Dominion Citrus Income Fund
TSX : DOM.UN

Dominion Citrus Income Fund

August 05, 2016 17:09 ET

Dominion Citrus Income Fund Second Quarter 2016 Report to Unitholders

Three Months Ended June 25, 2016 and June 27, 2015

TORONTO, ONTARIO--(Marketwired - Aug. 5, 2016) - Dominion Citrus Income Fund ("Dominion", the "Fund") (TSX:DOM.UN) reports that, further to its May 12, May 16, May 24, July 26 and August 2, 2016 news releases, on July 29, 2016 the Fund has completed the sale of assets to Dominion Holding Corporation (formerly 2510891 Ontario Inc.) pursuant to the Share, Debt, Security and Option Purchase Agreement (the "Definitive Agreement") dated on May 24, 2016. At this time the Fund has cash proceeds from the sale of the assets in the amount of $8,644,200 and has a promissory note from Dominion Holding Corporation, the Purchaser, in the amount of $2,160,870. At this time the Fund has no ongoing business operations and has no further relationship with its former businesses related to Dominion Citrus Limited ("DCL"). The information that follows relates to the period of time prior to the sale of the assets of the Fund to the Purchaser and is not relevant to the Fund on a go forward basis.

Accordingly, the Fund reports a net income from continuing operations of $268,000 rounding to $0.01 per unit for the three months ended June 25, 2016 versus a net loss of $176,000 rounding to ($0.01) per unit for three months ended June 27, 2015. Net earnings from continuing operations were $642,000 rounding to $0.03 per unit for the six months ended June 25, 2016 versus net earnings of $155,000 rounding to $0.01 per unit for six months ended June 27, 2015.

The results for the three and six month periods ended June 25, 2016 and June 27, 2015 are summarized below (all figures in 000's except per unit results):

Three months ended: Six months ended:
6/25/16 6/27/15 6/25/16 6/27/15
Revenue $ 18,996 $ 17,755 $ 37,352 $ 34,111
Net earnings (loss) from continued operations $ 268 $ (176 ) $ 642 $ 155
Per unit $ 0.01 $ (0.01 ) $ 0.03 $ 0.01
Net earnings (loss) $ 268 $ (176 ) $ 642 $ 155
Per unit $ 0.01 $ (0.01 ) $ 0.03 $ 0.01
Units outstanding (000's) 21,186 21,186 21,186 21,186

About Dominion Citrus Income Fund

The Fund is a publicly traded, unincorporated, open-ended limited purpose income trust. On January 1, 2006, all of the common shares of Dominion Citrus Limited were exchanged for trust units of the Fund. The trust units are listed on the TSX under the symbol DOM.UN.

About Dominion

DCL is a diversified food company supplying fresh produce to a wide variety of customers in retail, foodservice and food distribution businesses. DCL provides procurement, processing, repacking, sorting, grading, warehousing and distribution services to its major domestic markets being Ontario and Québec. DCL also supplies products to customers in the United States. The Fund's website may be accessed at www.dominioncitrus.com.

Contact Information

  • Dominion Citrus Income Fund
    Peter McLaughlin
    Chairman of the Board of Trustees
    (416) 802-2367
    www.dominioncitrus.com