Newport Partners Income Fund
TSX : NPF.UN

May 08, 2007 07:34 ET

Newport Partners Income Fund Announces 2007 First Quarter Results

TORONTO, ONTARIO--(CCNMatthews - May 8, 2007) -

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Newport Partners Income Fund ("Newport" or "The Fund") (TSX:NPF.UN) today announced its results for the three months ended March 31, 2007.

Newport's financial results for the period are based on a diversified portfolio of 17 private equity investments. The financial results of RGC, an investment that was divested from the Fund effective April 30, 2007, are reported as discontinued operations.

For the three month period ended March 31, 2007, revenue from continuing operations increased to $116.2 million from $72.1 million in the prior year period. Adjusted EBITDA from continuing operations was $16.8 million compared to $15.4 million in the prior year period.

Distributable cash from continuing operations was $11.3 million compared with $13.1 million in the prior year period. This resulted in $0.16 of distributable cash per unit - $0.04 lower than the $0.20 per unit generated in the prior year period. Overall, the Fund reported distributable cash of $9.0 million, compared to $12.1 million in the prior year period. This resulted in $0.13 per unit of distributable cash based on 71.1 million total weighted average units outstanding, compared to $0.19 generated in the prior year period, as RGC's operations weakened.

"In our annual report we indicated that we anticipated the first quarter to be our weakest quarter in 2007 and these results are generally in line with our expectations. Distributable cash results from continuing operations were negatively impacted by the timing of profit commissions in our insurance operations, additional interest costs associated with our investment program and more diversified capital structure and the previously reported slowdown in the Alberta energy sector which impacted results from NPC and Titan," noted Ms. Kelly Baird, Newport's Chief Financial Officer.

The timing of profit commissions earned at ESR resulted in the contribution from these revenues in the first quarter being approximately $0.04 of distributable cash lower than in 2006. This is only a timing variance that should be resolved in future quarters as ESR's management expects the contribution of profit commissions for 2007 to be generally comparable with 2006 levels.

The poor drilling season, early spring break-up and slowdown in the Alberta oil and gas sector reduced distributable cash results by approximately $0.03 per unit from NPC and Titan. However, NPC management's outlook for a slight reduction in financial results for fiscal 2007 remains unchanged based on currently contracted work and project opportunities in the second quarter and the balance of the year. Titan management has reduced its budget expectations for the year by an amount immaterial to the Fund based on its view of an unchanged market environment. An increase in natural gas prices could provide upside for both companies.

Results from discontinued operations, RGC reduced distributable cash per unit by $0.02 compared with the prior year period as it faced continuing challenges.

Outlook remains unchanged

"Based on these first quarter results, our outlook for the portfolio remains unchanged. We like the current composition of our portfolio for its earnings ability and the diversification it provides. We expect flat to slightly negative organic growth from these holdings in fiscal 2007," stated Mr. Peter Wallace, President & CEO of Newport. "We've divested our underperforming investment in RGC. However, we don't expect an improvement in RGC's results during the one month we continued to hold this investment in the second quarter.

"Our outlook is favourable for growth from our investment program as we continue to deploy new capital to expand existing operating partnerships and to make new investments that add income and growth potential to the Fund."

Other Highlights:

$5.3 million EBITDA contribution from new operating partnerships

During the period, $5.3 million of EBITDA was contributed by operating partnerships added subsequent to March 31, 2006. "Net of financing costs, we estimate approximately $0.03 of distributable cash was produced by these accretive investments," said Ms. Baird.

A more diversified capital structure

Compared to the prior year period, the Fund's interest costs increased $4.2 million to $5.8 million from $1.6 million. This reflects the addition of $170 million of term debt in December 2006, which provides the Fund with a more flexible and diversified capital structure, as well as higher amounts drawn in the quarter to fund the investment program and working capital needs. At quarter end, net debt to LTM EBITDA was approximately 2.44 times. With the sale of RGC, completed effective April 30, 2007, net debt to LTM EBITDA is currently approximately 2.20 times.

LTM unlevered annualized yield of 18.0%

Overall, the portfolio continues to meet the Fund's income objectives. The annualized unlevered yield from continuing operations for the twelve month period ended March 31, 2007 was 18.0%, or 14.2% including discontinued operations.

Corporate costs 1.2% of net assets

Corporate costs including head office salaries, professional fees and administration costs were $1.7 million -- or approximately 1.2% of the Fund's net assets. For the prior year period, these expenses were $1.0 million - or 0.68% of net assets. This reflects the growth of the portfolio holdings and increase in resources in the financial and legal departments as well as additional regulatory compliance costs.

$53.5 million invested in Q1

During the quarter, the Fund invested a total of $53.5 million of new capital - $4 million for the re-purchase and cancellation of 627,500 units under our Normal Course Issuer Bid and $49.5 million for new investments that add income, diversification and growth potential to the portfolio.

Value Enhancement from Strategic Acquisitions

"The strategic acquisitions completed by Murray, EZEE and NPC during the quarter not only add to the portfolio's EBITDA, they have the potential to significantly enhance the asset value of those companies and the Fund," explained Mr. Wallace. "Newport's share of the combined LTM EBITDA of these three holdings is approximately $29 million. If one assumes that the strategic value has been enhanced by a multiple of one to two times LTM EBITDA as a result of these companies being larger and more dominant in their markets, then the value creation is potentially $29-58 million. This is not reflected on our balance sheet as we do not mark our investments to market, but it is an important factor in assessing the growing strength of the portfolio."

Increased strength in commercial insurance

Subsequent to quarter end, Newport further diversified the portfolio with an $18.2 million investment in BMI, a commercial insurance broker. "The fact that we were able to make this investment at approximately 5.5 times historical distributable cash, a significant discount to recent industry valuations, we believe is testimony to Newport's unique value proposition for the entrepreneur," Wallace explained. "In this case, BMI management was intent on maintaining a significant equity interest and preserving the company's independence and business model. They were willing to accept a lower valuation today with the objective of creating greater long-term value with Newport's assistance. It is worth noting that, with the addition of BMI, the three insurance businesses in our portfolio now collectively place approximately $300 million of premiums for commercial and corporate Canada."

LTM EBITDA of $97.3 million

Newport's share of normalized LTM EBITDA as at March 31, 2007, produced by its 18 current holdings, is $97.3 million.

Results - First Quarter 2007 Performance



DISTRIBUTIONS/UNIT ($000s except per unit amounts)


Three months ended Three months ended
March 31, 2007 March 31, 2006
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NPY (representing non-controlling
interest) 31,362 36,253
Newport 39,777 28,720
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Total weighted average units
outstanding(1) 71,139 64,973
------------------- -------------------
------------------- -------------------
Total distributions paid and payable $ 17,823 $ 14,939
------------------- -------------------
Distributions per unit $ 0.25 $ 0.23

Cash provided by continuing operations $ 6,052 $ 5,180
Add: changes in non-cash working
capital 5,714 9,167
Add: priority income per partnership
agreement(2) 1,693 (450)
Deduct: maintenance capital
expenditures and reserves 1,407 141
Deduct: capital lease payments 746 663
------------------- -------------------
Distributable cash from continuing
operations 11,306 13,093
------------------- -------------------
Cash used by discontinued operations (2,341) (1,026)
------------------- -------------------

Distributable cash $ 8,965 $ 12,067
------------------- -------------------
Distributable cash per unit from
continuing operations $ 0.16 $ 0.20
------------------- -------------------
Cash used per unit by discontinued
operations $ (0.03) $ (0.01)
------------------- -------------------
Distributable cash per unit $ 0.13 $ 0.19
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BALANCE SHEET ($000s)

As at March 31, 2007 As at December 31, 2006
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Total assets $ 866,100 $ 894,349
Revolving credit facility 38,038 5,000
Long-term debt 164,938 170,000
Convertible debt 81,202 83,970
Unitholder's equity - Newport & NPY $ 447,238 $ 478,235
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(1) Represents weighted average number of units outstanding during the
period adjusted for C LP units which are currently subordinated and
therefore received no distributions.
(2) To the extent that in any reporting period, calculated on a cumulative
basis, Newport's proportionate share of distributable cash is more or
less than its priority amount an adjustment to distributable cash is
made to reflect the actual cash distributions payable to Newport by the
operating partner.


SUMMARY FINANCIAL TABLE - (SEGMENTED) ($000s except per unit amounts)
Three months ended March 31, 2007


Financial Industrial Corpo-
Services Marketing Services Other rate(1) Total
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Revenue $ 18,438 21,654 50,966 25,157 - $ 116,215
Gross margin 7,610 11,668 11,226 6,847 - 37,351

Income (loss)
from continuing
operations before
non-controlling
interest 2,382 1,682 1,493 911 (12,888) (6,420)
EBITDA 6,509 3,908 4,701 3,396 (7,528) 10,986
Loss on dilution
of ownership
interest - - - - 5,844 5,844

Adjusted EBITDA(2) 6,509 3,908 4,701 3,396 (1,684) 16,830
Interest (income)
expense (79) 61 421 595 4,780 5,778
Income tax expense
(recovery) 6 - (160) - - (154)
Maintenance capital
expenditures
and reserves 181 357 756 113 - 1,407
Capital lease
payments - 35 694 17 - 746
Compensation
expense
funded by
operating
partner(3) 560 - - - - 560
Priority income
per partnership
agreement(4) - 260 1,303 130 - 1,693
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Distributable cash
from continuing
operations $ 6,961 3,715 4,293 2,801 (6,464) $ 11,306
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Cash used by
discontinued
operations (2,341)

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Distributable cash 8,965
---------------------------------------------------------------------------
Distributable cash
per unit from
continuing
operations $ 0.16
---------------------------------------------------------------------------
Cash used per unit
by discontinued
operations $ (0.03)

---------------------------------------------------------------------------
---------------------------------------------------------------------------
Distributable cash
per unit $ 0.13
---------------------------------------------------------------------------
---------------------------------------------------------------------------


SUMMARY FINANCIAL TABLE - (SEGMENTED) ($000s except per unit amounts)
Three months ended March 31, 2006


Financial Industrial
Services Marketing Services Corporate(1) Total
---------------------------------------------------------------------------
Revenue $ 16,154 13,957 42,076 - $ 72,187
Gross margin 9,326 5,947 7,918 - 23,191
Income (loss)
from continuing
operations
before non-
controlling
interest 5,484 710 2,652 (2,491) 6,355
EBITDA 9,198 2,435 4,790 (982) 15,441
Loss on dilution
of ownership
interest - - - - -

Adjusted EBITDA(2) 9,198 2,435 4,790 (982) 15,441
Interest (income)
expense (57) 50 397 1,213 1,603
Income tax expense 51 - - - 51
Maintenance
capital
expenditures
and reserves 17 79 45 - 141
Capital lease
payments - 38 625 - 663
Compensation
expense
funded by
operating
partner(3) 560 - - - 560
Priority income
per
partnership
agreement(4) (720) 270 - - (450)
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Distributable
cash from
continuing
operations $ 9,027 2,538 3,723 (2,195) $ 13,093
---------------------------------------------------------------------------

Cash used by
discontinued
operations (1,026)

---------------------------------------------------------------------------
Distributable cash 12,067
---------------------------------------------------------------------------
Distributable
cash per unit
from
continuing
operations $ 0.20
---------------------------------------------------------------------------
Cash used
per unit in
discontinued
operations $ (0.01)
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Distributable
cash per unit $ 0.19
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---------------------------------------------------------------------------

(1) The results of the Corporate segment include corporate costs and
corporate interest expense.
(2) Adjusted EBITDA excludes the non-cash gains or loss on changes to
ownership interest.
(3) Newport's agreement with ESR contemplates that certain employee bonuses
are paid for by the 20% limited partners. GAAP requires that the
bonuses be expensed and therefore reduces EBITDA. Since there is
no cash outlay by Newport the expense is added back in arriving at
distributable cash.
(4) To the extent that in any reporting period, calculated on a cumulative
basis, Newport's proportionate share of distributable cash is more
or less than its priority amount, an adjustment to distributable cash
is made to reflect the actual cash distributions payable to Newport
by the operating partner.


Portfolio Summary by Operating Partnership ($000s)
Period ended March 31, 2007

Q1 LTM
2007 Distri-
DIST- buta-
DATE OF RIBU- ble
OPERATING INITIAL OWNERSHIP INVESTED Q1 2007 TABLE CASH
PARTNER INVESTMENT INTEREST CAPITAL EBITDA CASH YIELD(1)
---------------------------------------------------------------------------
FINANCIAL
SERVICES
EZEE Mar. 2004 100% $ 44,000 $ 1,027 $ 1,027 8.7%
Brompton Aug. 2005 45% 27,200 1,024 885 14.6%
ESR Aug. 2005 80% 56,000 698 1,307 17.1%
Morrison
Williams Aug. 2005 80% 42,000 2,007 2,007 20.0%
NP LP Aug. 2005 100% 20,700 1,069 1,047 33.9%
Hargraft Apr. 2006 75% 16,000 684 688 14.3%

MARKETING
S & E Oct. 2004 80% 5,700 150 249 15.7%
Gemma Mar. 2005 80% 28,000 1,410 1,358 19.2%
Capital Aug. 2005 67% 23,700 1,145 919 21.2%
IC Group July 2006 80% 8,000 546 435 31.6%
Armstron Oct. 2006 80% 20,000 657 754 15.1%

INDUSTRIAL
SERVICES
NPC Oct. 2004 80% 43,900 2,811 1,817 19.2%
Quantum
Murray Mar. 2006 62% 59,000 1,890 2,476 21.0%

OTHER
RLogistics May 2006 36% 10,000 201 201 12.8%
Peerless June 2006 90% 36,000 1,407 1,150 14.7%
Titan Sept. 2006 88% 25,200 1,357 889 15.3%
Gusgo Oct. 2006 80% 12,500 431 561 18.4%

DISCONTINUED
OPERATIONS
RGC Oct. 2004 80% 77,500 (1,686) (2,341) -5.5%
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(1) LTM distributable cash as a percentage of time-weighted
invested capital.

These are non-GAAP measures, which do not have any standard meaning and
therefore are unlikely to be comparable to similar measures presented
by other issuers - see Non-GAAP Measures and Forward Looking
Information. Definitions are provided on page 30.


ABOUT NEWPORT

Newport is an unincorporated, open-ended trust created to hold through the Company's investment in Newport Partners Commercial Trust, interests in Newport Private Yield LP, ("NPY") a limited partnership established under the laws of the Province of Ontario. Newport began trading on the TSX on August 8, 2005 under the symbol NPF.UN.

Newport provides a simple way for investors to own private equity investments. Through ownership of Newport, investors gain access to a professionally-managed diversified portfolio of successful Canadian private businesses that offers income, growth, diversification and liquidity. Newport's core business is asset management. Its investment philosophy is to make long-term equity investments in leading or niche private businesses that have a track record of strong earnings, and potential for future growth. The Fund seeks to minimize risk through diversification, prudent use of leverage and investing in competent operating management who are known and trusted by Newport management. Newport's portfolio currently consists of 18 private company holdings representing a diverse cross-section of the Canadian economy. Newport's management has decades of investment experience and a significant ownership position in the Fund.

Investor Conference Call

Management will hold a conference call at 10:30 am (Eastern Standard Time) on May 8th, 2007 to discuss the first quarter financial results. The call may be accessed by dialling 416-695-9706 within the Toronto area or 1-877-667-7774 (toll free). This conference call will be recorded and available for replay until May 22, 2007. To listen to the replay, please dial 416-695-5275 or 1-888-509-0081 and enter pass code 643092.

Forward-Looking Information

This MD&A contains certain forward-looking information. This information relates to future events or future performance and reflects management's expectations and assumptions regarding the growth, results of operations, performance and business prospects and opportunities of Newport and the operating partnerships in which it holds an ownership interest (the "Operating Partnerships"). Such forward-looking information reflects management's current beliefs and is based on information currently available to management of Newport and the Operating Partnerships. In some cases, forward-looking information can be identified by terminology such as "may", "will", "should", "expect", "plan", "anticipate", "believe", "estimate", "predict", "potential", "continue" or the negative of these terms or other similar expressions concerning matters that are not historical facts. In particular, information regarding the future operating results and economic performance of Newport and the Operating Partnerships is forward-looking information. A number of factors, including risks and uncertainties, could cause actual events or results to differ materially from the events and results discussed in the forward-looking information. In evaluating this information, investors should specifically consider various factors, including the risks outlined under "Risk Factors", which may cause actual events or results to differ materially from any forward-looking statement. Although the forward-looking information is based on what management of Newport and the Operating Partnerships consider to be reasonable assumptions based on information currently available to it, there can be no assurance that actual events or results will be consistent with this forward-looking information, and management's assumptions may prove to be incorrect. This forward-looking information is made as of the date of this MD&A, and Newport does not assume any obligation to update or revise them to reflect new events or circumstances.

Non-GAAP Measures

The terms "EBITDA", "Adjusted EBITDA", "LTM EBITDA", "Distributable Cash", "Distributable Cash per Unit", "Invested Capital", "Net Debt" and "Corporate Costs to Net Asset Ratio", (collectively the "Non-GAAP Measures") are financial measures used in this MD&A that are not standard measures under Canadian GAAP. Therefore, Newport's Non-GAAP Measures, as presented in this news release may not be comparable to similar measures presented by other issuers.

EBITDA refers to earnings of Newport and NPY determined in accordance with generally accepted accounting principles, before depreciation and amortization, interest expense and income tax expense. Adjusted EBITDA refers to EBITDA excluding the gains or loss on reduction of ownership interest (dilution gains or losses). LTM EBITDA refers to EBITDA for the last twelve months. Management believes that EBITDA and LTM EBITDA are useful supplemental measures of performance and are the primary basis on which management assesses financial performance and cash available for debt service, working capital, capital expenditures, income taxes and distributions.

Distributable Cash is generally used by Canadian income funds as an indicator of financial performance. Newport's method of calculating Distributable Cash is disclosed in the Summary Financial Table. Management believes that Distributable Cash and Distributable Cash Per Unit are useful supplemental measures that provide investors with information on cash available for distribution.

Invested Capital includes the cost to acquire the equity interest and excludes transaction costs and any working capital provided to the business being invested in.

Net Debt refers to total debt less cash on hand.

Corporate Costs to Net Asset Ratio is calculated by dividing corporate costs by net assets.

Capitalized terms not defined in this news release are defined in Newport's Management Discussion & Analysis on page 3 and 30.

Investors are cautioned that the Non-GAAP Measures should not, on their own, be construed as an indicator of Newport's or NPY's performance or cash flows, a measure of liquidity or as a measure of actual return on the Units. These Non-GAAP Measures should only be used in conjunction with the financial statements of Newport and NPY as at March 31, 2007.



NEWPORT PARTNERS INCOME FUND
Consolidated Balance Sheets
(In thousands of dollars)
---------------------------------------------------------------------------
---------------------------------------------------------------------------
March 31, December 31,
2007 2006
---------------------------------------------------------------------------
(unaudited) (unaudited)

Assets
Current assets:
Cash and cash equivalents $ 26,886 $ 61,643
Accounts receivable 102,373 101,266
Inventories 35,264 33,253
Prepaid expenses 3,498 2,555
Other current assets 17,869 13,790
Current assets of discontinued operations 44,394 68,969
---------------------------------------------------------------------------
230,284 281,476

Property, plant and equipment 26,227 23,706
Long-term investments 46,618 47,001
Goodwill 263,631 253,344
Intangible assets 286,105 265,390
Other assets 71 9,029
Long-lived assets of discontinued operations 13,164 14,403
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$ 866,100 $ 894,349
---------------------------------------------------------------------------
---------------------------------------------------------------------------

Liabilities and Unitholders' Equity
Current liabilities:
Revolving credit facility $ 38,038 $ 5,000
Accounts payable and accrued liabilities 83,315 84,737
Deferred revenue 10,445 7,465
Current portion of obligations under capital
leases 3,969 4,122
Current liabilities of discontinued operations 30,824 54,372
---------------------------------------------------------------------------
166,591 155,696
Obligations under capital leases 3,787 3,943
Long-term debt 164,938 170,000
Future tax liability 2,344 2,505
Non-controlling interest 156,782 176,196
Convertible debenture 81,202 83,970
Unitholders' equity 290,456 302,039
Subsequent events
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$ 866,100 $ 894,349
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NEWPORT PARTNERS INCOME FUND
Consolidated Statements of Income
(In thousands of dollars, except per unit amounts)
(Unaudited)

---------------------------------------------------------------------------
---------------------------------------------------------------------------
Three months ended Three months ended
March 31, 2007 March 31, 2006
---------------------------------------------------------------------------

Revenue $ 116,215 $ 72,187
Cost of revenue 78,864 48,996
---------------------------------------------------------------------------
37,351 23,191
Expenses
Selling, general and administrative 21,947 9,426
Amortization of deferred financing
charges 580 296
Amortization of intangible assets 8,827 5,307
Depreciation 1,891 1,404
---------------------------------------------------------------------------
33,245 16,433
---------------------------------------------------------------------------

Income before the undernoted 4,106 6,758

Income from equity investments 745 1,017
Other income 197 234
Interest expense 5,778 1,603
Loss on dilution of ownership
interest 5,844 -
---------------------------------------------------------------------------
Income (loss) before income taxes (6,574) 6,406
Income tax expense (recovery) - current (154) 51
---------------------------------------------------------------------------
Income (loss) from continuing
operations before non controlling interest (6,420) 6,355

Non-controlling interest relating to
continuing operations 2,940 (4,294)
---------------------------------------------------------------------------
Income (loss) from continuing
operations (3,480) 2,061
---------------------------------------------------------------------------

Loss from discontinued operations
before non-controlling interest (2,782) (2,424)

Non-controlling interest relating to
discontinued operations 1,274 1,638
---------------------------------------------------------------------------
Loss from discontinued operations (1,508) (786)
---------------------------------------------------------------------------

Income (loss) for the period $ (4,988) $ 1,275
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Income (loss) per unit
Basic and diluted:
Continuing operations $ (0.09) $ 0.08
Discontinued operations (0.04) (0.03)
Income (loss) (0.13) 0.05
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NEWPORT PARTNERS INCOME FUND
Consolidated Statements of Changes in Financial Position
(In thousands of dollars)
(Unaudited)

---------------------------------------------------------------------------
---------------------------------------------------------------------------

---------------------------------------------------------------------------
---------------------------------------------------------------------------
Three months Three months
ended ended
March 31, 2007 March 31, 2006
---------------------------------------------------------------------------
Cash provided by (used in):
Operating activities:
Income (loss) for the period $ (4,988) $ 1,275
Items not affecting cash:
Loss from discontinued operations 2,782 2,424
Amortization of deferred financing charges 580 296
Amortization of intangible assets 8,827 5,307
Depreciation 1,891 1,404
Income from equity investments,
net of cash received 484 424
Non-cash compensation expense 560 560
Loss on dilution of interest in
operating partner 5,844 -
Non-controlling interest (4,214) 2,656
Changes in non-cash working capital (5,714) (9,167)
Cash provided by discontinued operations 9,614 13,105
---------------------------------------------------------------------------
15,666 18,284
---------------------------------------------------------------------------
Financing activities:
Repurchase of units (4,041) -
Distributions to unitholders (9,744) (6,340)
Distributions to non-controlling interest (8,021) (9,169)
Increase in bank indebtedness 33,038 417
Increase (decrease) in long term debt - (6)
Increase in acquisition financing facilities - 28,000
Repayment of capital lease obligations (746) (606)
Cash used in discontinued operations (9,731) (9,590)
---------------------------------------------------------------------------
755 2,706
---------------------------------------------------------------------------
Investing activities:
Acquisition of businesses, net of
cash acquired (50,199) (30,757)
Purchase of long-term investments - (120)
Purchase of property, plant and equipment (1,907) (596)
Decrease in other assets 556 -
Cash provided by (used) in
discontinued operations 372 (16)
---------------------------------------------------------------------------
(51,178) (31,489)
---------------------------------------------------------------------------
Decrease in cash and cash
equivalents (34,757) (10,499)
Cash and cash equivalents, beginning of
period - continuing operations 61,643 25,278
Cash and cash equivalents, beginning of
period - discontinued operations - -
Cash and cash equivalents, end of period 26,886 14,779
Cash and cash equivalents, end of
period - discontinued operations - 3,499
Cash and cash equivalents, end of
period - continuing operations $ 26,886 $ 11,280
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---------------------------------------------------------------------------
Supplemental cash flow information:
Interest paid $ 4,445 $ 273
Cash acquired upon acquisition 664 624
Supplemental disclosure of non-cash
financial and investing activities:
Acquisition of property, plant
and equipment through capital leases 857 1,358


Newport's 2007 First Quarter Financial Statements and Management's Discussion and Analysis are available on the investor relations section of www.newportpartners.ca and on SEDAR at www. sedar.com.

Contact Information