EDMONTON, Feb. 13 /CNW/ - AutoCanada Income Fund ("AutoCanada")
(TSX:ACQ.UN) announced today a monthly cash distribution of $0.0417 per trust
unit for the month of February (equivalent to $0.50 per trust unit on an
annualized basis). This distribution will be paid on March 16, 2009 to unit
holders of record at the close of business of February 27, 2009.
In view of the continued market unpredictability, general economic
deterioration both within the auto industry and generally, rising
unemployment, and tight credit markets, the Board of Trustees has concluded
that it is prudent to reduce the monthly distribution from $0.0833 per unit to
$0.0417 per unit, commencing February 2009, in order to provide additional
The Board of Trustees approves the level of monthly distributions based
upon estimated distributable cash flow on an annual basis. Distributions by
the Fund are subject to change and are entirely dependent on the financial
performance of the various franchised automotive dealerships that the Fund
The policy of AutoCanada is to pay cash distributions on or about the
15th of each month to the unit holders of record on the last business day of
the preceding month.
AutoCanada is Canada's only publicly traded entity with interests
exclusively in the operation of franchised automobile dealerships. Through its
53% interest in AutoCanada LP, it presently owns or manages 22 franchised
automobile dealerships in six provinces and has over 1,070 employees. Through
its owned and managed dealerships, it currently sells Chrysler, Dodge,
Jeep(R), Infiniti, Nissan, Hyundai, Subaru, Volkswagen and Mitsubishi branded
vehicles. In 2007, its owned and managed dealerships sold approximately 23,300
vehicles, processed approximately 231,700 service and collision repair orders
in 260 service bays, and generated revenue of approximately $835 million.
Additional information about AutoCanada Income Fund is available at
www.sedar.com and the Fund's website at www.autocan.ca.
For further information:
For further information: Tom Orysiuk, CA, Executive Vice-President and
Chief Financial Officer, Phone: (780) 732-3139, Email: firstname.lastname@example.org