Algonquin Power Income Fund Announces 2006 Fourth Quarter and Year End Results



    OAKVILLE, ON, March 7 /CNW/ - Algonquin Power Income Fund (TSX:APF.UN)
today announced results for the fourth quarter and year ended December 31,
2006.
    For the year 2006, revenue grew to $201.4 million as compared to $179.3
million in 2005, a 12.3% increase. In the fourth quarter of 2006 revenue grew
to $53.7 million as compared to $50.9 million in the fourth quarter of 2005.
The increase in revenue is primarily due to increased energy generated as a
result of improved hydrology experienced in the Hydroelectric Division, the
acquisition of the St. Leon Wind Energy facility ("St. Leon"), and continued
organic growth in the Infrastructure Division, combined with the positive
impact of the water distribution and waste-water facilities purchased during
2005.
    Net earnings in 2006 were $28.0 million compared to $21.8 million for
2005. Net earnings per trust unit in 2006 increased to $0.39 from $0.31 in
2005. The increase in net earnings is primarily attributed to increased energy
generated as a result of improved hydrology, the addition of earnings from the
St. Leon facility, continued growth in the Infrastructure Division, and a
reduction in expected future income taxes. Additionally, the comparable 2005
results included a write-down of the Fund's investment in the Crossroads
facility.
    Cash available for distribution in 2006 increased to $67.5 million or
$0.93 per unit compared to $64.9 million or $0.93 per unit in 2005. Cash
distributions in 2006 totaled $0.92 per trust unit, unchanged from 2005.
During the fourth quarter, Algonquin Power Income Fund distributed $0.23 per
trust unit, consistent with the same period in 2005. Cash available for
distribution for the fourth quarter was $17.5 million as compared to $19.5
million available for the fourth quarter of 2005.

    
    Performance Summary for the fourth quarter of 2006:

    -   Revenue increased to $53.7 million in Q4 2006 from $50.9 million in
        Q4 2005.

    -   Net earnings of $1.8 million in Q4 2006 compared to $8.9 million in
        Q4 2005.

    -   Cash available for distribution of $17.5 million ($0.23 per trust
        unit) in Q4 2006 compared to $19.5 million ($0.28 per trust unit) in
        Q4 2005. Distributions remained at $0.23 per trust unit during the
        fourth quarter of both 2006 and 2005.

    Performance Summary for the year 2006:

    -   Revenue increased to $201.4 million for the year 2006 compared to
        $179.3 million in 2005.

    -   Net earnings of $28.0 million for 2006 compared to $21.8 million for
        2005.

    -   Cash available for distribution of $67.5 million ($0.93 per trust
        unit) for 2006 compared to $64.9 million ($0.93 per trust unit) for
        2005. Distributions were $0.92 per trust unit for both 2006 and 2005.
    

    "Algonquin Power Income Fund had a successful year and a strong finish to
the fourth quarter of 2006", commented Dave Kerr, a senior manager with the
Fund. "Strong performance in the Hydroelectric Division throughout the year
along with exceptional results from the St. Leon Wind Energy facility
contributed to the Fund's continued growth of cash available for distribution
in excess of cash distributed. The Infrastructure Division continues to see
strong growth in the areas served and the Cogeneration Division results were
in line with management's expectations. Faced with changing political and
taxation environments, Algonquin Power Income Fund continues to focus on
achieving optimal performance of the Fund's assets and remains a solid
investment option backed by stable, long-lived assets."
    To view additional information for the fourth quarter and year end 2006
results visit www.algonquinpower.com.

    About Algonquin Power Income Fund

    Algonquin Power Income Fund is an open-ended investment trust that owns
and has interests in a diverse portfolio of power generating and
infrastructure assets across North America, including 47 hydroelectric
facilities, five natural gas-fired cogeneration facilities, 17 alternative
fuels facilities and 17 water distribution and waste-water facilities.
Algonquin Power Income Fund was established in 1997 to provide unitholders
with sustainable, highly stable cash flows through a diversified portfolio of
energy and infrastructure assets. Algonquin Power Income Fund's units and
convertible debentures are traded on the Toronto Stock Exchange under the
symbols APF.UN, APF.DB & APF.DB.A and units are included in the S&P/TSX
Composite Index. More information about Algonquin Power Income Fund can be
found at www.algonquinpower.com.

    %SEDAR: 00009265E




For further information:

For further information: Dave Kerr or Kelly Castledine, Telephone: (905)
465-4500, E-mail: APIF@algonquinpower.com, Algonquin Power Income Fund, 2845
Bristol Circle, Oakville, Ontario, L6H 7H7


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890