PRT Forest Regeneration Income Fund, Toronto symbol PRT.UN, is the largest producer of container-grown forest seedlings in North America. It grows its seedlings in 13 greenhouses and open outdoor compounds. PRT expects to produce about 170 million seedlings in 2011.
In the three months ended December 31, 2010, PRT reported cash flow of $0.07 per unit, compared to $0.12 per unit a year earlier.
The fund received payment for an insurance claim in early 2010, and used a portion of the funds to pay off its $3.7-million bank debt. That significantly lowered its interest costs. However, that was not enough to offset a 9.4% drop in revenue, to $6.8 million from $7.5 million.
Western Canada’s lumber exports to China rose nearly 90% in 2010. As a result PRT plans to produce 30% more seedlings in 2011, and reopen its nursery in Kirkland Lake, Ontario.
The fund plans to ask its unitholders to approve its conversion to a corporation at its annual and special meeting on June 13, 2011. PRT paid a $0.02 monthly distribution in January 2009, then suspended distributions to conserve cash.
Low U.S. housing starts continue to hurt lumber demand, which lowers demand for seedlings. However, demand should improve as the U.S. economy continues to recover.
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