Tri-White announces first quarter 2009 results and quarterly dividend


    TORONTO, May 7 /CNW/ -

    Financial Highlights

                                                          Three Months Ended
    (thousands of dollars except                          March 31, March 31,
    per share amounts)                                        2009      2008
    Revenue                                                 19,602    19,863
    EBITDA(1)                                                3,054     2,991
    Net loss                                                (5,585)   (5,765)
    Basic and diluted loss per share                         (0.24)    (0.25)
    Weighted average shares
     outstanding (000's)                                    22,896    22,787
    (1) EBITDA is not a recognized performance measure under Canadian GAAP.
        EBITDA is defined as earnings before taxes, interest, depreciation,
        amortization, non-controlling interest and earnings from equity
        accounted investments. Management believes that in addition to net
        earnings, this measure is useful supplemental information to provide
        investors with an indication of income available prior to debt
        service, capital expenditures and income taxes. Investors should be
        cautioned, however, that this measure should not be construed as an
        alternative to net earnings determined in accordance with GAAP as an
        indicator of the Company.

                         RECORD AS AT JUNE 15, 2009.

    First Quarter 2009 Operating Highlights

    EBITDA from the rail, tourism and port segment incurred a loss of US
$1,944,000 in 2009 compared to US $2,019,000 for the first quarter of 2008.
    The majority of the earnings of the rail, tourism and port operations are
generated in US dollars. For the quarter ended March 31, 2009, the impact of
the weakening Canadian dollar is estimated to have increased the reported net
loss by $0.02 per share as compared to the first quarter in 2008.
    EBITDA from the golf club and resort operations increased to $5,952,000
for the first quarter of 2009 compared to $5,463,000 in 2008 due to planned
cost reductions in all areas of the segment.
    Consolidated EBITDA for the quarter ended March 31, 2009 was $3,054,000
compared with $2,991,000 for the quarter ended March 31, 2008 and was impacted
by the higher exchange rate used to convert the rail, tourism and port
operations segment which incurred negative contribution for the period.
    Amortization and rent increased 3.6% to $6,439,000 for the quarter ended
March 31, 2009 from $6,216,000 in 2008 due to incremental amortization on 2008
    Interest, net and other income totaled an expense of $5,587,000 for the
quarter ended March 31, 2009 compared to $6,291,000 for the same period in
2008. This change relates to a decrease of $789,000 in gross interest expense
due to a decline in variable interest rates and a 3.7% decline in consolidated
    Net loss decreased 3.1% to $5,585,000 for the quarter ended March 31,
2009 compared to $5,765,000 in 2008.
    Loss per share decreased to 24 cents per share for the quarter ended
March 31, 2009 from 25 cents for the same period in 2008.

    Eligible Dividend

    The Company continued with its regular quarterly dividend program and
paid an eligible dividend of $0.06 per share, or $1,375,000, on March 31,

    Management's discussion and analysis, financial statements and other
disclosure information relating to the Company is available through SEDAR and
at and on the Company website at

For further information:

For further information: Mr. Robert Visentin, Chief Financial Officer,
15675 Dufferin Street, King City, Ontario, L7N 1K5, Tel: (905) 841-5360, Fax:
(905) 841-1134, Email:

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