PearlStreet to fall short of EBITDA forecasts by 15-20%

Perth-based asset management company PearlStreet Ltd has forecast a 15 to 20 per cent decrease in its earnings before interest, tax, depreciation and amortisation, caused by delays to project timetables and maintenance shutdowns.

The company, which forecast an EBITDA for the 2006-07 financial year of $5.1 million, now expects to earn between $4 million and $4.3 million.

The full text of a company announcement is pasted below

PearlStreet Limited has advised it has commenced a review of its financial year forecasts following advice from several Queensland coal, rail and energy industry clients of continued delays to project timetables and maintenance shutdowns.

PearlStreet provided a prospectus EBITDA forecast for the 07 financial year of $5.1 million. The Company advises that the delays could affect EBITDA by 15% to 20%.

While the delays are disappointing and beyond the control of PearlStreet, the Company remains completely committed to its business model and acquisition growth program.