Sun Gro Horticulture Income Fund Releases 2009 First Quarter Results



    
    Strong performance sustained; Fund delivers best ever quarterly EBITDA,
    more than doubles distributable cash, reduces term debt

    TRADING SYMBOL: Toronto Stock Exchange - GRO.UN

    Sun Gro Horticulture Income Fund will hold a conference call and webcast
    to discuss 2009 first quarter results on Wednesday, April 29, 2009 at
    7:30 am Pacific Time (10:30 am Eastern). The call can be accessed by
    dialing: 1-800-814-4862 or 416-644-3430 (Greater Toronto Area and
    International).

    A replay will be available through May 14, 2009 at: 1-877-289-8525 or
    416-640-1917. Passcode 21304687 followed by the number sign.

    To access the live and archived webcast, please go to:
    http://www.investorcalendar.com/IC/CEPage.asp?ID=144212 or to
    the fund's website at:
    www.sungro.com.
    

    VANCOUVER, April 28 /CNW/ - Sun Gro Horticulture Income Fund (the Fund)
today reported financial results for the three months ended March 31, 2009,
which represents the first quarter of its 2009 fiscal year. The Fund's
wholly-owned subsidiary, Sun Gro Horticulture Canada Ltd. (Sun Gro) recorded
operating income of $8.6 million, up seven-fold from the first quarter of
2008. Gross margin was maintained at the 46% achieved in the final quarter of
2008, up from 39% in the first three months of 2008. Distributable cash for
the quarter was up by 143% year-over-year. At the Florida operations Sun Gro
acquired in October 2007, sales and EBITDA improved by 17% and 273%,  
respectively, in US dollars. Finally, first quarter net income improved to  
$3.3 million from a loss of $1.4 million in 2008.
    The positive results were driven by a combination of factors. A much
stronger US dollar improved revenue, while critical elements of Sun Gro's cost
structure, such as transportation and manufacturing, benefited from efficiency
 and cost-saving initiatives implemented in 2008. Lower energy prices also  
contributed to reduced costs.

    First Quarter Financial Results

    Revenues for the first three months of the year increased by 14% over
2008. US dollar product pricing was stable, while the average value of the US
dollar strengthened by 24%, when compared to the first quarter of 2008. Sales
volumes declined in both the peat and bark-based growing mix, and straight
peat moss product categories. Growing mix sales volumes were down by 8%
year-over-year due to reduced crop plantings, lower retail co-pack mix sales
and the lingering impact of the weak US housing market, while peat moss
volumes decreased by 30% due to supply restrictions as a result of the 2008
harvest shortfall. First quarter sales of bulk bark mixes increased by 6%,
primarily as a result of capital upgrades completed during 2008 at the
Valdosta, Georgia plant that Sun Gro acquired in Q4 2007 as part of its
acquisition of Florida Potting Soils. Sand-based mix volumes were up by 20%,
due mainly to the repositioning of Sun Gro's sales focus from new golf course
development to golf course and sports field renovation.
    "Our ability to perform well in today's difficult market is due in large
part to the measures we took in 2008 to boost our production efficiency, and  
 enhance our manufacturing and logistical design processes," said Mitch
Weaver, President and CEO of Sun Gro and a Trustee of the Fund. "Going
forward, we remain focused on optimizing the assets we have in place as we
continue to  work to improve plant productivity and strengthen our balance
sheet."

    Balance Sheet Improvements

    Drawings on the revolving operating portion of the company's credit
facility in the first three months of 2009 were $9.9 million, down
substantially from the $15.5 million drawn in the same period of 2008. During
the first quarter of this year, Sun Gro reduced its term debt by $2.4 million.
Funds applied to the term debt included net proceeds of $1.3 million from the
sale of the Niagara, Ontario depot Sun Gro closed as part of its 2008
cost-saving program. As previously announced, this transaction was completed  
successfully in February 2009. At March 31, 2009, the Fund was in compliance
with all of its debt covenants.

    EBITDA

    EBITDA for the first quarter increased to $10.8 million, nearly twice the
2008 amount. The gain was driven by Sun Gro's improved cost structure and the
positive impact of the stronger US dollar on revenues. In addition, the Fund
recorded $1.4 million of realized foreign exchange contract losses, compared
to a gain of $0.7 million in the first quarter of 2008.

    
    Reconciliation of cash flows from operating activities to earnings before
    interest, taxes, depreciation and amortization (EBITDA)

                                                        Three          Three
                                                 months ended   months ended
                                                        March          March
    (in thousands of dollars)                        31, 2009       31, 2008
                                                -----------------------------
    Cash flows from operating activities (1)     $    (11,965)  $     (9,074)
    Adjustments:
      Change in non-cash operating working
       capital                                         19,587         12,569
      Interest expense                                  2,444          1,633
      Current income tax provision                        721            359
                                                -----------------------------
    EBITDA                                       $     10,787   $      5,487
                                                -----------------------------
                                                -----------------------------

    (1) Cash flows from operating activities from the consolidated
        statements of cash flows.
    

    Distributable Cash

    In the three months ended March 31, 2009, the Fund generated
distributable cash of $5.5 million, or $0.25 per unit, and did not make any
distributions to unitholders. In light of Sun Gro's reduced profitability in
2008, the Fund suspended monthly distributions to unitholders effective with
the August 2008 distribution. All available funds are now being used to
strengthen the Fund's balance sheet, which was leveraged to acquire key peat
resources and build out Sun Gro's US plant network.
    By comparison, in the first quarter of 2008, the Fund generated
distributable cash of $2.3 million or $0.10 per unit, and distributed $5.0
million, or $0.225 per unit. The 2008 distributable cash shortfall was funded
from temporary borrowings under the Fund's credit facility.

    
    Statement of Distributable Cash

    (in thousands of dollars except per-unit
     amounts)
                                                        Three          Three
                                                 months ended   months ended
                                                        March          March
                                                      31 2009        31 2008
                                                -----------------------------
    Cash flows from operating activities         $    (11,965)  $     (9,074)
    Adjustments:
      Change in non-cash operating working
       capital (1)                                     19,587         12,569
      Sustaining capital expenditures (2)                (364)        (1,102)
      Payments on capital leases and other term
       loans (3)                                         (159)          (133)
      Repayments on term loans(4)                      (1,612)             -
                                                -----------------------------
    Distributable cash                           $      5,487   $      2,260
                                                -----------------------------
                                                -----------------------------
    Distributable cash per unit                  $       0.25   $       0.10
                                                -----------------------------
                                                -----------------------------

    Distributions declared per unit (5)          $          -   $      0.225
                                                -----------------------------
                                                -----------------------------

    (1) Non-cash working capital fluctuates significantly on a quarterly
        basis as a result of the seasonality of Sun Gro's business.

    (2) Sustaining capital expenditures are defined as cash outlays, capital
        in nature, required to maintain the business at its current operating
        capacity and efficiency level. Investment capital expenditures are
        those that are for the purpose of business expansion and are not
        recorded as a reduction from distributable cash.

    (3) Capital leases and equipment loans are used to finance certain
        harvesting and transportation equipment. Government loans were
        received to directly support certain capital projects. Payments on
        these capital related loans and leases are included in the
        calculation of distributable cash. .

    (4) Payments in the period were made on a vendor note for business
        acquisition and the variable-rate US$ term debt. In future periods,
        Sun Gro has minimum repayments under its amended credit facilities.

    (5) For 2009, the Fund is prohibited from making distributions under its
        amended credit facilities.



    Operating Results for the three months ended March 31, 2009

    Comparative Statements of Earnings
     (Loss) and Comprehensive Income

    (In thousands of dollars
     except per-unit amounts,
     number of units                Three months ended    Three months ended
     outstanding and EBs(1))           March 31, 2009        March 31, 2008
                                   --------------------- --------------------
    Revenue                        $      68,961   100%  $      60,357   100%
    Cost of goods sold                    37,464    54%         36,928    61%
                                   --------------        --------------
    Gross profit                          31,497    46%         23,429    39%

    Distribution expenses                 10,471    15%         13,064    22%
    Selling expenses                       5,245     8%          4,170     7%
    General and administrative
     expenses                              7,201    10%          5,011     8%
                                   --------------        --------------
    Total operating expenses              22,917    33%         22,245    37%
                                   --------------        --------------
    Operating income                       8,580    13%          1,184     2%

    Other income (expense), net           (1,229)   -2%         (1,550)   -2%
    Asset impairment                           -     0%         (1,572)   -3%
    Interest expense                      (2,444)   -4%         (1,633)   -3%
                                   --------------        --------------
    Earnings (loss) before
     income taxes                          4,907     7%         (3,571)   -6%
    Income tax (provision)
     recovery
      Current                               (721)   -1%           (359)    0%
      Future                                (861)   -1%          2,569     4%
                                   --------------        --------------
    Income tax (provision)
     recovery, net                        (1,582)   -2%          2,210     4%
                                   --------------        --------------
    Net earnings (loss) for the
     period                                3,325     5%  $      (1,361)   -2%
    Other comprehensive income:
      Unrealized gain on
       translating financial
       statements of self-
       sustaining foreign
       operations                            781     1%          2,228     4%
                                   --------------        --------------
    Comprehensive income for the
     period                        $       4,106     6%  $         867     2%
                                   --------------        --------------
                                   --------------        --------------
    Basic and diluted earnings
     (loss) per unit               $        0.15         $       (0.06)
                                   --------------        --------------
                                   --------------        --------------
    Weighted average number of
     units outstanding                22,284,681            22,284,681
                                   --------------        --------------
                                   --------------        --------------
    Selected supplemental
     revenue information

      Volume in thousands of
       EBs (1)
      Peat and Bark-based Growing
       Mixes                               1,750                 1,893
      Peat Moss                              801                 1,148
      Bulk Bark Mixes                        616                   580
      Fertilizer and Minerals                 86                    96
      Sand-based Mixes                       169                   141
                                   --------------        --------------
      Total                                3,422                 3,858
                                   --------------        --------------
                                   --------------        --------------
      Average revenue per EB (1)
       (US $)
      Peat and Bark-based Growing
       Mixes                       $       20.58         $       20.08
      Peat Moss                            10.92                 10.85
      Bulk Bark Mixes                       8.48                  9.16
      Fertilizer and Minerals              46.06                 43.88
      Sand-based Mixes                     11.26                 10.77
                                   --------------        --------------
      Total                        $       16.32         $       15.95
                                   --------------        --------------
                                   --------------        --------------
      Average revenue per EB (1)
       (Canadian $)
      Peat and Bark-based Growing
       Mixes                       $       25.35         $       19.74
      Peat Moss                            13.46                 10.66
      Bulk Bark Mixes                      10.43                  9.01
      Fertilizer and Minerals              56.60                 43.16
      Sand-based Mixes                     13.87                 10.58
                                   --------------        --------------
      Total                        $       20.10         $       15.68
                                   --------------        --------------
                                   --------------        --------------

    (1) An EB, or equivalent bale, is Sun Gro's standard unit of measure,
        referring to 10 cubic feet of product. Calculation of average revenue
        per EB does not include transportation-related surcharges or the cost
        of early payment discounts.
    

    Outlook

    Sun Gro anticipates that its sales volumes for 2009 will continue to be
impacted by the US economy and the sluggishness in housing starts. However,
its gross margin percentage should continue to improve year-over-year, due
both to a more favourable exchange rate environment and the positive impact of
the productivity initiatives it launched in 2008. The company also expects to
continue to benefit from reduced raw material costs, particularly for energy
and fertilizers. The lower energy prices are continuing to have a positive
impact on Sun Gro's packaging costs and should reduce harvesting costs in
2009. Similarly, transportation costs are expected to continue to be
favourable, due to lower freight rates resulting from reduced demand and lower
energy prices, as well as more efficient truck loading and routing.
    The benefit of a stronger US dollar in 2009 will be tempered, as the
Fund's US dollar exposure for the year has been largely hedged with forward
foreign exchange contracts at an average rate of $1.05. An increase in the
value of the US dollar will also result in an unrealized loss on the Fund's US
dollar denominated debt. Foreign exchange contracts for the remainder of 2009
total US$45.5 million, of which US$20.5 million mature in the second quarter.
    Based on these factors, the Fund expects that year-over-year EBITDA will
improve in the second quarter, and that distributable cash through June 2009
will exceed the 2008 level. EBITDA for the first quarter of 2009 equalled more
than half the $19.1 million recorded for the entire 2008 fiscal year.
    Weaver said that the Fund believes that its cash flows from operating
activities and the revolving operating facility will be sufficient to meet its
working capital needs. "As we prepare to begin the 2009 harvest, we continue
to be optimistic about the long-term outlook for Sun Gro." He continued, "Our
number one priority remains to improve Sun Gro's profitability and create long
term value for our unitholders by building on Sun Gro's long-established
industry leadership."
    Copies of management's discussion and analysis (MD&A) and the Fund's
audited financial statements for the three months ended March 31, 2009 will be
available at www.sedar.com and www.sungro.com on or about May 8, 2009.

    Forward-Looking Information

    This news release contains "forward-looking information". Forward-looking
information relates to future events or future performance and reflects the
Fund's expectations regarding Sun Gro's growth, results of operations,
performance, business prospects, opportunities or industry performance, or
trends. In some cases, forward-looking information can be identified by
terminology such as "may", "will", "should", "expect", "intend", "plan",
"anticipate", "believe", "predict", "potential", "continue" or the negative of
these terms or other comparable terminology. In particular, the disclosure in
the "Outlook" section above includes forward-looking information regarding Sun
Gro's anticipated sales volumes and gross margin for the balance of 2009, the
Fund's anticipated year-over-year EBITDA and distributable cash through the
second quarter of 2009. These statements are intended to provide investors
with information that reflects management's reasonable expectations regarding
the anticipated financial performance of Sun Gro and the Fund. Readers are
cautioned that these statements may not be appropriate for other purposes. Any
forward-looking information included in this news release reflects Sun Gro's
current internal projections, expectations or beliefs and is based on
information currently available. A number of factors could cause actual events
or results to differ materially from those discussed in any forward-looking
information. Important factors that could cause actual results to differ
materially from Sun Gro's expectations include, among other things, risks
associated with fluctuations in currency exchange rates and interest rates,
changes in tax laws, the impact of adverse weather conditions on harvesting
operations, an increase in freight rates, failure to successfully implement
Sun Gro's strategies of adding mix products and targeting the professional
grower market, failure of acquisitions to be accretive to unitholders or to be
accretive within Sun Gro's anticipated time frames, inability to refinance
acquisition debt, failure to meet certain financial covenant requirements, the
impact of an increase in fuel costs, reduced consumer demand due to natural
disasters and economic factors, and competitive activity. Readers should
specifically consider these factors, including the risks and uncertainties
described in the 2008 year-end MD&A filed on SEDAR. Although Sun Gro believes
that any forward-looking information contained in this news release is based
on reasonable assumptions, readers cannot be assured that actual results will
be consistent with such statements. Accordingly, readers are cautioned against
placing undue reliance on forward-looking information. Any forward-looking
information provided in this news release is provided as of the date of the
news release and Sun Gro assumes no obligation to update or revise the
information to reflect new events or circumstances, except as required by law.

    Non-GAAP Measures

    EBITDA is not an earnings measure recognized by GAAP and does not have a
standardized meaning prescribed by GAAP. Therefore, EBITDA of the Fund may not
be comparable to EBITDA measures presented by other issuers. However, EBITDA
is commonly used as an indicator of financial performance and the Fund
believes that EBITDA is a useful supplemental measure that may assist in
assessing the potential return on an investment in the Fund.
    The calculation of EBITDA is based on cash flows from operating
activities, adjusted for changes in non-cash operating working capital,
interest expense and current income taxes.
    Distributable cash is not an earnings measure recognized by GAAP and does
not have a standardized meaning prescribed by GAAP. Therefore, the
distributable cash of the Fund may not be comparable to the distributable cash
measures presented by other issuers. However, distributable cash is commonly
used by Canadian open-ended trusts as an indicator of financial performance
and the Fund believes that distributable cash is a useful supplemental measure
that may assist in assessing the potential return on an investment in the
Fund.
    The calculation of distributable cash is based on cash flows from
operating activities, adjusted for changes in non-cash operating working
capital, realized gains and losses on foreign currency contracts, sustaining
capital expenditures, government grants and government loans, term loans for
certain production equipment, capital lease obligations and such reserves as
the Board of Directors of Sun Gro and Trustees of the Fund may consider
appropriate. Certain expenditures that are incurred as part of
earnings-enhancing capital projects and acquisitions are excluded from the
determination of distributable cash flow if the project or acquisition is
funded by term debt or equity financing.

    Income Fund Profile

    Sun Gro Horticulture Income Fund was launched with the completion of an
Initial Public Offering on March 27, 2002. Units of the Fund are listed for
trading on the Toronto Stock Exchange. At April 28, 2009, there were
22,284,681 units of the Fund issued and outstanding. The Fund is dependent on
Sun Gro's operations, with monthly distributions to its unitholders based
entirely on Sun Gro's performance.

    Company Profile

    Sun Gro was founded in 1929 in Vancouver, BC and has grown to become
North America's largest producer of sphagnum peat, and the largest distributor
of peat moss, and peat and bark-based growing media to professional plant
growers in the US and Canada. Sun Gro sells its professional products
primarily to greenhouse, nursery and specialty crop growers, as well as to
golf course developers and landscapers. Sun Gro also sells peat moss and
peat-based growing mixes to retail customers, either by way of private label
partnerships or under its own brand names. The US accounts for approximately
81% of the company's sales volumes. Sun Gro currently has approximately 65,000
acres of peat bogs under lease. The company's North America-wide production
network now comprises 12 Canadian operating plants and 13 US operating plants.

    
    Sun Gro Horticulture Income Fund
    Consolidated Balance Sheet
    (in thousands of dollars) (unaudited)




                                        As at March 31,    As at December 31,
    Assets                                        2009                  2008
                                        ---------------    ------------------

    Current assets
      Cash                                   $       -             $   2,277
      Accounts receivable                       66,873                43,838
      Inventories                               40,131                43,003
      Prepaid expenses and other assets          3,490                 4,200
                                        ---------------    ------------------
                                               110,494                93,318

    Property, plant and equipment              120,689               123,492
    Intangible assets                           44,451                44,853
    Other assets                                 1,418                 1,379
                                        ---------------    ------------------
                                             $ 277,052             $ 263,042
                                        ---------------    ------------------
                                        ---------------    ------------------
    Liabilities and Unitholders' Equity

    Current liabilities
      Bank indebtedness                      $   1,823             $       -
      Operating line                            44,037                34,109
      Accounts payable and
       accrued liabilities                      20,461                21,204
      Unrealized loss on foreign
       currency contracts                        8,699                 8,843
      Current portion of long-term debt          8,530                 6,598
                                        ---------------    ------------------
                                                83,550                70,754

    Other liabilities                            5,620                 5,518
    Unrealized loss on foreign
     currency contracts                            759                 1,042
    Long-term debt                              72,754                76,455
    Future income taxes                         12,530                11,540
                                        ---------------    ------------------
                                               175,213               165,309
    Unitholders' equity
      Capital contributions                    211,726               211,726
      Accumulated other comprehensive loss     (11,419)              (12,200)
      Cumulative earnings                       34,550                31,225
      Cumulative distributions declared       (133,018)             (133,018)
                                        ---------------    ------------------
                                               101,839                97,733
                                        ---------------    ------------------
                                             $ 277,052             $ 263,042
                                        ---------------    ------------------
                                        ---------------    ------------------



    Sun Gro Horticulture Income Fund
    Consolidated Statements of Earnings (Loss) and Comprehensive Income
    (in Sun Gro Horticulture Income Fund thousands of dollars except per-unit
    amounts and number of units outstanding)
    (unaudited)


                                    Three months ended    Three months ended
                                        March 31, 2009        March 31, 2008
                                    -----------------------------------------

    Revenue                                  $  68,961             $  60,357
    Cost of goods sold                          37,464                36,928
                                    -----------------------------------------
    Gross profit                                31,497                23,429

    Distribution expenses                       10,471                13,064
    Selling expenses                             5,245                 4,170
    General and administrative expenses          7,201                 5,011
                                    -----------------------------------------
    Total operating expenses                    22,917                22,245
                                    -----------------------------------------
    Operating income                             8,580                 1,184

    Other income (expense), net                 (1,229)               (1,550)
    Asset impairment                                 -                (1,572)
    Interest expense                            (2,444)               (1,633)
                                    -----------------------------------------
    Earnings (loss) before income taxes          4,907                (3,571)
    Income tax (provision) recovery
      Current                                     (721)                 (359)
      Future                                      (861)                2,569
                                    -----------------------------------------
    Income tax (provision) recovery, net        (1,582)                2,210
                                    -----------------------------------------
    Net earnings (loss) for the period           3,325                (1,361)
    Other comprehensive income:
      Unrealized gain on translating
       financial statements of
       self-sustaining foreign operations          781                 2,228
                                    -----------------------------------------
    Comprehensive income for the period      $   4,106             $     867
                                    -----------------------------------------
                                    -----------------------------------------

    Basic and diluted earnings
     (loss) per unit                         $    0.15             $   (0.06)
                                    -----------------------------------------
                                    -----------------------------------------
    Weighted average number
     of units outstanding                   22,284,681            22,284,681
                                    -----------------------------------------
                                    -----------------------------------------



    Sun Gro Horticulture Income Fund
    Consolidated Statements of Changes in Unitholders' Equity
    (in thousands of dollars) (unaudited)



                               Accumulated
                                   Other
                       Unit-     Compre-       Cumu-     Cumu-
                     holders'    hensive      lative    lative
                     Capital      Loss      Earnings Distributions     Total
                   ----------------------------------------------------------

    Balance -
     December
     31, 2007      $ 211,726   $ (22,668)  $  73,286   $(123,825)  $ 138,519

      Loss for
       the year            -           -     (42,061)          -     (42,061)
      Other
       compre-
       hensive
       income
       for the year        -      10,468           -           -      10,468
      Distributions
       for the year        -           -           -      (9,193)     (9,193)
                   ----------------------------------------------------------
    Balance -
     December
     31, 2008      $ 211,726   $ (12,200)  $  31,225   $(133,018)  $  97,733
      Earnings for
       the period          -           -       3,325           -       3,325
      Other
       compre-
       hensive
       income for
       the period          -         781           -           -         781
                   ----------------------------------------------------------
    Balance -
     March
     31, 2009      $ 211,726   $ (11,419)  $  34,550   $(133,018)  $ 101,839
                   ----------------------------------------------------------
                   ----------------------------------------------------------



    Sun Gro Horticulture Income Fund
    Consolidated Statements of Cash Flows
    (in thousands of dollars) (unaudited)



                                    Three months ended    Three months ended
                                        March 31, 2009        March 31, 2008
                                    -----------------------------------------
    Cash flows from
     operating activities
    Net earnings (loss)
     for the period                          $   3,325             $  (1,361)
      Items not affecting cash
        Depreciation, depletion
         and accretion                           3,266                 3,126
        Amortization of
         intangible assets                         626                   629
        Asset impairment                             -                 1,572
        Unrealized loss (gain) on
         foreign currency contracts               (427)                2,523
        Unrealized foreign exchange
         (gain) loss on US
         dollar assets and liabilities           1,041                  (425)
        Loss (gain) on disposal
         of property, plant
         and equipment                          (1,070)                    -
        Future income tax recovery                 861                (2,569)
                                    -----------------------------------------
                                                 7,622                 3,495
      Change in non-cash
       operating working capital               (19,587)              (12,569)
                                    -----------------------------------------
                                               (11,965)               (9,074)
    Cash flows from
     investing activities
      Installment payment on
       vendor note for
       business acquisition                       (496)                 (392)
      Additions to property,
       plant and equipment                        (364)               (1,102)
      Proceeds from disposal
       of property, plant
       and equipment                             1,346                     3
                                    -----------------------------------------
                                                   486                (1,491)
    Cash flows from
     financing activities
      Distributions paid
       to unitholders                                -                (5,013)
      Repayment of term loans                   (2,366)                    -
      Increase in operating line                 9,927                15,508
      Payments on capital leases
       and other term loans                       (159)                 (133)
                                    -----------------------------------------
                                                 7,402                10,362

    Effect of exchange
     rate changes on cash                          (23)                 (198)
                                    -----------------------------------------

    Decrease (increase)
     in bank indebtedness                       (4,100)                 (401)
    Cash (bank indebtedness) -
     beginning of the period                     2,277                (1,966)
                                    -----------------------------------------
    Bank indebtedness -
     end of the period                       $  (1,823)            $  (2,367)
                                    -----------------------------------------
                                    -----------------------------------------

    Supplemental cash flow information
      Interest paid                          $   2,534             $   1,898
      Income taxes paid                      $      21             $      88
    

    %SEDAR: 00017490E




For further information:

For further information: Bradley A. Wiens, Vice-President, Finance and
CFO, Sun Gro Horticulture Income Fund, Tel: (425) 373-3603, Email:
bradw@sungro.com, Website: www.sungro.com

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SUN GRO HORTICULTURE INCOME FUND

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