Dominion Citrus Income Fund
TSX : DOM.UN

Dominion Citrus Income Fund

March 27, 2015 09:21 ET

Dominion Citrus Income Fund (TSX:DOM.UN) Fiscal 2014 Report to Unitholders: Fiscal Year Ended December 31, 2014 and December 31, 2013

TORONTO, ONTARIO--(Marketwired - March 27, 2015) - Dominion Citrus Income Fund ("Fund") (TSX:DOM.UN) reports net earnings from continuing operations of $165,000 or $0.01 per unit for the year ended December 31, 2014 versus net earnings of $222,000 or $0.01 per unit for the previous year. The Fund had operating income of $1,480,000 in 2014 versus $295,000 in 2013. The Fund wrote down goodwill, associated with one division in Dominion Citrus Ltd ("DCL"), in the amount of $524,000 in 2014. Income tax expense of $493,000 and deferred tax expense of $383,000 in 2014 compared to $0 in 2013. Net earnings from discontinued operations was nil rounding to $0.00 per unit for the year ended December 31, 2014 versus a net earnings of $8,000 and rounding to $0.00 per unit for the year ended December 31, 2013.

The results for years ended December 31, 2014 and December 31, 2013 are summarized below (all figures in 000's except per unit results):

Years ended:
12/31/14 12/31/13
Revenue $74,589 $75,035
Net earnings from continued operations $165 $222
Per unit $0.01 $0.01
Net earnings from discontinued operations $0 $8
Per unit $0.00 $0.00
Net earnings $165 $230
Per unit $0.01 $0.01
Units outstanding (000's) 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 ("DCL") were exchanged for trust units of the Fund. The trust units are listed on the TSX under the symbol DOM.UN. The Series A preference shares of DCL continue to be listed on the TSX under the symbol DMN.PR.A.

About Dominion Citrus Limited

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 Ltd.
    Winston Ash
    President & CEO
    416-242-8341 x 250