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Press release from CNW Group

Proventure Income Fund Announces Results for Second Quarter of 2012

Thursday, August 16, 2012

Proventure Income Fund Announces Results for Second Quarter of 201207:00 EDT Thursday, August 16, 2012Symbol: PVT.UN (TSX-V)CALGARY, Aug. 16, 2012 /CNW/ - Proventure Income Fund (the "Fund") is pleased to report its financial results for the three and six month period ended June 30, 2012.Overall Performance for the QuarterThe Fund reported a loss of $35 thousand or $nil per basic unit when compared to a profit of $645 thousand or $0.08 per basic unit for 2011.  In addition, our EBITDA (see "Non-IFRS Financial Measures") decreased to $155 thousand from $1.1 million for the three month period when compared to 2011.  The decrease in profit was primarily related to the sale of properties early in the year, resulting in a reduction in rental income for the three month period ended June 30, 2012 and additional property expenses, including repairs and maintenance that were incurred in relation to our investment properties.Selected Quarterly Information        Three Months Ended  Six Months EndedIn $thousands , except per unit amounts   June 30, 2012  June 30, 2011  % Change  June 30, 2012  June 30, 2011  % Change                  Rental and other income   295  858  (65.6)  2,516  1,715  46.7Profit (loss) for the period   (35)  645  (94.6)  1,068  1,006  6.2 Per unit - Basic   -  0.08  (100.0)  0.14  0.13  7.7 Per unit - Diluted   -  0.07  (100.0)  0.14  0.10  40.0EBITDA1   155  1,064  (85.4)  1,468  2,125  (30.9) Per Unit - Basic   0.17  0.14  21.4  0.19  0.28  (32.1)Weighted average units outstanding                      Basic   7,851  7,780  0.9  7,851  7,714  1.8 Diluted   7,851  9,881  (20.5)  7,851  9,815  (20.0) Actual units outstanding            7,851  7,817  0.4Closing market price            0.40  2.11  (81.0)Total assets          10,613  54,868  (80.7)Total long-term liabilities            6,921  25,714  (73.1)Unitholders' equity            730  24,715  (97.0)Net book value per unit - diluted            0.10  2.52  (96.0)Notes:  (1) These financial measures are identified and defined under the section "Non-IFRS Financial Measures".The Non-IFRS measures identified in this Press Release do not have any standardized meaning prescribed by International Financial Reporting Standards ("IFRS") and are therefore unlikely to be comparable to similar measures presented by other issuers. These non-IFRS measures are more fully defined and discussed, together with reconciliation to the most directly related IFRS measure in the MD&A of the Fund on the results of operations for the three and six month periods ended June 30, 2012.Copies of Proventure Income Fund's unaudited financial statements and related MD&A are available on the SEDAR website at Income Fund is an open-ended mutual fund trust established on December 31, 2005 under laws of the Province of Alberta.  The objective of Proventure is to provide Unitholders with cash distributions from the acquisition and operation of a portfolio of real estate properties. The units of Proventure Income Fund are listed on the TSX Venture Exchange and trade under the symbol "PVT.UN".Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.SOURCE: Proventure Income FundFor further information: Peter Lacey - President & CEO     Telephone: (403) 567-2098 Fax: (403) 567-0497 Email: Randy Muth - Chief Financial Officer  Telephone: (403) 567-2096 Fax: (403) 567-0497 Email: