CALGARY, Mar 26, 2009 (Canada NewsWire via COMTEX) ----Mr. Fred Fong, President and Chief Executive Officer of First National AlarmCap GP Inc. ("AlarmCap"), reports that the Fund has released its consolidated monetary statements for the year ended December 31, 2008 and the kin management's dialogue and inquiry of fiscal job and results of operations ("MD&A").
Total revenues of the Fund were $30,724,000 compared to $31,494,000 the quondam year, a 2.4% decrease. Mr. Fong stated: Over the coming months the flock will persevere to concentrate on serving distinction while also focusing its efforts on increasing both its subscriber wicked and its middling yield per subscriber from its sales channels.
We wait assured that both residential and commercial asylum services will carry on in call during these adverse fiscal times. However, we are mindful that our subscriber selfish may suffer some reduction during our seasonally slower principal house coming up. EBITDA for the Fund for 2008 was $15,175,000 as compared to $16,717,000 for 2007. This discontinue in EBITDA was mostly attributable to mavin fees incurred to whereabouts governance initiatives as well as non-recurring payments incurred to restore and/or contain tone chief supervision personnel.
Working main at the end of 2008 was $1,637,000 as compared to a deficiency of $2,564,000 the erstwhile year. This rehabilitation is a express denouement of the cash generation from the Fund's portfolio of monitored accounts. For the year, the Fund generated $5,187,000 in mazuma ($0.82/unit).
Since June 2007, the Fund has suspended distributions to it's Unitholders as it worked to ameliorate upon its dominant lending covenant. At the end of the third thirteen weeks of economic 2008, the Fund touched down to the required pecuniary liability covenant and as a development was able to herald distributions to the Unitholders for the fourth locale of $700,000 ($0.11/unit). With this quieten indebtedness covenant in place, the Fund has the elbow-room to execute its business plan while also having the pliability to consider growth opportunities.
The Fund is an unincorporated, open-ended, restricted ambition trust and its Class A delegate units are listed on the Toronto Stock Exchange under the ticker flag "FNA.UN". The Fund was established to buy materially all of the assets and shares of Microtec Enterprises Inc. ("Microtec") and sincerely all the assets of Securex Master Limited Partnership ("Securex").
Microtec, founded in 1989 in Quebec City, Quebec, is one of the largest residential surety monitoring companies in Canada. Securex, founded in 1994 in Calgary, Alberta, is an alternate honesty provider to dealers gift bundled financial, billing / back assignment and monitoring services to unfettered dealers throughout Canada. Copies of the consolidated economic statements, consanguineous MD&A, CEO and CFO 52-109F1 certification forms can be found on SEDAR at www.sedar.com. Cautionary assertion respecting forward-looking knowledge and statements Certain statements contained in this unheard of issue recite to matters that are not real facts constitute "forward-looking information" within the significance of apposite Canadian securities legislation.
Forward looking statements or facts in this front-page news disenthral involve but are not meagre to: confidence that security repair will remain in demand and the Fund having margin to execute its business plan. These statements are based on predestined assumptions and study made by the Fund in entertaining of its experience and its perception of verifiable trends, current conditions and expected unborn developments as well as other factors it believes are right in the circumstances. However, whether genuine results, performance or achievements will comply to the Fund's expectations and predictions is under discussion to a number of known and unknown risks and uncertainties which could cause true to life results to be dissimilar materially from the Fund's expectations. Such risks and uncertainties include, but are not restrictive to: fluctuations in the require for monitoring and depot of security systems, composite economic, market or business conditions; changes in laws or regulations, including taxation and environmental; the require of availability of skilled personnel or management; and other startling conditions which could collide with the use of services supplied by the Fund.
See also the Fund's Annual Information Form dated March 26, 2009, at one's disposal on SEDAR at www.sedar.com for a inclusive set of jeopardize factors coupled to the Fund. Consequently, all of the forward-looking tidings and statements made in this communication unfetter are qualified by these cautionary statements and there can be no guts that the actual results or developments anticipated by the Fund will be realized or, even if intrinsically realized, that they will have the expected consequences to or paraphernalia on the Fund or its point or operations. Except as may be required by law, the Fund assumes no promise to update publicly any such forward-looking dope and statements, whether as a end of inexperienced information, future events or otherwise.
SOURCE: First National AlarmCap Income Fund Fred Fong, President & Chief Executive Officer, (418) 864-7941 ext. 2802, fred.fong@alarmcap.ca Copyright (C) 2009 CNW Group. All rights reserved.
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