TORONTO, ONTARIO--(Marketwired - March 27, 2015) - Dominion Citrus Income Fund ("Fund") (TSX:DOM.UN) reports net earnings from continuing operations of $165,000 or $0.01 per unit for the year ended December 31, 2014 versus net earnings of $222,000 or $0.01 per unit for the previous year. The Fund had operating income of $1,480,000 in 2014 versus $295,000 in 2013. The Fund wrote down goodwill, associated with one division in Dominion Citrus Ltd ("DCL"), in the amount of $524,000 in 2014. Income tax expense of $493,000 and deferred tax expense of $383,000 in 2014 compared to $0 in 2013. Net earnings from discontinued operations was nil rounding to $0.00 per unit for the year ended December 31, 2014 versus a net earnings of $8,000 and rounding to $0.00 per unit for the year ended December 31, 2013.
The results for years ended December 31, 2014 and December 31, 2013 are summarized below (all figures in 000's except per unit results):
| |
Years ended: |
| |
12/31/14 |
12/31/13 |
| Revenue |
$74,589 |
$75,035 |
| Net earnings from continued operations |
$165 |
$222 |
| |
Per unit |
$0.01 |
$0.01 |
| Net earnings from discontinued operations |
$0 |
$8 |
| |
Per unit |
$0.00 |
$0.00 |
| Net earnings |
$165 |
$230 |
| |
Per unit |
$0.01 |
$0.01 |
| Units outstanding (000's) |
21,186 |
21,186 |
About Dominion Citrus Income Fund
The Fund is a publicly traded, unincorporated, open-ended limited purpose income trust. On January 1, 2006, all of the common shares of Dominion Citrus Limited ("DCL") were exchanged for trust units of the Fund. The trust units are listed on the TSX under the symbol DOM.UN. The Series A preference shares of DCL continue to be listed on the TSX under the symbol DMN.PR.A.
About Dominion Citrus Limited
DCL is a diversified food company supplying fresh produce to a wide variety of customers in retail, foodservice and food distribution businesses. DCL provides procurement, processing, repacking, sorting, grading, warehousing and distribution services to its major domestic markets being Ontario and Québec. DCL also supplies products to customers in the United States.
The Fund's website may be accessed at www.dominioncitrus.com.