3/24/2011 4:01:00 AM
NEWS BRIEFS
Tree Island Names New CFO
Following the resignation of Brian Irving, effective April 8, 2011, Tree Island Wire Income Fund appointed Controller Nancy Davies to CFO and VP of Finance.
A Chartered Accountant, Davies has been with Tree Island since 2008. Previously, she held positions as Audit Manager at Ernst and Young LLP, Manager SOX Financial Reporting at Placer Dome and Vice President Internal Audit at CHC Helicopter Corporation.
“While we thank Brian for his many contributions and we wish him continued success, we are delighted to have in Nancy a highly capable and experienced financial person,” commented CEO Ted Leja.
Tree Island reported revenue declined 20% to $132.4 million in 2010. Gross profit improved by $31.4 million to $6.4 million, while EBITDA adjusted for foreign exchange also improved by $36.5 million to a loss of $17 thousand. Net loss for the year was reduced by $12.1 million to $14.8 million.
Launched on November 12, 2002, the Fund holds a 100% ownership interest in Richmond, BC-based Tree Island Industries Ltd., which produces fasteners and other wire products. ©2011 GlobalFastenerNews.com
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