Algonquin Power Income Fund Announces 2009 Second Quarter Financial Results



    OAKVILLE, ON, Aug. 13 /CNW/ - Algonquin Power Income Fund (the "Fund" or
"Algonquin Power") (TSX: APF.UN) today announced financial results for the
second quarter ended June 30, 2009.
    For the second quarter of 2009, revenue was $46.5 million as compared to
$54.2 million in the second quarter of 2008. The decrease in revenue is from
reduced average energy rates due primarily to the economic slow down in the
U.S. and lower gas prices at the Sanger and Windsor Locks facilities in the
Thermal Energy division.
    Earnings before interest, taxes, depreciation, and amortization
("EBITDA") was $20.0 million in the second quarter of 2009 as compared to
$22.9 million in the second quarter of 2008. The decrease in EBITDA is
primarily related to lower earnings from operations resulting from lower gas
prices and reduced demand for steam in the Thermal Energy division, and lower
average energy rates earned by the Renewable Energy division's U.S.
facilities.
    Adjusted net earnings in the second quarter of 2009 were $3.8 million or
$0.05 per trust unit as compared to adjusted net earnings of $4.4 million or
$0.06 per trust unit in the second quarter of 2008. Algonquin uses adjusted
net earnings to assess the net earnings of Algonquin without the effects of
gains or losses on foreign exchange, foreign exchange forward contracts, and
interest rate swaps as these are primarily non-cash items that are not
reflective of the performance of the underlying business of Algonquin.
    Net earnings in the second quarter of 2009 were $15.3 million or $0.20
per trust unit as compared to net earnings of $8.0 million or $0.11 per trust
unit for the second quarter of 2008. The increase in net earnings was
primarily the result of mark to market gains on derivative financial
instruments which are strictly used to de-risk Algonquin Power's cash-flow.

    
    Performance Summary for the second quarter of 2009:

    -   Revenue of $46.5 million in Q2 2009 as compared to $54.2 million in
        Q2 2008.

    -   EBITDA of $20.0 million in Q2 2009 as compared to $22.9 million in Q2
        2008.

    -   Net earnings of $15.3 million or $0.20 per trust unit in Q2 2009 as
        compared to net earnings of $8.0 million or $0.11 per trust unit in
        Q2 2008.

    -   Adjusted net earnings of $3.8 million or $0.05 per trust unit in Q2
        2009 as compared to adjusted net earnings of $4.4 million or $0.06
        per trust unit in Q2 2008.

    Performance Summary for the first six months of 2009:

    -   Revenue of $98.7 million for the first six months of 2009 as compared
        to $102.2 million in the first six months of 2008.

    -   EBITDA of $41.1 million for the first six months of 2009 as compared
        to $44.5 million for the first six months of 2008.

    -   Net earnings of $19.5 million or $0.25 per trust unit for the first
        six months of 2009 as compared to $6.5 million or $0.09 per trust
        unit for the first six months of 2008.

    -   Adjusted net earnings of $11.8 million or $0.15 per trust unit in Q2
        2009 as compared to adjusted net earnings of $8.3 million or $0.11
        per trust unit in Q2 2008.
    

    "Algonquin Power had a very active second quarter, with three major
announcements that will contribute to realizing our value and growth
strategy", stated Chris Jarratt, Executive Director of Algonquin Power. "The
strategic partnership with Emera Inc. and commitment to acquire a high quality
California utility which was announced in April will enhance Algonquin's cash
flow quality, and the Unit-Share Exchange announced in June, once completed,
will have Algonquin's business conducted under a new corporate structure that
is well positioned within our business environment going forward. These
activities demonstrate Algonquin's commitment to invest in the business,
identify appropriate growth opportunities and remain focused on the long-term
goal of increasing value."
    To view a detailed report of second quarter results visit
www.algonquinpower.com.
    Algonquin Power will hold an earnings conference call at 10:00 a.m.
eastern time on Friday, August 14, 2009, hosted by the Executive Director of
the manager Chris Jarratt, and Chief Financial Officer David Bronicheski.

    
    Conference call details are as follows:

    Date: Friday, August 14, 2009
    Start Time: 10:00 a.m. eastern
    Phone Number: Toll free within North America: 1-800-732-0232 or local
    416-644-3419.
    Conference ID No.: 21310510
    

    For those unable to attend the live call, a digital recording will be
available for replay two hours after the call by dialing 1-877-289-8525 or
416-640-1917 access code 21310510 followed by the number sign from August 14,
2009 until August 21, 2009.

    About Algonquin Power

    Algonquin Power owns and operates a diverse portfolio of approximately $1
billion of clean, renewable power generation and sustainable utility
infrastructure assets across North America. Algonquin Power's generation
portfolio includes 42 renewable energy facilities and 11 thermal energy
facilities representing more than 400MW of installed capacity and Algonquin
Power provides regulated utility services to more than 70,000 customers
through its portfolio of 18 water distribution and wastewater treatment
utility companies. Algonquin Power's trust units and convertible debentures
are traded on the Toronto Stock Exchange under the symbols APF.UN, APF.DB &
APF.DB.A. Visit Algonquin Power on the web at www.AlgonquinPower.com.

    Additional Information and Where to Find it

    This communication refers to the proposed take-over bid by Hydrogenics
Corporation ("Hydrogenics") to the security holders of Algonquin Power Income
Fund ("Algonquin"). In connection with the proposed transaction, Hydrogenics
initially filed on July 13, 2009 a registration statement on Form F-4
containing a preliminary take-over bid circular/prospectus with the U.S.
Securities and Exchange Commission ("SEC"). Each of Algonquin and Hydrogenics
will be filing other documents regarding the proposed transaction with the
SEC. Before making any investment decision, security holders are urged to read
the registration statement, including the take-over bid circular/prospectus,
regarding the proposed transaction and any other filed documents carefully in
their entirety when they become available because they do and will contain
important information about the proposed transaction. The final takeover bid
circular will be mailed to Algonquin's security holders. Investors and
security holders will be able to obtain the registration statement containing
the take-over bid circular/prospectus and other documents free of charge at
the SEC's web site, www.sec.gov, or from Hydrogenics Corporation, 5985
McLaughlin Road, Mississauga, Ontario, L5R 1B8, Canada, Attn: Investor
Relations, (905) 361-3660.





For further information:

For further information: Kelly Castledine, Telephone: (905) 465-4500,
Algonquin Power Income Fund, 2845 Bristol Circle, Oakville, Ontario, L6H 7H7


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