NEWS RELEASE
CHEMTRADE LOGISTICS INCOME FUND REPORTS
2009 FIRST QUARTER RESULTS
TORONTO, May 11, 2009 – Chemtrade Logistics Income Fund (TSX: CHE.UN) today announced results
for the three months ended March 31, 2009. The Fund reported declines in revenue, primarily as a result
of lower volumes due to a general reduction of demand for most products and considerably lower prices
for sulphur and sulphuric acid in the International segment. The quarter was also significantly impacted
by the costs incurred for making alternative arrangements to ensure that customers’ operations were not
disrupted while Chemtrade’s Beaumont, Texas was offline.
Cash flow from operating activities for the first quarter was negative $9.9 million (2008: positive $6.0
million) and Distributable cash after maintenance capital expenditures for the period was $9.6 million, or
$0.31 per unit (2008: $17.9 million, or $0.53 per unit), generated from revenue of $161.8 million (2008:
$217.8 million) and earnings before interest, income taxes, depreciation and amortization (EBITDA) of
$18.3 million (2008: $22.8 million). Net earnings for the first quarter were $1.3 million compared with
$9.5 million in the same period in 2008.
Mark Davis, President and Chief Executive Officer of Chemtrade, said, “As anticipated, the decline in
demand that occurred at the end of 2008 continued into the first quarter of 2009 and resulted in reduced
volumes for most of our products. The effect of these market conditions was exacerbated by our
Beaumont plant not being back online at full rates until near the end of the quarter as we incurred
additional costs in order to ensure that customers’ operations were not disrupted as we brought the plant
back to normal operations.” Mr. Davis noted that if Beaumont had been operating for the full quarter
Chemtrade would have avoided costs of approximately $6 million, or 19 cents per unit, in the first quarter.
Sulphur Products & Performance Chemicals (S