Sun Gro Horticulture Income Fund Releases 2010 First Quarter Results

Fund continues to strengthen balance sheet; Sun Gro posts 9% sales volume growth

TRADING SYMBOL: Toronto Stock Exchange - GRO.UN

Sun Gro Horticulture Income Fund will hold a conference call and webcast to discuss 2010 first quarter financial results on Tuesday, May 11 at 7:30 am Pacific Time (10:30 am Eastern). The call can be accessed by dialing: 1-888-231-8191 or 647-427-7450 (Greater Toronto Area and International).

A replay will be available through May 24, 2010 at: 1-800-642-1687 or 416-849-0833. Passcode 73267894.

To access the live and archived webcast, please go to: http://www.investorcalendar.com/IC/CEPage.asp?ID=158387 or to the Fund's website at: www.sungro.com.

VANCOUVER, May 10 /CNW/ - Sun Gro Horticulture Income Fund (the Fund) today reported financial results for the three months ended March 31, 2010, which represents the first quarter of its 2010 fiscal year. Sales volumes for the period increased by 9%, as measured in equivalent bales, or EBs (referring to 10 cubic feet of product), compared to the same three months of 2009. US dollar revenues increased by a similar amount. As expected, the stronger Canadian dollar reduced overall revenues and gross margin, but positively impacted selling, general and administrative expenses. Distribution costs were up due to the higher sales volumes and a slight increase in per-EB costs on shipments from US facilities. These factors drove a relatively modest 4% reduction in EBITDA from the quarterly record amount reported for the same three months of 2009. Net earnings increased by 76% from the first quarter of last year.

"Given that the average value of the Canadian dollar compared to the US dollar appreciated by 20% from the first quarter of last year, we are pleased with our performance in the first three months of 2010," said Mitch Weaver, President and CEO of Sun Gro and a Trustee of the Fund. "Our cost structure benefited from the higher volumes as well as our ongoing focus on production efficiency. We continued to reduce our debt obligations, as well as our interest expense, and our senior leverage ratio remained well below the level permitted under our debt covenants."

First Quarter Financial Results

Revenue for the first quarter of 2010 was $64.2 million, down from $69.0 million in 2009. The average Canadian dollar exchange rate for the three months strengthened to CDN$1.04 (US$0.96) from CDN$1.24 (US$0.80) last year, effectively decreasing Sun Gro's revenue by approximately $10.0 million. The adverse effect of exchange rates was partially offset by the 9% increase in overall sales volumes and sales mix changes, as sales volumes of higher value professional growing mixes increased significantly. Improved economic conditions in certain US markets resulted in stronger sales to vegetable and greenhouse growers, driving a 12% increase in peat and bark-based growing mix volumes. Sales volumes of straight peat moss increased by 18%, due mainly to increased customer demand.

The less favourable exchange rates reduced Sun Gro's gross margin to 42% from 46% in 2009. Had exchange rates remained constant year-over-year, gross margin would have been maintained at 46%. During the quarter, the Fund saw realized gains on foreign currency contracts, compared to losses in 2009. While operating income (which excludes gains and losses on foreign currency contracts) of $6.1 million was down from $8.6 million in 2009, net earnings improved to $5.9 million from $3.3 million last year. EBITDA decreased by $0.5 million to $10.3 million from $10.8 million in same period of 2009.

Capital spending in the first three months of 2010 increased from the prior year level, focusing on plant improvements to enhance efficiency and upgrade production capacity. During the quarter, Sun Gro began installation of a new 110-cubic-foot baler at its Seba Beach, Alberta plant. The new baler is expected to be in service by the fourth quarter of 2010 and will allow Sun Gro to cost-effectively meet increased demand from the plant while reducing its use of plastic packaging.

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

    
                                                  Three months  Three months
                                                         ended         ended
                                                      March 31,     March 31,
    (in thousands of dollars)                             2010          2009
                                                 ----------------------------
    Net earnings for the period                   $      5,857  $      3,325

    Adjustments:
      Interest expense                                   1,906         2,444

      Depreciation, depletion and accretion              3,124         3,266
      Amortization of intangibles                          582           626

      Unrealized gain on foreign currency
       contracts                                        (1,626)         (427)
      Unrealized foreign exchange (gain) loss
       on US dollar assets and liabilities              (1,323)        1,041
      Loss (gain) on disposal of property,
       plant and equipment                                  31        (1,070)
      Income tax provision                               1,782         1,582
                                                 ----------------------------
    EBITDA                                        $     10,333  $     10,787
                                                 ----------------------------
                                                 ----------------------------
    

Balance Sheet Improvements

In the first quarter, Sun Gro reduced its debt obligations by a total of $2.1 million, repaying principal of $1.3 million on term loans and other debt, and depositing US$0.8 million to a restricted cash account. Drawings on the Fund's revolving operating facility seasonally increased from the 2009 year-end to $35.8 million, but were down from the $44.0 million drawn at March 31, 2009, continuing the trend of the last several quarters. The Fund's improved balance sheet enabled it to reduce first quarter interest expense by $0.5 million year-over-year. At March 31, 2010, the Fund was in compliance with all of its debt covenants.

Distributable Cash

After the $2.1 million of debt repayments and restricted cash deposits, the Fund generated distributable cash of $4.0 million, or $0.18 per unit, in the three months ended March 31, 2010. Under the terms of its credit facility, the Fund is currently prohibited from making distributions to unitholders. Available funds are 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 in recent years.

By comparison, in the three months ended March 31, 2009, the Fund generated distributable cash of $5.5 million, or $0.25 per unit. The difference was primarily due to increased debt repayments and restricted cash deposits, and higher sustaining capital expenditures in 2010.

Statement of Distributable Cash

    
                                                  Three months  Three months
                                                         ended         ended
    (in thousands of dollars except                   March 31,     March 31,
     per-unit amounts)                                    2010          2009
                                                 ----------------------------

    Cash flows from operating activities          $     (8,248) $    (11,965)
    Adjustments:
      Change in non-cash operating working
       capital                                          15,199        19,587
      Sustaining capital expenditures                     (812)         (364)
      Payments on capital leases and
       other loans                                         (90)         (159)
      Restricted cash payments                            (789)            -
      Repayment of term loans                           (1,247)       (1,612)
                                                 ----------------------------
    Distributable cash                            $      4,013  $      5,487
                                                 ----------------------------
                                                 ----------------------------
    Distributable cash per unit                   $       0.18  $       0.25
                                                 ----------------------------
                                                 ----------------------------


    Operating Results for the three months ended March 31, 2010 and 2009


    Comparative Statements of Earnings
     and Comprehensive Income
    (In thousands of dollars
     except per-unit amounts, and    Three months ended   Three months ended
     number of units outstanding)       March 31, 2010       March 31, 2009
                                    -------------------- --------------------

    Revenue                          $    64,217   100%   $    68,961   100%
    Cost of goods sold                    37,092    58%        37,464    54%
                                    -------------        -------------
    Gross profit                          27,125    42%        31,497    46%

    Distribution expenses                 11,058    17%        10,471    15%
    Selling expenses                       4,797     7%         5,245     8%
    General and administrative
     expenses                              5,204     8%         7,201    10%
                                    -------------        -------------
    Total operating expenses              21,059    32%        22,917    33%
                                    -------------        -------------
    Operating income                       6,066    10%         8,580    12%

    Other income (expense), net            3,479     5%        (1,229)   -2%
    Interest expense                      (1,906)   -3%        (2,444)   -4%
                                    -------------        -------------
    Earnings before income taxes           7,639    12%         4,907     7%
    Income tax provision
      Current                             (1,476)   -2%          (721)   -1%
      Future                                (306)    0%          (861)   -1%
                                    -------------        -------------
    Income tax provision                  (1,782)   -3%        (1,582)   -2%
                                    -------------        -------------
    Net earnings for the period      $     5,857     9%   $     3,325     5%
    Other comprehensive income:
      Unrealized gain (loss) on
       translating financial
       statements of self-sustaining
       foreign operations                 (1,723)   -3%           781     1%
                                    -------------        -------------
    Comprehensive income for
     the period                      $     4,134     6%   $     4,106     6%
                                    -------------        -------------
                                    -------------        -------------

    Basic and diluted earnings
     per unit                        $      0.26          $      0.15
                                    -------------        -------------
                                    -------------        -------------
    Weighted average number of
     units outstanding                22,284,681           22,284,681
                                    -------------        -------------
                                    -------------        -------------


    Selected supplemental
     revenue information
     for  the three months
     ended March 31               2010        2009       Increase (decrease)
                              ----------- ----------- -----------------------

    Volume in thousands of
     EBs(1)
    Peat and Bark-based
     Growing Mixes                 1,965       1,750         215         12%
    Peat Moss                        942         801         141         18%
    Bulk Bark Mixes                  619         616           3          0%
    Fertilizer and Minerals          117          86          31         36%
    Sand-based Mixes                  75         169         (94)       -56%
                              ----------- ----------- ----------- -----------
    Total                          3,718       3,422         296          9%
                              ----------- ----------- ----------- -----------
                              ----------- ----------- ----------- -----------

    Average revenue per
     EB(1) (US$)
    Peat and Bark-based
     Growing Mixes            $    21.05  $    20.58  $     0.47          2%
    Peat Moss                      10.84       10.92       (0.08)        -1%
    Bulk Bark Mixes                 7.85        8.48       (0.63)        -7%
    Fertilizer and Minerals        38.58       46.06       (7.48)       -16%
    Sand-based Mixes               10.04       11.26       (1.22)       -11%
                              ----------- ----------- ----------- -----------
    Total                     $    16.59  $    16.32  $     0.27          2%
                              ----------- ----------- ----------- -----------
                              ----------- ----------- ----------- -----------

    Average revenue per
     EB(1) (CDN$)
    Peat and Bark-based
     Growing Mixes            $    22.09  $    25.35  $    (3.26)       -13%
    Peat Moss                      11.37       13.46       (2.09)       -16%
    Bulk Bark Mixes                 8.23       10.43       (2.20)       -21%
    Fertilizer and Minerals        40.50       56.60      (16.10)       -28%
    Sand-based Mixes               10.54       13.87       (3.33)       -24%
                              ----------- ----------- ----------- -----------
    Total                     $    17.41  $    20.10  $    (2.69)       -13%
                              ----------- ----------- ----------- -----------
                              ----------- ----------- ----------- -----------

    (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

As economic conditions continue to improve, Sun Gro expects to see a gradual increase in demand for consumer green goods. Based on current demand from its professional grower and retail customers, Sun Gro believes that on-hand peat supply will be sufficient to support sales until the 2010 harvest is fully underway. "While no one can predict the weather, we are encouraged to have seen a strong and early start to this year's harvest last month in selected parts of Manitoba," said Weaver, who added that Sun Gro has not yet commenced meaningful harvest operations at its other harvest locations. The Fund expects to continue to benefit from generally lower transportation costs as well as its 2008 and ongoing productivity initiatives.

"We remain focused on reducing debt in order to further strengthen our balance sheet and expect to make principal payments over the course of 2010 similar to those made last year," said Weaver. "Capital spending will likely be somewhat higher than in 2009, as we complete the Seba Beach baler project."

Weaver said that the Fund will continue to closely monitor its foreign exchange exposure. Foreign currency contracts for the remainder of 2010 total US$43.5 million at an average rate of CDN$1.14 (US$0.88), representing substantially all of Sun Gro's anticipated purchases of Canadian dollars for the balance of the year. For 2011, the Fund has entered into foreign currency contracts totaling US$36.0 million at an average rate of CDN$1.04 (US$0.96).

As announced March 17, 2009, subject to the approval of its unitholders at its annual and special general meeting on May 27, 2010, the Fund intends to convert from its current income trust structure to a corporation by the end of the year. The proposed conversion is expected to provide broadened access to capital markets and allow Sun Gro's unitholders to benefit from a simplified and more efficient corporate structure. A management information circular providing details of the proposed plan of arrangement for the conversion has been mailed to unitholders and can be viewed on SEDAR at www.sedar.com.

Copies of management's discussion and analysis (MD&A) and the Fund's unaudited financial statements for the three months ended March 31, 2010 will also be available at www.sedar.com and at www.sungro.com on or about May 11, 2010.

Forward-Looking Information

This news release contains certain forward-looking statements within the meaning of applicable Canadian provincial securities laws. All statements, other than statements of historical fact, are forward-looking statements or information. When used in this news release, the words "anticipate", "will", "believe", "estimate", "expect", "intend", "target", "plan", "goals", "objectives", "pro forma", "forecast", "schedule", "may" and other similar words and expressions, identify forward-looking statements or information.

These forward-looking statements or information relate to, among other things: compliance with Sun Gro's debt covenants; the completion of the new baler installation at Sun Gro's Seba Beach facility; the adequacy of Sun Gro's peat supply to support sales until the 2010 harvest; the expected benefits associated with lower transportation costs and productivity initiatives commenced in prior periods; expected principal payments on Sun Gro's debt facilities; the approval of the proposed conversion into a corporation at the upcoming annual and general special meeting, and the completion of the proposed conversion prior to year-end. These statements reflect the current views of the Fund with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Fund, are inherently subject to significant business, economic, political and social uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements contained in this news release and the Fund has made assumptions based on or related to many of these factors. Such factors include, without limitation, risks relating to: currency fluctuations; interest rate fluctuations; Sun Gro's ability to meet its financial obligations as they fall due; financial loss if a customer or counterparty to a financial instrument fails to meet its contractual obligations; Sun Gro's resource supply; competition in the growing media industry; the effect of seasonality, weather and other related factors on Sun Gro's production and sales; environmental regulations and related requirements; climate and its ability to affect the cost and quality of Sun Gro's harvest; potential product liabilities, regulatory requirements and labour relations connected with Sun Gro's operations; Sun Gro's ability to retain key personnel; potential litigation; unitholder distributions; the Fund's reliance on Sun Gro's operations; unitholder limited liability; income tax matters; the eligibility of the Fund's units under registered retirement savings plans, deferred profit sharing plans, registered retirement income funds and registered education savings plans; the nature of and statutory rights associated with units; distributions to unitholders upon redemption of units or termination of the Fund; dilution of existing unitholder interests on the issuance of additional units; restrictions on Sun Gro's potential growth under its current income trust structure; the inability to obtain required consents, permits or approvals including unitholder and court approval of the proposed conversion into a corporation; the completion of the proposed conversion; and those factors that have been identified under the caption "Risk Factors" in the Fund's Annual Information Form filed on SEDAR at www.sedar.com. Although the Fund has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated, described or intended. The Fund does not intend and does not assume any obligation, to update the forward-looking statements or information to reflect changes in assumptions or changes in circumstances where any other events affecting such statements or information, other than as required by applicable securities laws. Unitholders are cautioned against attributing undue reliance on forward-looking statements or information.

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 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 May 10, 2010, there were 22,284,681 units of the Fund issued and outstanding.

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 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)

                                                         As at         As at
                                                      March 31   December 31
                                                          2010          2009
                                                  ------------- -------------
    Assets

    Current assets
      Accounts receivable                         $     52,769  $     30,356
      Inventories                                       33,674        39,723
      Unrealized gain on foreign currency
       contracts                                         5,731         4,511
      Prepaid expenses and other assets                  2,418         2,911
                                                  ------------- -------------
                                                        94,592        77,501

    Property, plant and equipment                      107,892       110,436
    Intangible assets                                   39,494        40,490
    Unrealized gain on foreign currency contracts          521           115
    Restricted cash                                      5,386         4,790
    Other assets                                         1,299         1,253
                                                  ------------- -------------
                                                  $    249,184  $    234,585
                                                  ------------- -------------
                                                  ------------- -------------
    Liabilities and Unitholders' Equity

    Current liabilities
      Bank overdraft                              $      2,403  $      2,242
      Operating line                                    35,778        24,709
      Accounts payable and accrued liabilities          15,381        13,722
      Current taxes payable                              1,483           816
      Current portion of long-term debt                  9,003         7,264
                                                  ------------- -------------
                                                        64,048        48,753

    Other liabilities                                    6,009         5,887
    Long-term debt                                      51,969        57,016
    Future income taxes                                 13,823        13,728
                                                  ------------- -------------
                                                       135,849       125,384
                                                  ------------- -------------
    Unitholders' equity
      Capital contributions                            211,726       211,726
      Accumulated other comprehensive loss             (21,376)      (19,653)
      Cumulative earnings                               56,003        50,146
      Cumulative distributions declared               (133,018)     (133,018)
                                                  ------------- -------------
                                                       113,335       109,201
                                                  ------------- -------------
                                                  $    249,184  $    234,585
                                                  ------------- -------------
                                                  ------------- -------------



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

                                                  Three months  Three months
                                                         ended         ended
                                                      March 31,     March 31,
                                                          2010          2009
                                                 ----------------------------

    Revenue                                       $     64,217  $     68,961
    Cost of goods sold                                  37,092        37,464
                                                 ----------------------------
    Gross profit                                        27,125        31,497

    Distribution expenses                               11,058        10,471
    Selling expenses                                     4,797         5,245
    General and administrative expenses                  5,204         7,201
                                                 ----------------------------
    Total operating expenses                            21,059        22,917
                                                 ----------------------------
    Operating income                                     6,066         8,580

    Other income (expense), net                          3,479        (1,229)
    Interest expense                                    (1,906)       (2,444)
                                                 ----------------------------
    Earnings before income taxes                         7,639         4,907
    Income tax provision
      Current                                           (1,476)         (721)
      Future                                              (306)         (861)
                                                 ----------------------------
    Income tax provision                                (1,782)       (1,582)
                                                 ----------------------------
    Net earnings for the period                          5,857         3,325
    Other comprehensive income (loss):
      Unrealized (loss) gain on translating
       financial statements of self-sustaining
       foreign operations                               (1,723)          781
                                                 ----------------------------
    Comprehensive income for the period           $      4,134  $      4,106
                                                 ----------------------------
                                                 ----------------------------

    Basic and diluted earnings per unit           $       0.26  $       0.15
                                                 ----------------------------
                                                 ----------------------------
    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)

                                   Accumu-
                                    lated
                                    Other
                          Unit-    Compre-              Cumulative
                         holders'  hensive   Cumulative   Distri-
                         Capital     Loss     Earnings    butions     Total
                       ------------------------------------------------------
    Balance -
     December 31,
     2008              $ 211,726  $ (12,200) $  31,225  $(133,018) $  97,733

      Earnings for
       the year                -          -     18,921          -     18,921
      Other comprehensive
       loss for the year       -     (7,453)         -          -     (7,453)
                       ------------------------------------------------------
    Balance -
     December 31,
     2009              $ 211,726  $ (19,653) $  50,146  $(133,018) $ 109,201
      Earnings for
       the period              -          -      5,857          -      5,857
      Other comprehensive
       loss for the
       period                  -     (1,723)         -          -     (1,723)
                       ------------------------------------------------------
    Balance -
     March 31, 2010    $ 211,726  $ (21,376) $  56,003  $(133,018) $ 113,335
                       ------------------------------------------------------
                       ------------------------------------------------------



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

                                                  Three months  Three months
                                                         ended         ended
                                                      March 31,     March 31,
                                                          2010          2009
                                                 ----------------------------
    Cash flows from operating activities
    Net earnings for the period                   $      5,857  $      3,325
      Items not affecting cash
        Depreciation, depletion and accretion            3,124         3,266
        Amortization of intangible assets                  582           626
        Unrealized gain on foreign currency
         contracts                                      (1,626)         (427)
        Unrealized foreign exchange (gain) loss
         on US dollar assets and liabilities            (1,323)        1,041
        Loss (gain) on disposal of property,
         plant and equipment                                31        (1,070)
        Future income tax provision                        306           861
                                                 ----------------------------
                                                         6,951         7,622

      Change in non-cash operating working
       capital                                         (15,199)      (19,587)
                                                 ----------------------------
                                                        (8,248)      (11,965)
    Cash flows from investing activities

      Instalment note payment for business
       acquisition                                        (420)         (496)
      Additions to property, plant and equipment          (812)         (364)
      Proceeds from disposal of property,
       plant and equipment                                   -         1,346
                                                 ----------------------------
                                                        (1,232)          486
    Cash flows from financing activities
      Restricted cash payments                            (789)            -
      Repayment of term loans                             (827)       (2,366)
      Increase in operating line                        11,068         9,928
      Payments on capital leases and other
       term loans                                          (90)         (159)
                                                 ----------------------------
                                                         9,362         7,403

    Effect of exchange rate changes on cash                (43)          (24)
                                                 ----------------------------

    Increase in bank overdraft                            (161)       (4,100)
    Cash (bank overdraft) - beginning
     of the period                                      (2,242)        2,277
                                                 ----------------------------
    Bank overdraft - end of the period            $     (2,403) $     (1,823)
                                                 ----------------------------
                                                 ----------------------------

    Supplemental cash flow information
      Interest paid                               $      1,989  $      2,534
      Income taxes paid                           $        801  $         21
      Equipment acquired under capital lease      $        220  $          -
    

%SEDAR: 00017490E

SOURCE SUN GRO HORTICULTURE INCOME FUND

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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