CHEMTRADE LOGISTICS INCOME FUND $15.05 - Toronto symbol CHE.UN

CHEMTRADE LOGISTICS INCOME FUND $15.05 (Toronto symbol CHE.UN; TSINetwork Rating: Speculative) (416-496-5856; www.chemtradelogistics.com; Units outstanding: 41.7 million; Market cap: $627.6 million; Dividend yield: 8.0%) is one of North America’s largest providers of removal services for resource firms, such as oil refineries and base-metal processors. These companies create sulphur, acid and other by-products as part of their processing activities. Chemtrade converts these substances into useful chemicals, like sulphuric acid.

In the three months ended March 31, 2012, Chemtrade’s revenue rose 34.4%, to $227.9 million from $169.6 million. That mostly reflects the contribution of Marsulex Inc., which Chemtrade bought for $419.5 million in cash and stock in June 2011.

Cash flow rose 6.0%, to $27.5 million from $25.9 million. Cash flow per share fell 28.6%, to $0.66 from $0.84, on more shares outstanding from the Marsulex purchase.

Marsulex provides a range of environmental services, including improving air quality and treating and handling industrial by-products and hazardous waste.

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