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Banco de Chile 2009 Third Quarter Results Nov 11, 2009 06:32PM

SANTIAGO, CHILE -- (MARKET WIRE) -- 11/11/09 -- Banco de Chile (NYSE: BCH), a full service Chilean financial institution, and market leader in a wide variety of credit and non-credit products and services across all segments of the Chilean financial market, today announced its results for the third quarter ended September 30, 2009. Figures are expressed in nominal terms, unless otherwise stated. Estimates have been used to apply International Financial Reporting Standards (IFRS) to 2008 figures. See annex A - 2008 IFRS Restatements.

Banco de Chile's Third Quarter 2009 Financial Results Press Release: (Please click on the link below)

http://www.mundoedwards.cl/investor/download/2009/BCH3Q09RESULTS.pdf

Banco de Chile will hold its quarterly conference call to discuss third quarter results on Thursday, November 12, 2009, at 10:00 a.m. Eastern Time (12 noon Chile Time).

Dial In Information:

Dial In #: 1-866-831-6162
International Dial In #: 1-617-213-8852
Participant password: BCH

Chairperson:

Mr. Pedro Sahman, Chief Financial Officer
You should dial in 10 minutes prior to the commencement of the call.

This call is being webcast by Thomson Reuters and can be accessed at Banco de Chile's Web site at www.bancochile.com.

The webcast is also being distributed through the Thomson Reuters StreetEvents Network. Individual investors can listen to the call at www.earnings.com, Thomson's individual investor portal, powered by StreetEvents. Institutional investors can access the call via Thomson Reuters StreetEvents (www.streetevents.com), a password-protected event management site.

About Banco de Chile:

Banco de Chile is a full service Chilean financial institution, market leader in a wide variety of credit and non-credit products and services across all segments of the Chilean financial market.

FORWARD-LOOKING INFORMATION

The information contained herein incorporates by reference statements which constitute ''forward-looking statements,'' in that they include statements regarding the intent, belief or current expectations of our directors and officers with respect to our future operating performance. Such statements include any forecasts, projections and descriptions of anticipated cost savings or other synergies. You should be aware that any such forward-looking statements are not guarantees of future performance and may involve risks and uncertainties, and that actual results may differ from those set forth in the forward-looking statements as a result of various factors (including, without limitations, the actions of competitors, future global economic conditions, market conditions, foreign exchange rates, and operating and financial risks related to managing growth and integrating acquired businesses), many of which are beyond our control. The occurrence of any such factors not currently expected by us would significantly alter the results set forth in these statements.

Factors that could cause actual results to differ materially and adversely include, but are not limited to:

--  changes in general economic, business or political or other conditions
    in Chile or changes in general economic or business conditions in Latin
    America;
--  changes in capital markets in general that may affect policies or
    attitudes toward lending to Chile or Chilean companies;
--  unexpected developments in certain existing litigation;
--  increased costs;
--  unanticipated increases in financing and other costs or the inability
    to obtain additional debt or equity financing on attractive terms.

Undue reliance should not be placed on such statements, which speak only as of the date that they were made. Our independent public accountants have not examined or compiled the forward-looking statements and, accordingly, do not provide any assurance with respect to such statements. These cautionary statements should be considered in connection with any written or oral forward-looking statements that we may issue in the future. We do not undertake any obligation to release publicly any revisions to such forward-looking statements after completion of this offering to reflect later events or circumstances or to reflect the occurrence of unanticipated events.

CONTACTS:
Pablo Mejía
(56-2) 653 3554
pmejia@bancochile.cl

Rolando Arias
(56-2) 653 3535
rarias@bancochile.cl

AAR Reports Rail Traffic Remains Down, Intermodal Seeing Incremental Gains Nov 11, 2009 06:32PM

WASHINGTON, Nov. 11 /PRNewswire/ -- The Association of American Railroads (AAR) today reported that freight rail carloadings were down 15.3 percent in October 2009 (at 1,100,714 carloads) compared with the same month last year, marking the twelfth straight month of double-digit declines.

To view the multimedia assets associated with this release, please click http://www.prnewswire.com/news-releases/aar-reports-rail-traffic-remains-down-intermodal-seeing-incremental-gains-69799412.html

A decrease in coal carloads (down 92,764 carloads) factored into October's drop in carloadings, which likely was the result of a cooler-than-normal summer that has led to larger-than-normal utility coal stockpiles. However, grain saw a significant boost in October, up 15 percent compared with September. This may be attributable to the start of corn and soybean harvests plus a weaker U.S. dollar lifting grain exports. According to the USDA, grain deliveries by rail to ports surged in October.

While U.S. rail intermodal traffic remained down 11.2 percent (104,330 units) in October compared with the same month last year, there continue to be incremental month-to-month gains - up 4 percent from September 2009.

"October's intermodal numbers, along with the recently-announced increase in GDP for the third quarter, indicate that we are seeing some hope for improvement in the nation's economic situation," said AAR Senior Vice President of Policy and Economics John Gray. "While it is still too early to say we are on the road to recovery, railroads continue to take freight cars out of storage with over 11,000 cars back in service in October."

The Rail Time Indicators report, available at www.aar.org, comprises monthly rail traffic data framed with other key economic indicators to show how freight rail ties into the broader U.S. economy. Both the monthly Rail Time Indicators report and a video summary are available on the AAR web site: www.aar.org. A widget social-media tool, containing the video and link to the report also is available, which allows users to share the material by uploading it to Web sites, blogs, or online network profiles. This widget is a mini-Web application that also includes a contact form and a place to ask questions. To download the widget, click here or go to http://www.aar.org/NewsAndEvents/Widget/2009-0820-MonthlyTraffic.aspx

Editors Note: The Association of American Railroads (AAR) is the world's leading railroad policy, research and technology organization focusing on the safety and productivity of rail carriers. AAR members include the major freight railroads, or Class I railroads, of the U.S. and Canada, as well as Amtrak and major Mexican railroads. Class I railroads represent 67 percent of the U.S. freight rail mileage and 90 percent of freight railroad industry employees. Railroads account for 43 percent of intercity freight volume -- more than any other mode of transportation. To learn more about how freight rail works for America, the environment and for you, please visit: www.freightrailworks.org.

Related Links

Association of American Railroads

Freight Rail Works

SOURCE Association of American Railroads

Futuremed Announces Strong Organic Growth in Third Quarter 2009 Nov 11, 2009 06:30PM

CONCORD, ONTARIO -- (MARKET WIRE) -- 11/11/09 -- Futuremed Healthcare Income Fund (TSX: FMD.UN) ("Futuremed" or the "Fund") announced today strong financial and operating results for the three and nine months ended September 30, 2009.

Q3 HIGHLIGHTS:

- Sales rise 9.0% on strong organic growth

- Solid growth in recurring, non-discretionary nursing supplies revenues

- One-time investments in supply chain infrastructure continue

- Normalized payout ratio improves to 73%

- Credit facility unutilized in quarter

Sales in the third quarter of 2009 increased to $51.5 million compared to $47.2 million for the same period in 2008. The increase was primarily due to organic growth in nursing supplies revenues. For the first nine months of 2009, sales increased to $147.9 million compared to $101.6 million in the prior year. The increase is due primarily to the contribution in sales from Dismed in the period, which was acquired on June 30, 2008, as well as solid increases across most of the Fund's revenue streams.

Sales of the Fund's consumable nursing supplies increased 15.2% in the third quarter of 2009 and 51.0% for the nine months ended September 30, 2009 compared to the same periods last year. The increase for the third quarter was primarily driven by strong organic growth as well as increases in other nursing supplies revenue stemming from the H1N1 virus amounting to $1.8 million in the quarter. During the third quarter of 2009 the World Health Organization declared the H1N1 virus to be a Pandemic Risk, and buying as a result of that declaration resulted in additional revenues during the quarter. The increases in nursing supplies revenues through the first nine months of the year were driven primarily by the contribution in sales from Dismed, as well as strong increases in sales of incontinence products and other nursing supplies in the Fund's other markets. Consumable nursing supplies represented approximately 91% and 89% of the Fund's total sales in the third quarter and first nine months of 2009, respectively.

Sales of the Company's furniture and equipment decreased to $4.5 million in the third quarter of 2009 compared to $6.5 million in last year's third quarter. The decrease was due primarily to a $1.4 million infrastructure project in Saskatchewan recorded in last year's third quarter, as well as a lack of general infrastructure spending during the current year's quarter. Furniture and equipment sales through the first nine months of 2009 increased 10.7% to $15.5 million compared to the same period last year due primarily to the contribution in furniture and equipment sales from Dismed in the period, partially offset by a decrease in furniture and equipment sales in provinces other than Quebec due to a lack of replacement spending during the period.

"Our results through the first nine months of the year reflect the fact that our business is very resilient in tough economic times," commented Raymond Stone, President and CEO, "While last year's acquisition of Dismed has made a significant contribution to our results this year, we are pleased to see continued strong organic growth in the majority of our markets and product lines."

For the third quarter of 2009, gross profit increased 5.5% compared to the prior year period due primarily to the sales growth and an increase in sales of higher margin products in the quarter compared to the prior year. For the first nine months of 2009, gross profit increased 30.8% over the same period in 2008 due primarily to the margin contribution from Dismed. The impact on gross profit margins of increases in input costs as a result of the higher US dollar exchange rate, higher freight charges on incoming goods, and lower subsidies on goods manufactured in the Orient had less of a negative effect on gross margin during the period, and management believes these inflationary pressures have stabilized, and in some instances, reversed due to current global economic conditions.

Selling, general and administrative (SG&A) expenses for the three months ended September 30, 2009 increased 0.5% compared to the prior year period. For the first nine months of 2009, SG&A expenses increased 33.6% due primarily to the addition of Dismed and increased infrastructure costs resulting from higher levels of business activity in the current year. Delivery costs have stabilized as a result of lower fuel prices and delivery surcharges, and represented 3.5% of total revenues in the third quarter and first nine months of 2009 compared to 3.9 % and 4.1%, respectively, in the prior year periods. As a percentage of revenues, SG&A costs reduced to 12.7% in the third quarter of 2009 from 13.8% last year and 13.3% for the first nine months of 2009 from 14.4% for the first nine months of 2008.

For the three months ended September 30, 2009 the Fund generated distributable cash of $4.0 million or $0.26 per Unit compared to $4.2 million or $0.28 per Unit in the third quarter of 2008. For the first nine months of 2009, the Fund generated $10.7 million or $0.70 per Unit of distributable cash compared to $10.1 million or $0.72 per Unit for the same nine month period in the prior year. Capital expenditures amounted to approximately $179,000 in the third quarter and $1.0 million for the first nine months of 2009 compared to $89,000 and $306,000 respectively last year. The increases in 2009 relate primarily to investments aimed at aligning and improving the Fund's supply chain infrastructure in all of its facilities across Canada. The project is expected to be completed within two years and involve approximately $1.5 million in excess of normal capital expenditures over this period. Excluding the impact of these one-time capital investments, as well as non-cash changes in the fair value of financial instruments included in working capital, normalized distributable cash flow would have been $4.8 million in the third quarter, and $12.5 million for the first nine months of 2009.

The payout ratio for the third quarter of 2009 was 88% compared to 84% last year. For the first nine months of 2009 the payout ratio was 99% compared to 96% in the prior year. Not including the short-term investments in supply chain improvements in the third quarter and first nine months of 2009, as well as non-cash changes in the fair value of financial instruments included in working capital, the normalized payout ratio would have been 73% and 84%, respectively. The calculations of normalized distributable cash and payout ratio are included in the table below.

Since its inception, the Fund has not been subject to income tax to the extent that its taxable income is distributed to unitholders. As a result of legislation proposed by the Minister of Finance (Canada) on October 31, 2006 and substantively enacted on June 12, 2008, the Fund will pay tax on distributions declared subsequent to January 1, 2011, subject to normal growth restrictions in the legislation, which if not adhered to could subject the Fund to tax before 2011. It is management's expectation that, unless there is a compelling reason to the contrary, Futuremed will remain an income fund until the end of 2010 so as to benefit from the tax advantageous nature of the trust structure for as long as possible. Management and the Board will continue to examine various alternatives available to deal with the changing environment in the coming months.

Working capital was $19.4 million at September 30, 2009 compared to $18.6 million at September 30, 2008 and $19.6 million at December 31, 2008. The Fund did not utilize its operating credit facility through the third quarter of 2009. As at June 30, 2009 the Fund was in compliance with all financial and non-financial covenants on its credit facilities.


Financial Highlights
----------------------------------------------------------------------------
----------------------------------------------------------------------------
(in $,000 except per Unit     Three months ended     Nine months ended
 amounts)                           September 30,         September 30,
----------------------------------------------------------------------------
                                2009        2008       2009       2008

Sales:
 Nursing supplies           $ 46,934  $   40,758  $ 132,371  $  87,649
 Furniture & Equipment         4,534       6,482     15,484     13,984
                            ------------------------------------------------
Total sales                 $ 51,468  $   47,240  $ 147,855  $ 101,633
Gross profit                  11,987      11,308     34,362     26,332
Selling, general &
 administrative expenses       6,542       6,509     19,651     14,709
Net earnings                   2,343       2,914      6,490      6,938

Distributable Cash:
 Cash flow from operating
  activities                   6,273       3,301     11,729      7,078
 (Less) capital expenditures    (179)        (89)    (1,036)      (306)
 (Less) payments under
  capital lease                   (7)          0        (23)         0
 Add/(Less) changes in
  working capital and
  unrealized loss on swap
  contract                    (2,055)        996         19      3,320
                            ------------------------------------------------
 Distributable Cash            4,032       4,208     10,689     10,092

Distributable Cash per Unit $   0.26  $     0.28  $    0.70  $    0.72
Distributions/Declared per
 Unit                       $   0.23  $     0.23  $    0.69  $    0.69
Payout Ratio                      88%         84%        99%        98%
Normalized(i) Payout Ratio        73%         80%        84%        99%

(i) Excluding infrastructure capital expenditures that are outside the
    definition of maintenance capital expenditures and non-cash changes in
    the fair value of financial instruments included in working capital.



Distributable Cash and Payout Ratio
----------------------------------------------------------------------------
                                    Three Months ended    Nine Months ended
(in $, 000 except per Unit                September 30,        September 30,
 amounts - unaudited)
                                      2009        2008      2009       2008
                                  ------------------------------------------
Cash flows from operating
 activities                          6,273       3,301    11,729      7,078
Less: Capital Expenditures            (179)        (89)   (1,036)      (306)
Less payments of obligation under
 capital lease                          (7)          0       (23)         0
                                  ------------------------------------------
Distributable cash (including
 impact of changes in
 working capital)                    6,087       3,212    10,670      6,772
Add/(Less): changes in working
 capital and unrealized
 loss on swap contract              (2,055)        996        19      3,320
                                  ------------------------------------------
Distributable cash                   4,032       4,208    10,689     10,092
Non-cash changes in fair value of
 financial instruments
 included in working capital           700        (170)    1,430       (487)
Capital expenditures related to
 special projects and
 other one time expenditures            82         400       466        400
                                  ------------------------------------------
Normalized distributable cash        4,814       4,438    12,585     10,005
Distributable cash per unit
 (excluding impact of
 changes in working capital)      $   0.26  $     0.28  $   0.70  $    0.72

Copies of the Fund's financial statements and Management's Discussion and Analysis for the period can be obtained on the Fund's web site at www.futuremed.ca or www.sedar.com.

About Futuremed Healthcare Income Fund

Futuremed Healthcare Income Fund, through its operating entities, is Canada's leading value-added distributor of consumable nursing home supplies and specialized furniture and equipment to the growing long-term care facilities sector. Futuremed's Trust Units trade on the Toronto Stock Exchange under the symbol FMD.UN. More information can be found at www.futuremed.ca

Readers are cautioned that Payout Ratio distributable cash and distributable cash per unit are not Generally Accepted Accounting Principles ("GAAP") measures and should not be construed as an alternative to net earnings and earnings per share determined in accordance with GAAP as an indicator of the Fund's performance. The Fund's methods of calculating these measures may differ from other issuers' methods and accordingly, they may not be comparable to measures used by other issuers.

This document may contain forward-looking statements relating to Futuremed's operations or to the environment in which it operates, which are based on the Fund's operations, estimates, forecasts and projections. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict, and/or are beyond the Fund's control. A number of important factors could cause actual outcomes and results to differ materially from those expressed in these forward-looking statements. These factors include those set forth in other public filings. In addition, these forward-looking statements relate to the date on which they are made. The Fund disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. More information about these risks and uncertainties can be found in regulatory filings available at www.sedar.com.

To view the Balance Sheet, Income Statement and Cash Flow Statement, please visit the following link: http://media3.marketwire.com/docs/FMD1111a.pdf

Contacts:
Futuremed Healthcare Income Fund
Daniel Sacks
Chief Financial Officer
(905) 761-0068, ext. 2222
Toll-free investor relations:  1-800-387-7025
www.futuremed.ca

Futuremed Announces Strong Organic Growth in Third Quarter 2009 Nov 11, 2009 06:30PM

CONCORD, ONTARIO--(Marketwire - Nov. 11, 2009) - Futuremed Healthcare Income Fund (TSX: FMD.UN) ("Futuremed" or the "Fund") announced today strong financial and operating results for the three and nine months ended September 30, 2009.