Arctic Glacier Income Fund announced unaudited consolidated earnings results for the first quarter ended March 31, 2012. For the quarter, the company reported sales of $25.281 million compared to $22.281 million a year ago. Operating loss was $17.110 million compared to $18.977 million a year ago. Loss before income taxes was $62.805 million compared to $38.256 million a year ago. Loss for the period was $62.688 million or $0.18 per basic and diluted share compared to $35.624 million or $0.91 per basic and diluted share a year ago. Cash used in operating activities was $27.341 million compared to $17.760 million a year ago. Additions to property, plant and equipment were $2.059 million compared to $2.759 million a year ago. Adjusted loss for the period was $26.745 million or $0.08 per basic and diluted share compared to $31.904 million or $0.82 per basic and diluted share a year ago. EBITDA improved by $1.4 million compared to prior year. Excluding the effects of currency, sales in existing markets were up by $3.1 million as warmer winter weather this year drove sales volumes higher. The decrease in adjusted loss was primarily due to a smaller first-quarter EBITDA deficiency, decreased amortization expense and an unrealized loss from mark-to-market adjustments of the fair value of convertible debentures in the first quarter of 2011. These factors were partly offset by higher finance costs and a reduced income tax recovery. The loss per unit was impacted by the increased number of units outstanding following settlement of the convertible debentures in 2011. At March 31, 2012, the company's net debt was $236.1 million versus $192.2 million (excluding convertible debentures) at the same time last year.