Arriscraft International Income Fund

Arriscraft International Income Fund

March 08, 2005 22:21 ET

Arriscraft International Income Fund Announces First Results


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: ARRISCRAFT INTERNATIONAL INCOME FUND

TSX SYMBOL: AIN.UN

MARCH 8, 2005 - 22:21 ET

Arriscraft International Income Fund Announces First
Results

CAMBRIDGE, ONTARIO--(CCNMatthews - March 8, 2005) - Arriscraft
International Income Fund (TSX:AIN.UN) ("Arriscraft" or the "Fund")
announced today results for the period ended December 31, 2004. The
results are the first to be issued by the Fund and reflect Arriscraft's
operations as an income trust from December 14, 2004, the date of
completion of the Fund's initial public offering (the "IPO"), to
December 31, 2004, a 17-day period.

The Fund generated sales of $2.1 million for the 17-day period,
producing gross profit of $257,000. Approximately 57% of sales in the
period were in Canada, with the balance in the United States. The net
loss for the period was $373,000 or $0.055 per Unit, and included a
foreign exchange gain of $385,000 on the translation into Canadian
dollars of assets and liabilities related to its US operations.
Management believes that these results were generally in line with
comparable prior year periods as the month of December, and specifically
the last half of the month, is traditionally slow due to the holiday
season. The Fund generated cash from operations, after changes in
working capital items, of approximately $1.0 million for the 17-day
period.

The Fund's balance sheet remained relatively unchanged from the date of
its IPO. Working capital as at December 31, 2004 was $6.0 million.

"We are pleased to present our first report as a publicly-traded income
fund," commented Randy White, President and CEO. "With a track record of
sustained growth, a leading market position, unique products and
manufacturing expertise, a strong distribution network, an experienced
Management team and strong prospects for growth, we are very optimistic
about the future of the Arriscraft International Income Fund."

Conference Call

Management will conduct a conference call to discuss its results on
Wednesday, March 9, 2005 at 10.00 am ET. Interested parties can dial
(416) 405-9328 or toll free at (800) 387-6216. The conference call will
also be broadcast over Arriscraft's website at www.arriscraft.com.
Please call or log in 10 minutes prior to the call. The telephone
numbers to listen to the conference call after it is completed (Instant
Replay) are (416) 695-5800 or (800) 408-3053. Please enter the passcode
3135754# when instructed. The Instant Replay will be available until
midnight, March 16, 2005. The conference call will also be archived on
Arriscraft's web site.

About Arriscraft International Income Fund

The Fund owns the manufactured stone, brick and natural stone masonry
products business operated by Arriscraft International LP, Arriscraft
International LLC and certain affiliates in Canada and the United
States. Arriscraft is the leading producer of manufactured stone masonry
products in Canada and the United States. These products are produced
using the Company's proprietary The Natural Edge® manufacturing
process and offer the aesthetic and physical benefits of natural stone
combined with the strength, simplicity of construction and
cost-effectiveness of traditional masonry. Arriscraft also produces
brick and natural stone masonry products and distributes its masonry
products across Canada and most of the United States.

Further information can be found in the disclosure documents filed by
Arriscraft International Income Fund with the securities regulatory
authorities in Canada, available at www.sedar.com.

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Arriscraft International Limited Partnership
    Randy White
    President and CEO
    (519) 653-3275