— CML HealthCare Income Fund raised its annual distributions 3.5 per cent on Wednesday to just over to $1.07 per unit as it reported a 23.1 per cent rise in first-quarter revenues.
The laboratory test and medical imaging firm said its net earnings for the quarter retracted to $21.9-million, 25 cents per unit, from a year-ago $24.6-million, 29 cents per unit, the decline due mostly to $5-million in charges related to a debt facility.
Profit for the quarter were $21.9-million or $0.25 per Fund unit (basic and diluted), compared to net earnings of $24.6-million or $0.29 per Fund unit in the first quarter of 2007. The decrease in net earnings for the quarter reflects $3.5-million of transaction costs incurred for the $450-million credit facility secured in the period.
Revenue was $92.6-million, up from $75.2-million in the first quarter of 2007, primarily on contributions from new acquisitions.
The fund generated distributable cash of $26.3-million and declared distributions of $22.7-million for a payout ratio of 86.1 per cent.
CML HealthCare's operating unit, CML HealthCare Inc., provides of laboratory services and private medical imaging services in Canada and the U.S.