Rising North American yarn demand augments Spinrite Q2 sales
29 Jul '05
4 min read
Spinrite reported Adjusted EBITDA(1) of $11.2 million for the 13 weeks ended July 2, 2005, an increase of 8.9 percent from $10.3 million for the 13 weeks ended June 26, 2004. For the 26 weeks ended July 2, 2005 Spinrite reported Adjusted EBITDA of $22.9 million, an increase of $4.5 million, or 24.2 percent, from $18.4 million for the comparable period in 2004.
The Fund makes regular monthly distributions to public unitholders of record as of the last business day of each month. Distributable cash available to public unitholders for the second quarter was $8.2 million, from which the Fund declared three cash distributions to public unitholders totalling $5.1 million. Since inception, Spinrite has generated distributable cash available to public unitholders of $13.0 million and declared distributions to public unitholders of $8.0 million.
"It's anticipated that demand for craft yarns will continue to increase. As an established leader in the market with strong manufacturing capabilities, Spinrite is ideally positioned to benefit from this ongoing trend," said Mr. Margve.
The Fund's full interim financial statements, notes to financial statements and management's discussion and analysis are available at www.sedar.com or at www.spinriteincomefund.com.
Spinrite is the largest marketer of craft yarn in Canada and one of the largest and fastest growing in the United States. Established in 1952, Spinrite researches, develops, manufactures andmarkets a broad variety of consumer craft yarns.
marketing@alchempro.com
