Dominion Citrus Income Fund

TSX : DOM.UN


Dominion Citrus Income Fund

November 09, 2012 15:13 ET

Dominion Citrus Income Fund (TSX:DOM.UN) Third Quarter 2012 Report to Unitholders

Three Months Ended September 29, 2012 and October 1, 2011

TORONTO, ONTARIO--(Marketwire - Nov. 9, 2012) - Dominion Citrus Income Fund (TSX:DOM.UN) ("Dominion", the "Fund") reports net earnings from continuing operations of $370,000 rounding to $0.02 per unit for the three months and $613,000 rounding to $0.03 per unit for the nine months ended September 29, 2012. Net loss from discontinued operations was $60,000 rounding to $0.00 per unit for the three months and $121,000 rounding to $0.00 per unit for the nine months ended September 29, 2012.

The results for the three and nine month periods ended September 29, 2012 and October 1, 2011 are summarized below (all figures in 000's except per unit results):

Three months ended: Nine months ended:
9/29/12* 10/01/11 9/29/12 10/01/11**
Revenue $ 16,430 $ 17,899 $ 52,802 $ 56,192
Net earnings (loss) from continued operations $ 370 $ (5 ) $ 613 $ (2,146 )
Per unit $ 0.02 $ (0.00 ) $ 0.03 $ (0.10 )
Net earnings (loss) from discontinued operations $ (60 ) $ (14 ) $ (121 ) $ (90 )
Per unit $ (0.00 ) $ (0.00 ) $ (0.00 ) $ (0.00 )
Net earnings (loss) $ 310 $ (19 ) $ 492 $ (2,236 )
Per unit $ 0.02 $ (0.00 ) $ 0.03 $ (0.10 )
Units outstanding (000's) 21,186 19,757 21,186 19,757
*Third quarter ended 9/29/12 included other income of $150,000 received as a result of a legal settlement.
**Nine months ended 10/01/11 included a deferred tax asset write-off of $2,244,000, $1,230,000 in restructuring expenses, and $712,000 in insurance proceeds.

About Dominion

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 are listed on the TSX under the symbol DMN.PR.A.

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

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