Tuesday, 16 March 2010

Carfinco Grabs Checkered Flag With Record 2009 Results

Carfinco Income Fund (TSX: CFN.UN)
Units issued: 23.9 million
Units fully diluted: 24 million
Current monthly distribution: $0.02
Q1/2010 special distribution: $0.04


Carfinco today announced blow out 2009 financial results that saw turbo charged earnings power the units to a new 52 week high, hitting $3.28 before closing at $3.17.
Earnings hit a record $7.3 million, well ahead of the company's previous record of $6.3 million set in 2006.
Throughout 2009 each quarter's earnings improved setting new records. On an annualized basis the fund's fourth quarter produced earnings of $10.4 million or $0.44 per unit which is a 43.7% return on unit holders equity.
Without doubt, Management and the Board of Trustees deserve kudos for not only the success of the Trust but having the foresight to put defensive measures in place prior to the 2008 economic meltdown.
Highlights of the 2009 financials can be seen in today's news release by clicking here......................................