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Entertainment One Income Fund Announces Second-Quarter 2006 Financial Results
Tuesday August 15th 2006TORONTO, Aug. 14 /CNW/ – Entertainment One Income Fund (TSX: EOF.UN), a major distributor of home entertainment products, reported its financial results for the second quarter ended June 30, 2006.
"Entertainment One’s sales totaled $112.3 million in the second quarter of 2006," said Darren Throop, President and Chief Executive Officer. "The sales gain of $16.3 million from a year earlier was due primarily to the inclusion of Koch Entertainment for three months in the second quarter versus one month in the same period of 2005." The Fund acquired Koch on June 1, 2005.
"Distributable cash also showed an improvement in the second quarter on a year-over-year basis, if acquisition and related financing and debt repayment activities are excluded," Mr. Throop said. "Our statements showed a decline in distributable cash from $4.1 million in the second quarter of 2005 to $2.2 million in the second quarter of 2006. However, acquisition and related financing activity added $2.1 million to the 2005 number and debt repayment reduced the 2006 number by $1.0 million. Excluding these acquisition and related financing and debt repayment activities, distributable cash from operations in the second quarter of 2006 and 2005 are $3.2 million and $2.0 million respectively.
In the first half, excluding acquisition and related financing and debt repayment activities, distributable cash from operations increased by $1.4 million to $6.7 million from $5.3 million in the same period of 2005.
The second quarter is typically a seasonally slow period for the Fund’s business and its results for the period are not indicative of full-year results. In past years, excluding the impact of the Koch acquisition, approximately 35-to-40 percent of the year’s sales occurred in the fourth quarter in the lead up to Christmas. Koch’s results are also seasonal, but less so than the balance of the Fund.
As previously announced, Entertainment One suspended cash distributions effective June 2006 and restructured its credit facilities with its lender at the end of July. As the Fund focuses on making significant debt repayments, it does not expect to resume monthly cash distributions on Fund and Class B units for at least the balance of 2006.
Headline, Industry News
Entertainment One Income Fund Announces Second-Quarter 2006 Financial Results
Tuesday August 15th 2006TORONTO, Aug. 14 /CNW/ – Entertainment One Income Fund (TSX: EOF.UN), a major distributor of home entertainment products, reported its financial results for the second quarter ended June 30, 2006.
"Entertainment One’s sales totaled $112.3 million in the second quarter of 2006," said Darren Throop, President and Chief Executive Officer. "The sales gain of $16.3 million from a year earlier was due primarily to the inclusion of Koch Entertainment for three months in the second quarter versus one month in the same period of 2005." The Fund acquired Koch on June 1, 2005.
"Distributable cash also showed an improvement in the second quarter on a year-over-year basis, if acquisition and related financing and debt repayment activities are excluded," Mr. Throop said. "Our statements showed a decline in distributable cash from $4.1 million in the second quarter of 2005 to $2.2 million in the second quarter of 2006. However, acquisition and related financing activity added $2.1 million to the 2005 number and debt repayment reduced the 2006 number by $1.0 million. Excluding these acquisition and related financing and debt repayment activities, distributable cash from operations in the second quarter of 2006 and 2005 are $3.2 million and $2.0 million respectively.
In the first half, excluding acquisition and related financing and debt repayment activities, distributable cash from operations increased by $1.4 million to $6.7 million from $5.3 million in the same period of 2005.
The second quarter is typically a seasonally slow period for the Fund’s business and its results for the period are not indicative of full-year results. In past years, excluding the impact of the Koch acquisition, approximately 35-to-40 percent of the year’s sales occurred in the fourth quarter in the lead up to Christmas. Koch’s results are also seasonal, but less so than the balance of the Fund.
As previously announced, Entertainment One suspended cash distributions effective June 2006 and restructured its credit facilities with its lender at the end of July. As the Fund focuses on making significant debt repayments, it does not expect to resume monthly cash distributions on Fund and Class B units for at least the balance of 2006.
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Headline, Industry News
Entertainment One Income Fund Announces Second-Quarter 2006 Financial Results
Tuesday August 15th 2006TORONTO, Aug. 14 /CNW/ – Entertainment One Income Fund (TSX: EOF.UN), a major distributor of home entertainment products, reported its financial results for the second quarter ended June 30, 2006.
"Entertainment One’s sales totaled $112.3 million in the second quarter of 2006," said Darren Throop, President and Chief Executive Officer. "The sales gain of $16.3 million from a year earlier was due primarily to the inclusion of Koch Entertainment for three months in the second quarter versus one month in the same period of 2005." The Fund acquired Koch on June 1, 2005.
"Distributable cash also showed an improvement in the second quarter on a year-over-year basis, if acquisition and related financing and debt repayment activities are excluded," Mr. Throop said. "Our statements showed a decline in distributable cash from $4.1 million in the second quarter of 2005 to $2.2 million in the second quarter of 2006. However, acquisition and related financing activity added $2.1 million to the 2005 number and debt repayment reduced the 2006 number by $1.0 million. Excluding these acquisition and related financing and debt repayment activities, distributable cash from operations in the second quarter of 2006 and 2005 are $3.2 million and $2.0 million respectively.
In the first half, excluding acquisition and related financing and debt repayment activities, distributable cash from operations increased by $1.4 million to $6.7 million from $5.3 million in the same period of 2005.
The second quarter is typically a seasonally slow period for the Fund’s business and its results for the period are not indicative of full-year results. In past years, excluding the impact of the Koch acquisition, approximately 35-to-40 percent of the year’s sales occurred in the fourth quarter in the lead up to Christmas. Koch’s results are also seasonal, but less so than the balance of the Fund.
As previously announced, Entertainment One suspended cash distributions effective June 2006 and restructured its credit facilities with its lender at the end of July. As the Fund focuses on making significant debt repayments, it does not expect to resume monthly cash distributions on Fund and Class B units for at least the balance of 2006.
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