pleased to announce a distribution for the month of
June in the amount of $0.02 per unit. With regards to future distributions,
the Trustees will continue to monitor, on a monthly basis, a number of
relevant factors including compliance with all of the debt covenants of its
Bank Credit Agreement, the projected profitability of the Fund, and the level
of cash resources required to implement its business plan.

    The Fund is an unincorporated, open-ended, limited purpose trust and its
Class A trust units are listed on the Toronto Stock Exchange under the ticker
symbol "FNA.UN". The Fund was established to acquire substantially all of the
assets and shares of Microtec Enterprises Inc. (Microtec) and substantially
all of the assets of Securex Master Partnership Agreement. The Microtec
division, based in Quebec, is one of the largest full-service security alarm
monitoring operations in Canada and has approximately 80,000 subscribers. The
Securex division, based in Alberta, has approximately 14,800 subscribers which
are managed by a contractor on behalf of the Fund. In total, the Fund has
approximately 94,800 subscribers.

    A copy of the consolidated financial statements for the quarter ended
June 30, 2009, related MD&A, and additional information concerning the Fund is
available on SEDAR at www.sedar.com.

    Cautionary statement regarding forward-looking information and statements

    Certain statements contained in this news release, which relate to
matters that are not historical facts, constitute "forward-looking
information" within the meaning of applicable Canadian securities legislation.
Forward-looking information and statements in this news release include but
are not limited to: confidence that its alarm monitoring business will remain
in demand and that the Fund has the capacity and ability to execute its
business plan. These statements are based on certain assumptions and analysis
made by the Fund in light of its experience and its perception of historical
trends, current conditions and expected future developments as well as other
factors it believes are appropriate in the circumstances. However, whether
actual results, performance or achievements will conform to the Fund's
expectations and predictions is subject to a number of known and unknown risks
and uncertainties which could cause actual results to differ materially from
the Fund's expectations. Such risks and uncertainties include, but are not
limited to: fluctuations in the demand for monitoring and installation of
security systems, general economic, market or business conditions; changes in
laws or regulations, including taxation and environmental; the lack of
availability of qualified personnel or management; and other unforeseen
conditions which could impact the use of services supplied by the Fund. See
also the Fund's Annual Information Form dated March 26, 2009, available on the
Fund's website (www.alarmcap.ca) and on SEDAR at www.sedar.com for a
comprehensive set of risk factors related to the Fund. Consequently, all of
the forward-looking information and statements made in this report are
qualified by these cautionary statements and there can be no assurance that
the actual results or developments anticipated by the Fund will be realized
or, even if substantially realized, that they will have the expected
consequences to or effects on the Fund or its business or operations. Except
as may be required by law, the Fund assumes no obligation to update publicly
any such forward-looking information and statements, whether as a result of
new information, future events or otherwise.





For further information:

For further information: Fred Fong, President & Chief Executive Officer,
1-888-864-7918 or email fred.fong@alarmcap.com

Organization Profile

FIRST NATIONAL ALARMCAP INCOME FUND

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