PRT reports a net loss of $1.8 million in 2009

PRT Forest Regeneration Income Fund has reported operating earnings of $2,555,000 and net losses of $1,829,000 ($0.19 per unit) as compared to operating earnings of $4,093,000 and net losses of $23,191,000 ($2.41 per unit) in 2008.

Net losses for the year were reduced by a $1.8 million gain on disposal of property, plant and equipment recorded as a result of the settlement of an insurance claim for greenhouse losses in 2008.

Losses were also impacted by a $2.6 million write-down of property, plant and equipment and intangibles related to the previously announced closures of the Summerland and Maple Ridge, BC nurseries. Neither item will directly affect operations, financial obligations, or Cash Available for Distribution. However, as previously announced, the Fund received the payment for the insurance claim in early 2010, and has since used a portion of the funds to retire the Fund's Canadian bank term debt in the amount of $3.7 million. Excluding the write-down, gain and other non-recurring charges, the net loss for the period would have been $502,000 ($0.05 per unit), which reflects the current cyclical downturn in the forest industry and the general economic environment.

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PRT Announces Results for Year Ended December 31, 2009 (Marketwire)