Armtec Infrastructure Income Fund

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Please note that this information may contain forward-looking statements about Armtec Infrastructure Income Fund's future financial performance -- which may differ materially from actual results. Armtec Infrastructure Income Fund specifically disclaims any obligation to update this information. For further information on Armtec Infrastructure Income Fund 's business, risks and uncertainties, please see Armtec Infrastructure Income Fund's regulatory filings at www.sedar.com.




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References to EBITDA are to earnings before interest, taxes (other than capital taxes), depreciation and amortization. Management believes that in addition to net earnings, EBITDA is a useful supplemental measure of cash available for distribution prior to debt service, changes in working capital, capital expenditures and income taxes. However, EBITDA is not a recognized measure under Canadian GAAP. Investors are cautioned that EBITDA should not be construed as an alternative to net and comprehensive earnings determined in accordance with GAAP as an indicator of the Fund's performance or as an alternative to cash flows from operating, investing and financing activities as a measure of the Fund's liquidity and cash flows. The Fund's method of calculating EBITDA may differ from the methods used by other issuers and, accordingly, the Fund's EBITDA may not be comparable to similarly titled measures used by other issuers.

"Adjusted EBITDA" is EBITDA after removing the effects of non-recurring items and non-cash items. Non-recurring items are transactions or events which management believes are unusual and are not expected to re-occur within the foreseeable future, and include non-recurring restructuring expenses and non-recurring management transaction bonuses and options. All such adjustments are based on historical information or contractual commitments. Adjusted EBITDA is not a recognized measure under Canadian GAAP and the qualifications outlined above with respect to EBITDA apply equally to Adjusted EBITDA.

“Distributable cash” is not a defined term under Canada GAAP but is determined by the Fund as net earnings for the period adjusted to remove non-cash expenses, including amortization and future income taxes, and reduced by expenditures required to sustain the current state of the operations.  Management believes that distributable cash is a useful measure of performance as it provides investors with an indication of the amount of cash available for distribution to unitholders. Investors are cautioned, however, that distributable cash should not be construed as an alternative to using net earnings as a measure of profitability or the statement of cash flows. Furthermore, the Fund's method of calculating distributable cash may not be comparable to other similarly named calculations.


 

 
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