Sun Gro Horticulture Income Fund Releases 2009 Second Quarter Results



    
    Sun Gro sustains improved performance; Fund delivers significantly
    improved net earnings, reduces debt by $6.1 million

    TRADING SYMBOL: Toronto Stock Exchange - GRO.UN

    Sun Gro Horticulture Income Fund will hold a conference call and webcast
    to discuss 2009 second quarter results on Thursday, August 6, 2009 at
    7:30 am Pacific Time (10:30 am Eastern). The call can be accessed by
    dialing: 1-866-249-2157 or 416-915-5648 (Greater Toronto Area and
    International).

    A replay will be available through August 20, 2009 at: 1-877-289-8525 or
    416-640-1917. Passcode 21311453 followed by the number sign.

    To access the live and archived webcast, please go to:
    http://www.investorcalendar.com/IC/CEPage.asp?ID=146701 or to
    the Fund's website at: www.sungro.com.
    

    VANCOUVER, Aug. 5 /CNW/ - Sun Gro Horticulture Income Fund (the Fund)
today reported financial results for the three months ended June 30, 2009,
which represents the second quarter of its 2009 fiscal year. The Fund's
wholly-owned subsidiary, Sun Gro Horticulture Canada Ltd. (Sun Gro or the
company) recorded operating income of $4.9 million, up from $0.4 million in
the second quarter of 2008. Year-over-year, revenues increased by 5% and
EBITDA was up by 15%, while gross margin improved to 41% from 39% in 2008. Net
earnings for the quarter also improved markedly, swinging from a loss of $21.2
million in 2008 to a profit of $9.0 million in 2009.
    As in the first quarter of the year, these positive results were achieved
despite lower sales volumes as a result of the difficult economic conditions.
The performance improvement was driven by a combination of factors. Revenues
and gross margin benefited from a stronger US dollar, while the favourable
effect of Sun Gro's 2008 productivity initiatives continued to be reflected in
critical elements of its cost structure, most notably transportation and
manufacturing. Lower energy prices also again contributed to reduced costs
during the quarter.
    "As demonstrated by our recent results and in line with our expectations,
the cash generating capacity of Sun Gro has continued to improve, even in the
current difficult market," said Mitch Weaver, President and CEO of Sun Gro and
a Trustee of the Fund. "Moving through the second half of the year, we will be
maintaining our focus on improving our operating infrastructure as we continue
to reduce our debt."

    Second Quarter Financial Results

    Revenues for the second quarter increased to $64.9 million from $62.1
million in 2008, despite a 13% decrease in overall sales volumes as measured
in equivalent bales (EBs), referring to 10 cubic feet of product. US dollar
product pricing remained stable, while the average value of the US dollar
strengthened by 14% compared to the second quarter of 2008. Sales volumes
declined in all product categories except sand-based mixes. Lower sales of
private label retail products brought peat and bark-based growing mix volumes
down by 4%. Volumes of straight peat moss decreased by 30%, due to the
combined impact of supply restrictions following the 2008 harvest shortfall,
the loss of a large non-grower account and reduced demand. Volumes of bulk
bark mixes decreased by 13%, primarily as a result of reduced sales of
landscape bark nuggets from Sun Gro's Valdosta, Georgia facility. In the
sand-based mix category, due mainly to the successful repositioning of the
company's sales focus from new golf course development to golf course and
sports field renovation, volumes increased by 36%.
    EBITDA for the second quarter increased to $6.1 million from $5.3 million
in 2008. The gain was driven by Sun Gro's improved cost structure and the
positive impact of the stronger US dollar on revenues. The EBITDA growth was
achieved despite a $2.4 million realized loss on foreign exchange contracts
that was recorded during the quarter, compared to a gain of $1.5 million in
the same period of 2008.
    Sun Gro's annual peat harvest began in May and should proceed through
October. Due to unfavourable weather in several regions, total volumes
harvested during the second quarter were slightly lower than in 2008, and
significantly below historical averages, resulting in production
inefficiencies at certain plants.

    
    Reconciliation of net earnings (loss) to earnings before interest, taxes,
    depreciation and amortization (EBITDA)

                                                  Three months  Three months
                                                         ended         ended
    (in thousands of dollars)                          June 30,      June 30,
                                                          2009          2008
                                                  ---------------------------
    Net earnings (loss) of the period              $     9,028   $   (21,192)
    Adjustments:
      Interest expense                                   2,593         1,776
      Depreciation, depletion and accretion              3,209         3,128
      Amortization of intangibles                          612           636
      Goodwill and asset impairments                         -        23,373
      Unrealized (gain) loss on foreign currency
       contracts                                        (8,260)          305
      Unrealized foreign exchange (gain) loss on
       US dollar assets and liabilities                 (3,039)          525
      Loss (gain) on disposal of property, plant
       and equipment                                        (4)           34
      Income tax provision (recovery), net               1,912        (3,323)
                                                  ---------------------------
    EBITDA                                         $     6,051   $     5,262
                                                  ---------------------------
                                                  ---------------------------
    

    Balance Sheet Improvements

    During the second quarter, Sun Gro reduced its term debt and other loans
by $3.1 million. In addition, complying with the terms of its recently amended
senior note agreement, it deposited $3.0 million to a restricted cash account.
Drawings on the Fund's revolving operating facility at the end of the second
quarter were $27.9 million, down slightly from a year ago. At June 30, 2009,
the Fund was in compliance with all of its debt covenants.

    Distributable Cash

    In the three months ended June 30, 2009, the Fund generated negative
distributable cash of $3.2 million, or ($0.15) per unit, after the $6.1
million of term debt repayments and restricted cash deposits. Under its
recently amended credit facility, the Fund is prohibited from making
distributions during 2009. All available funds are now being used to
strengthen the Fund's balance sheet, which in recent years was leveraged to
acquire key peat resources and build out Sun Gro's US plant network.
    By comparison, in the second quarter of 2008, the Fund generated
distributable cash of $2.2 million, or $0.10 per unit, and distributed $2.5
million, or $0.11 per unit.

    
    Statement of Distributable Cash


                                                  Three months  Three months
                                                         ended         ended
    (in thousands of dollars                           June 30,      June 30,
     except per-unit amounts)                             2009          2008
                                                  ---------------------------

    Cash flows from operating activities           $    23,777   $    17,968

    Adjustments:
      Change in non-cash operating working
       capital (1)                                     (20,468)      (15,155)
      Sustaining capital expenditures (2)                 (472)         (506)
      Payments on capital leases and other term
       loans (3)                                          (126)         (136)
      Restricted cash (4)                               (2,960)            -
      Repayments on term loans(5)                       (2,985)            -
                                                  ---------------------------
      Distributable cash                           $    (3,234)  $     2,171
                                                  ---------------------------
                                                  ---------------------------
      Distributable cash per unit                  $     (0.15)  $      0.10
                                                  ---------------------------
                                                  ---------------------------

      Distributions declared per unit (6)          $         -   $      0.11
                                                  ---------------------------
                                                  ---------------------------

    (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 2009 period were made to a restricted cash account
        related to the Fund's fixed-rate term debt.

    (5) Repayments in the 2009 period were made on the Fund's variable-rate
        term debt.

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


    Operating Results for the three months ended June 30, 2009 and 2008

    Comparative Statements of Earnings (Loss)
     and Comprehensive Income (Loss)

    (In thousands of dollars except
     per-unit amounts, number of     Three months ended   Three months ended
     units outstanding and EBs(1))      June 30, 2009        June 30, 2008
                                     -------------------  -------------------
    Revenue                          $    64,893   100%   $    62,053   100%
    Cost of goods sold                    38,482    59%        37,609    61%
                                     ------------         ------------
    Gross profit                          26,411    41%        24,444    39%
    Distribution expenses                 11,028    17%        14,984    24%
    Selling expenses                       4,920     7%         4,129     7%
    General and administrative
     expenses                              5,556     9%         4,906     8%
                                     ------------         ------------
    Total operating expenses              21,504    33%        24,019    39%
                                     ------------         ------------
    Operating income                       4,907     8%           425     0%

    Other income                           8,626    13%           209     0%
    Asset impairment                           -     0%       (23,373)  -37%
    Interest expense                      (2,593)   -4%        (1,776)   -2%
                                     ------------         ------------
    Earnings (loss) before income
     taxes                               `10,940    17%       (24,515)  -39%
    Income tax (provision) recovery
      Current                               (149)    0%          (673)   -1%
      Future                              (1,763)   -3%         3,996     6%
                                     ------------         ------------
    Income tax (provision) recovery,
     net                                  (1,912)   -3%         3,323     5%
                                     ------------         ------------
    Net earnings (loss) for the period     9,028    14%   $   (21,192)  -34%
    Other comprehensive income:
      Unrealized gain on translating
       financial statements of
       self-sustaining foreign
       operations                         (3,684)   -6%          (866)   -1%
                                     ------------         ------------
    Comprehensive income (loss) for
     the period                      $     5,344     8%   $   (22,058)  -35%
                                     ------------         ------------
                                     ------------         ------------

    Basic and diluted earnings (loss)
     per unit                        $      0.41          $     (0.95)
                                     ------------         ------------
                                     ------------         ------------
    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                               1,638                1,702
      Peat Moss                            1,002                1,433
      Bulk Bark Mixes                        695                  800
      Fertilizer and Minerals                 76                   90
      Sand-based Mixes                       256                  188
                                     ------------         ------------
      Total                                3,667                4,213
                                     ------------         ------------
                                     ------------         ------------

      Average revenue per EB (1)
       (US $)
      Peat and Bark-based Growing
       Mixes                         $     19.95          $     19.59
      Peat Moss                            10.87                10.70
      Bulk Bark Mixes                       7.94                 8.39
      Fertilizer and Minerals              41.18                43.48
      Sand-based Mixes                     11.07                11.43
                                     ------------         ------------
      Total                          $     15.01          $     14.59
                                     ------------         ------------
                                     ------------         ------------

      Average revenue per EB (1)
       (Canadian $)
      Peat and Bark-based Growing
       Mixes                         $     23.69          $     19.82
      Peat Moss                            12.82                10.82
      Bulk Bark Mixes                       9.41                 8.49
      Fertilizer and Minerals              48.58                43.98
      Sand-based Mixes                     12.89                11.51
                                     ------------         ------------
      Total                          $     17.78          $     14.75
                                     ------------         ------------
                                     ------------         ------------

    (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

    Until there is a substantial improvement in general economic conditions
and a resurgence of US new home construction activity, Sun Gro anticipates
that opportunities to improve sales volumes will be limited. Over the balance
of the year, the Fund will continue to focus on improving its cost structure.
It 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 packaging costs and harvest fuel
costs. Similarly, transportation costs are expected to remain favourable, due
to lower freight rates resulting from reduced demand and the lower energy
prices, as well as more efficient truck loading and routing.
    Foreign exchange contracts for the remainder of 2009 total US$29.0
million, of which US$20.0 million mature in the third quarter. For 2010, Sun
Gro has entered into foreign exchange contracts totaling US$35.0 million at an
average rate of $1.16 (or US$0.84).
    "Based on the current market outlook and performance trends, we expect
that our third quarter sales volumes will be in line with the 2008 level,"
said Weaver. "Across our North America-wide network, we will be working hard
to support our improved performance by driving up the efficiency of our
industry-leading production, distribution and sales infrastructures." He added
that the Fund is cautious, but optimistic, about the outcome of the year's
peat harvest. "The geographic diversity of our peat resources goes a long way
towards mitigating weather risk in any one region during harvesting, but the
reality is that no one can control the weather."
    Copies of management's discussion and analysis (MD&A) and the Fund's
audited financial statements for the three months ended June 30, 2009 will be
available at www.sedar.com and www.sungro.com on or about August 11, 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 for the balance 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 net earnings (loss) for the period,
adjusted for interest expense, income tax provision or recovery, depreciation,
depletion and accretion, amortization of intangibles, goodwill and asset
impairments, gain or loss on disposal of property, plant and equipment,
unrealized gain or loss on foreign currency contracts and unrealized foreign
exchange gain or loss on US dollar assets and liabilities.
    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, sustaining capital expenditures, government grants and government
loans, other loans for certain production equipment, capital lease
obligations, repayments on term loans, restricted cash payments 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 August 5, 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 is the largest producer and distributor of peat and bark-based
growing mixes to professional plant growers in the US and Canada. It is also
North America's largest producer and distributor of sphagnum peat moss, with
approximately 65,000 acres of peat bogs under lease. Sun Gro sells its
professional products primarily to greenhouse, nursery and specialty crop
growers. The company also sells peat moss and potting mixes to retail
customers, either by way of private label partnerships or under its own brand
names. In addition, Sun Gro sells sand-based mixes to golf course developers
and landscapers. The US accounts for approximately 81% of its sales volumes.
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          As at
                                                    June 30,     December 31,
                                                      2009           2008
    Assets                                       -------------  -------------
    Current assets
      Cash                                       $          -   $      2,277
      Accounts receivable                              45,389         43,838
      Inventories                                      34,426         43,003
      Prepaid expenses and other
       assets                                           2,410          4,200
                                                 -------------  -------------
                                                       82,225         93,318

    Property, plant and equipment                     116,770        123,492
    Intangible assets                                  42,852         44,853
    Unrealized gain on foreign
     currency contracts                                   792              -
    Restricted cash                                     3,102              -
    Other assets                                        1,361          1,379
                                                 -------------  -------------
                                                 $    247,102   $    263,042
                                                 -------------  -------------
                                                 -------------  -------------
    Liabilities and Unitholders' Equity

    Current liabilities
      Bank indebtedness                          $      1,107   $          -
      Operating line                                   27,874         34,109
      Accounts payable and accrued
       liabilities                                     16,775         21,204
      Unrealized loss on foreign
       currency contracts                               1,990          8,843
      Current portion of long-term debt                 7,971          6,598
                                                 -------------  -------------
                                                       55,717         70,754

    Other liabilities                                   5,699          5,518
    Unrealized loss on foreign
     currency contracts                                     -          1,042
    Long-term debt                                     64,772         76,455
    Future income taxes                                13,731         11,540
                                                 -------------  -------------
                                                      139,919        165,309

    Unitholders' equity
      Capital contributions                           211,726        211,726
      Accumulated other comprehensive
       loss                                           (15,103)       (12,200)
      Cumulative earnings                              43,578         31,225
      Cumulative distributions declared              (133,018)      (133,018)
                                                 -------------  -------------
                                                      107,183         97,733
                                                 -------------  -------------
                                                 $    247,102   $    263,042
                                                 -------------  -------------
                                                 -------------  -------------

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

                                                 Three months   Three months
                                                     ended          ended
                                                 June 30, 2009  June 30, 2008
                                                 ----------------------------
    Revenue                                      $     64,893   $     62,053
    Cost of goods sold                                 38,482         37,609
                                                 ----------------------------
    Gross profit                                       26,411         24,444

    Distribution expenses                              11,028         14,984
    Selling expenses                                    4,920          4,129
    General and administrative expenses                 5,556          4,906
                                                 ----------------------------
    Total operating expenses                           21,504         24,019
                                                 ----------------------------
    Operating income                                    4,907            425

    Other income (expense), net                         8,626            209
    Goodwill and asset impairments                          -        (23,373)
    Interest expense                                   (2,593)        (1,776)
                                                 ----------------------------
    Earnings (loss) before income taxes                10,940        (24,515)
    Income tax (provision) recovery
      Current                                            (149)          (673)
      Future                                           (1,763)         3,996
                                                 ----------------------------
    Income tax (provision) recovery, net               (1,912)         3,323
                                                 ----------------------------
    Net earnings (loss) for the period                  9,028        (21,192)
    Other comprehensive income:
      Unrealized (loss) gain on
       translating financial statements
       of self-sustaining foreign
       operations                                      (3,684)          (866)
                                                 ----------------------------
    Comprehensive income (loss) for
     the period                                  $      5,344   $    (22,058)
                                                 ----------------------------
                                                 ----------------------------
    Basic and diluted earnings (loss)
     per unit                                    $       0.41   $      (0.95)
                                                 ----------------------------
                                                 ----------------------------
    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)

                                     Accumu-
                                      lated
                                      Other
                            Unit-    Compre-            Cumulative
                          holders'   hensive  Cumulative  Distri-
                           Capital    Loss    Earnings    butions     Total
                         ----------------------------------------------------
    Balance
     - December 31,
      2007               $ 211,726  $(22,668) $ 73,286  $(123,825) $ 138,519

      Loss for the year          -         -   (42,061)         -    (42,061)
      Other comprehensive
       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                    -         -    12,353          -     12,353
      Other comprehensive
       loss for the
       period                    -    (2,903)        -          -     (2,903)
                         ----------------------------------------------------
    Balance - June 30,
      2009               $ 211,726  $(15,103) $ 43,578  $(133,018) $ 107,183
                         ----------------------------------------------------
                         ----------------------------------------------------


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

                                                 Three months   Three months
                                                     ended          ended
                                                 June 30, 2009  June 30, 2008
                                                 -------------  -------------
    Cash flows from operating
     activities
    Net earnings (loss) for the
     period                                      $      9,028   $    (21,192)
      Items not affecting cash
        Depreciation, depletion and
         accretion                                      3,209          3,128
        Amortization of intangible
         assets                                           612            636
        Goodwill impairment                                 -         23,373
        Unrealized (gain) loss on
         foreign currency contracts                    (8,260)           305
        Unrealized foreign exchange
         (gain) loss on US dollar assets
          and liabilities                              (3,039)           525
        Loss (gain) on disposal of
         property, plant and equipment                     (4)            34
        Future income tax provision
         (recovery)                                     1,763         (3,996)
                                                 -------------  -------------
                                                        3,309          2,813

      Change in non-cash operating
       working capital                                 20,468         15,155
                                                 -------------  -------------
                                                       23,777         17,968
    Cash flows from investing activities
      Additions to property, plant
       and equipment                                     (472)          (506)
      Proceeds from disposal of
       property, plant and equipment                       24             12
                                                 -------------  -------------
                                                         (448)          (494)

    Cash flows from financing activities
      Distributions paid to unitholders                     -         (3,343)
      Proceeds from term loans                              -         50,425
      Restricted cash payments                         (2,960)             -
      Repayment of term loans                          (2,985)       (39,790)
      Decrease in operating line                      (16,163)       (23,297)
      Payments on capital leases and
       other term loans                                  (126)          (136)
                                                 -------------  -------------
                                                      (22,234)       (16,141)

    Effect of exchange rate changes on cash              (379)          (475)
                                                 -------------  -------------
    Decrease in bank indebtedness                         716            858
    Bank indebtedness - beginning
     of the period                                     (1,823)        (2,367)
                                                 -------------  -------------
    Bank indebtedness - end
     of the period                               $     (1,107)  $     (1,509)
                                                 -------------  -------------
                                                 -------------  -------------
    Supplemental cash flow information
      Interest paid                              $      2,464   $      1,408
      Income taxes paid (refund), net            $        (43)  $        208

    

    %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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