May 11, 2010 / 12:18 PM / 8 years ago

UPDATE 1-Arctic Glacier posts wider Q1 loss

* Q1 adj. loss $0.41/unit vs. $0.31/unit last year

* Q1 revenue down 3 pct to $22.3 mln

* Sees not paying distributions for foreseeable future

May 11 (Reuters) - Canadian packaged ice maker Arctic Glacier Income Fund AG_u.TO reported a wider loss for the first quarter, hurt by antitrust costs and severe winter weather in certain markets.

The fund also do not anticipate paying distributions for the foreseeable future as its lending agreements effectively prevent payment of distributions through February 2014, it said in a statement.

In February, Arctic Glacier said its unit completed refinancing of its existing senior secured notes and extended the maturity of its revolving credit facility to Feb.10, 2013. [ID:nSGE61A0ME]

For the first quarter ending March 31, net loss was $16.6 million, or 43 cents per unit, compared with a net loss of $13.1 million, or 33 cents per unit, last year.

Excluding antitrust costs, adjusted net loss as $15.9 million, or 41 cents per unit, compared with a loss of $12.2 million, or 31 cents per unit a year-ago.

Quarterly sales were down 3 percent to $22.3 million.

In October, the company said its U.S. unit, Arctic Glacier International Inc, settled all charges related to antitrust violations and agreed to pay a fine of $9 million, payable in installments over the next five years. [ID:nBNG346913].

The fund paid the first installment of $1 million during the first quarter.

Units of the Arctic Glacier closed at C$2.90 Monday on the Toronto Stock Exchange. (Reporting by R. Manikandan in Bangalore; Editing by Unnikrishnan Nair)

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