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Genivar Income Fund Announces Third Quarter 2007 Results

Montreal, November 12th, 2007 – GENIVAR Income Fund (the “Fund”) announced today its financial and operating results (unaudited) for the period from July 1st, to September 30, 2007. This is the sixth reporting period of the Fund since it began its business operations on May 25th, 2006 and the first reporting period where complete comparative information for the previous year is available.

Highlights

• Revenues for the third quarter of 2007 were up 61.1% to $68.5 million compared to $42.5 million for the same period in 2006. Year-to-date revenues were $186.7 million compared to $126.4 million for the same nine-month period in 2006.

• Net earnings before non-controlling interest were $7.4 million or 38 cents per unit for the quarter and $16.5 million or 87 cents per unit for the nine-month period.

• EBITDA increased 66.4% from $7.0 million in the third quarter of 2006 to $11.7 million for the same period in 2007.

• Adjusted Distributable Cash generated in the quarter totalled $9.6 million, of which $4.9million were distributed to unitholders, representing an adjusted payout ratio of 51.5%.

• The Fund raised $50.0 million through a public offering of approximately 1.9 million units for gross proceeds of $39.0 million and a private placement to the non-controlling unitholder of approximately 0.5 million units for additional proceeds of $11.0 million.

• Backlog increased to $201.0 million.

During the third quarter, we welcomed five new firms who joined our team. We completed the acquisitions of two firms active in the Ontario transportation market segment, National Capital Engineering and Harmer Podolak Engineering Consultants, as well as three municipal infrastructure firms, namely SEG Engineering in Winnipeg, and André Simard et Associés (effective October 1, 2007) and TERRA Experts conseils in Quebec City.

"This was an active quarter for the Fund with record results, sustained organic growth, the completion of a successful financing and the closing of five acquisitions", said Pierre Shoiry, President and CEO of the GENIVAR Income Fund.

Conference Call

The Fund will hold a conference call on Tuesday, November 13, 2007, at 11:00 AM EDT. To participate in the conference call, please dial 1-866-999-9779 and enter the password 150522. An audio play of the call will be archived on the Website at www.genivar.com.

GENIVAR is a leading Canadian engineering services firm providing private and public sector clients with a full range of professional consulting services through all execution phases of a project, including planning, design, construction and maintenance. Its clients, who are of varying sizes, fall into various market segments, such as building, industrial and power, urban infrastructure, transportation, and environment. GENIVAR is one of the largest engineering services firm in Canada, in terms of the number of employees, with more than 2,200 managers, professionals, technicians and technologists, and support staff, in over 40offices in Canada and abroad.

The Fund's financial statements, as well as management's discussion and analysis of the reporting period can be obtained via the GENIVAR website, in the Investor Relations section, at www.genivar.com or at www.sedar.com.

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For further information, please contact:

Pierre Shoiry, President and CEO
Tel.: 514-340-0046, ext. 5104

For media inquiries:

Marlène Casciaro, Director of Communications
Tel.: 514-340-0046, ext. 5184

 

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