Park Lawn Income Trust
TSX VENTURE : PLC.UN

Park Lawn Income Trust

August 26, 2010 16:47 ET

Park Lawn Income Trust Announces Financial Results for the 2nd Quarter Ended June 30, 2010

TORONTO, ONTARIO--(Marketwire - Aug. 26, 2010) - Park Lawn Income Trust (the "Fund") (TSX VENTURE:PLC.UN) announced today the financial results for the three month period ended June 30, 2010. The Fund generated net income of $2,179,611 or $0.64 per unit for the three month period ending June 30, 2010 compared to $688,282 for the three months ended June 30, 2009.

The revenues and resulting net income for the three month period were unusually strong due to the impending imposition of the HST by the Province of Ontario, which was implemented starting July 1, 2010. Management anticipates revenues and net income will be lower than usual for the balance of 2010.

The Fund met its objective of distributing $.055 per unit per month during the period. On an annualized basis, this represents an 11.5% yield based on the unit price of $5.75 at August 26, 2010. Since the Fund's creation on July 12, 2006, the Fund has paid continuous monthly distributions of $0.055 per unit and a special non-cash distribution of .0154 units per unit was paid in December of 2007.

The Fund's most recent Financial Statements and Management's Discussion and Analysis have been filed at SEDAR (www.sedar.com).

Park Lawn Income Trust is a trust established to indirectly hold six cemeteries in the Greater Toronto Area and an interest in Bloorpark Developments Inc. Its units are listed on the TSX Venture Exchange.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Park Lawn Income Trust
    Frank Mills
    Chief Executive Officer
    416-231-1462