Sterling Shoes Income Fund, a Vancouver-based, national specialty footwear retailer, declared special cash distribution of {list_cont}.36 per unit payable on January 15, 2008 to unitholders of record on December 31, 2007.
Upon completion of the Fund's audited financial statements for the year ended December 31, 2007 (in March 2008), this special distribution may be supplemented by a further payment to allow the Fund to distribute all of its taxable income for 2007. Any such further payment would be payable to unitholders of record at the close of business on December 31, 2007. The special cash distribution is not indicative of future performance.
The Fund also announced that it will increase its monthly cash distribution effective January 1, 2008 from {list_cont}.12 per trust unit to {list_cont}.125 per trust unit, bringing the Fund's annualized monthly payout to .50 per trust unit.
"Our outstanding performance has enabled us to continue to reward our unitholders with special distributions and increases in our monthly distributions," said Jeremy Horwitz, President and Chief Executive Officer of the Fund.
"Our monthly payout at {list_cont}.125 per unit will be 40 percent more than when we went public in July 2005. Furthermore, for 2005 and 2006, we were able to make special, year-end payments of 16 cents and 47 cents per unit. We are very pleased to be able to make yet another special cash distribution of 36 cents per unit that results in a substantial return on the investment that our unitholders have made in Sterling."
The Fund also announced its cash distribution of {list_cont}.12 per trust unit for the period from December 1, 2007 to December 31, 2007. The distribution is payable on January 15, 2008 to unitholders of record on December 31, 2007.
Sterling Shoes Limited Partnership is continuing to pay equivalent distributions to the retained interest holder on the Subordinated Exchangeable LP Units of the Partnership.
The Fund experienced exceptional growth in the number of new stores openings during 2007. At December 31, 2007 we expect to be operating 141 stores in five provinces under six banners, an increase of 14 net stores during 2007.
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