Proventure Income Fund Announces Results for Second Quarter of 2012

Symbol: PVT.UN (TSX-V)

CALGARY, Aug. 16, 2012 /CNW/ - Proventure Income Fund (the "Fund") is pleased to report its financial results for the three and six month period ended June 30, 2012.

Overall Performance for the Quarter
The Fund reported a loss of $35 thousand or $nil per basic unit when compared to a profit of $645 thousand or $0.08 per basic unit for 2011.  In addition, our EBITDA (see "Non-IFRS Financial Measures") decreased to $155 thousand from $1.1 million for the three month period when compared to 2011.  The decrease in profit was primarily related to the sale of properties early in the year, resulting in a reduction in rental income for the three month period ended June 30, 2012 and additional property expenses, including repairs and maintenance that were incurred in relation to our investment properties.

Selected Quarterly Information
			Three Months Ended									Six Months Ended
In $thousands , except per unit amounts			June 30, 2012			June 30, 2011			% Change			June 30, 2012			June 30, 2011			% Change
Rental and other income			295			858			(65.6)			2,516			1,715			46.7
Profit (loss) for the period			(35)			645			(94.6)			1,068			1,006			6.2
	Per unit - Basic		-			0.08			(100.0)			0.14			0.13			7.7
	Per unit - Diluted		-			0.07			(100.0)			0.14			0.10			40.0
EBITDA^1			155			1,064			(85.4)			1,468			2,125			(30.9)
	Per Unit - Basic		0.17			0.14			21.4			0.19			0.28			(32.1)
Weighted average units outstanding
	Basic		7,851			7,780			0.9			7,851			7,714			1.8
	Diluted		7,851			9,881			(20.5)			7,851			9,815			(20.0)
	Actual units outstanding											7,851			7,817			0.4
Closing market price												0.40			2.11			(81.0)
Total assets												10,613			54,868			(80.7)
Total long-term liabilities												6,921			25,714			(73.1)
Unitholders' equity												730			24,715			(97.0)
Net book value per unit - diluted												0.10			2.52			(96.0)

Notes:  (1) These financial measures are identified and defined under the section "Non-IFRS Financial Measures".

The Non-IFRS measures identified in this Press Release do not have any standardized meaning prescribed by International Financial Reporting Standards ("IFRS") and are therefore unlikely to be comparable to similar measures presented by other issuers. These non-IFRS measures are more fully defined and discussed, together with reconciliation to the most directly related IFRS measure in the MD&A of the Fund on the results of operations for the three and six month periods ended June 30, 2012.

Copies of Proventure Income Fund's unaudited financial statements and related MD&A are available on the SEDAR website at www.sedar.com.

Proventure Income Fund is an open-ended mutual fund trust established on December 31, 2005 under laws of the Province of Alberta.  The objective of Proventure is to provide Unitholders with cash distributions from the acquisition and operation of a portfolio of real estate properties. The units of Proventure Income Fund are listed on the TSX Venture Exchange and trade under the symbol "PVT.UN".

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE: Proventure Income Fund

Peter Lacey - President & CEO    
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Email: [email protected]

Randy Muth - Chief Financial Officer 
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Email: [email protected]