TORONTO, Aug. 18 /CNW/ - Alliance Grain Traders Income Fund (TSX-V:
AGT.UN) (the "Fund") is pleased to announce its financial results for the
quarter ended June 30, 2008. The Fund is an income trust which derives its
income from the operations of its operating subsidiary, Alliance Pulse
Processors Inc. ("Alliance"). Results continued strong in the second quarter
of 2008, with sales of $72.314 million, compared to sales of $47.618 million
for the first quarter of 2008. EBITDA increased 115% over the first quarter
with reported EBITDA of $7.649 million in the second quarter compared to
$3.545 million in the first quarter. Net Income was reported at $5.265 million
for the second quarter, compared to $2.161 million for the first quarter. The
financial statements and management discussion and analysis for the quarter
ended June 30, 2008 are available under the Fund's profile on www.sedar.com
and have been posted on the Fund's web site at www.alliancegraintraders.com.
All amounts are reported in Canadian dollars.
The continued strong financial performance of the Fund reflects the
efforts of management to diversify the Fund's products, markets and origins.
Increases in sales and EBITDA over first quarter results illustrate that
management efforts to curb the seasonality of the Fund's operations are
"We continue to see the results of our efforts to grow our operations
world-wide. Our Canadian, US and Australian companies are executing a
diversified strategy reaching the high-value food and ingredient pulse
markets. Strong demand for protein-rich crops in the developing world and crop
shortages in India, Turkey Syria and Australia have created opportunities for
Alliance to generate positive returns for our unitholders and our grower
base," said Murad Al-Katib, President and CEO of Alliance and Chairman of the
Board of Trustees of the Fund. Al-Katib added, "the harvest in North America
is upon us and we see excellent conditions and expect positive yield gains in
lentils and the other pulse crops we handle. Available supply to meet the
world demand will bode well for the Fund's expanded capacity in all of its
operations, including its newest acquisition Pulse Depot, and the Fund's plans
for further acquisitions and growth of its capacity."
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 or
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 www.sedar.com, 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,