Alliance Grain Traders Income Fund announces 2009 first quarter results

    TORONTO, May 14 /CNW/ - Alliance Grain Traders Income Fund (TSX-V:
AGT.UN) (the "Fund") is pleased to announce its financial results for the
quarter ended March 31, 2009. The Fund is an income trust which derives its
income from the operations of its operating subsidiary, Alliance Pulse
Processors Inc. ("Alliance"). Alliance is engaged in the business of sourcing
and processing specialty crops such as lentils and peas, primarily to export
    In the first quarter of 2009 the Fund had positive earnings performance
following a strong 2008 annual result. The Fund's sales were $86,818,020 for
the three months ended March 31, 2009, compared to sales of $100,853,598 for
the three months ended December 31, 2008 and sales of $47,618,188 for the
quarter ended March 31, 2008. When comparing first quarter 2009 results to
fourth quarter 2008 results, sales volume decreased by 13.9% but EBITDA
decreased by only 3.4% and cost of sales decreased by 17.6 % which reflects
lower commodity prices, higher efficiencies on product purchases and higher
margin sales that were executed during the quarter.
    The financial statements and management discussion and analysis for the
quarter ended March 31, 2009 will be available under the Fund's profile on and on the Fund's web site at
within 24 hours. All amounts are reported in Canadian dollars.
    "The world continues to talk about a global recession and global
financial crisis. The bottom line is clear - the world will continue to
consume quality protein, and pulse crops represent a staple in many diets of
key emerging markets around the world. The Fund's operations are more
diversified now and our efforts to solidify our market position in our core
commodities are paying off. We continue to show our unitholders, suppliers and
customers that Alliance is a trusted vehicle for sourcing, processing and
exporting pulse crops from all of the origins in which we are present" says
Murad Al-Katib, President and CEO of Alliance and Chairman of the Board of
Trustees of the Fund. "Supplies of current crop remain tight but all forecasts
point to a significant increase in seeded acreage of our core commodities in
North America. This bodes well for the Fund's prospects in the 2009-2010 crop

    Cautionary Statements

    Certain statements in this press release are forward-looking statements.
The reader is cautioned that assumptions used in the preparation of such
information, although considered reasonable by the Fund at the time of
preparation, may prove to be incorrect.
    Forward-looking statements involve known and unknown risks, uncertainties
and other factors which may cause the actual results, performance or
achievements of the Fund (including its operating subsidiaries) to be
materially different from any future results, performance or achievements
expressed or implied by the forward-looking statements. Such risks and
uncertainties include, among others, the actual results of harvests,
fluctuations in the price of lentils and other crops, failure of plant,
equipment or processes to operate as anticipated, accidents or labour
disputes, risks relating to the integration of acquisitions or to
international operations, as well as those factors referred to in the section
entitled "Risk Factors" in the prospectus of the Fund dated December 30, 2004
which is available on SEDAR at, and which should be reviewed in
conjunction with this document. Although the Fund has attempted to identify
important factors that could cause actual actions, events or results to differ
materially from those described in forward-looking statements, there may be
other factors that cause actions, events or results not to be as anticipated,
estimated or intended. There can be no assurance that forward-looking
statements will prove to be accurate, as actual results and future events
could differ materially from those anticipated in such statements.
Accordingly, readers should not place undue reliance on forward-looking
    EBITDA (Earnings Before Interest, Income Taxes, Depreciation and
Amortization) is a financial measure used by many investors to compare
companies on the basis of operating results, asset value and the ability to
incur and service debt. EBITDA is not a recognized earnings measures under
Canadian Generally Accepted Accounting Principles ("GAAP") and does not have a
standardized meaning prescribed by GAAP. It is not intended to represent cash
flow or results of operations in accordance with GAAP. Therefore, EBITDA may
not be comparable to similar measures presented by other issuers. Investors
are cautioned that EBITDA should not be construed as an alternative to net
income or loss determined in accordance with GAAP as an indicator of the
Fund's performance or to cash flows from operating, investing and financing
activities of liquidity and cash flows.

    The TSX Venture Exchange does not accept responsibility for the adequacy
    or accuracy of this release.

For further information:

For further information: Murad Al-Katib, Chairman of the Board of
Trustees, President and CEO, Alliance Pulse Processors, Tel: (306) 525-4490,

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