Algonquin Power Income Fund Announces Second Quarter 2008 Financial Results



    OAKVILLE, ON, Aug. 14 /CNW/ - Algonquin Power Income Fund (TSX: APF.UN)
today announced financial results for the second quarter of 2008, ended
June 30, 2008.
    For the second quarter of 2008, revenue grew to $54.2 million as compared
to $47.8 million in the second quarter of 2007. The increase in revenue is
primarily due to higher energy production and energy rates in the renewable
energy and thermal energy divisions and rate increases and organic growth in
the utility services division.
    Net earnings from continuing operations in the second quarter of 2008
were $8.0 million as compared to a net loss of $2.6 million for the second
quarter of 2007. Net earnings from continuing operations per trust unit in the
second quarter of 2008 were $0.11 as compared to a net loss per trust unit of
$0.04 in the same period in 2007. The increase in net earnings during the
second quarter is due to increased earnings from operating facilities and a
reduced future income tax expense as compared to the second quarter of 2007.
    Cash available for distribution in the second quarter of 2008 was
$15.9 million or $0.21 per unit as compared to $18.9 million or $0.25 per unit
in the second quarter of 2007. During the second quarter, Algonquin Power
Income Fund distributed $0.23 per trust unit, consistent with the amount
distributed during the same period in 2007.

    
    Performance Summary for the second quarter of 2008:

    -   Revenue of $54.2 million in Q2 2008 as compared to $47.8 million in
        Q2 2007.

    -   Net earnings from continuing operations of $8.0 million or $0.11 per
        trust unit in Q2 2008 as compared to net loss of $2.6 million or
        $0.04 per trust unit in Q2 2007.

    -   Cash available for distribution of $15.9 million or $0.21 per trust
        unit in Q2 2008 as compared to $18.9 million or $0.25 per trust unit
        in Q2 2007. Distributions for the second quarter of both 2008 and
        2007 were $0.23 per trust unit.

    Performance Summary for the first six months of 2008:

    -   Revenue of $102.2 million for the first six months of 2008 as
        compared to $95.4 million in the first six months of 2007.

    -   Net earnings from continuing operations of $6.5 million or $0.09 per
        trust unit for the first six months of 2008 as compared to
        $4.3 million or $0.06 per trust unit for the first six months
        of 2007.

    -   Cash available for distribution of $31.8 million ($0.42 per trust
        unit) in the first six months of 2008 as compared to $34.0 million
        ($0.45 per trust unit) for the same period in 2007. Distributions for
        both the first half of 2008 and 2007 were $0.46 per trust unit.
    

    "Overall, management is pleased with the results of the quarter, with the
renewable energy division exceeding expectations as a result of favourable
hydrology and wind conditions," stated Dave Kerr, managing director of
Algonquin Power. "The re-alignment initiated in January has shown success in
the first half of 2008 with the two major business units, consisting of Power
Generation & Development, and Utility Services focusing on continued growth
and performance within their respective disciplines. In addition, the
Development division continues to pursue several wind, hydroelectric and
thermal energy projects in North America that will further expand Algonquin's
portfolio of clean, renewable energy and sustainable utility assets."
    To view a detailed report of second quarter results visit
www.algonquinpower.com.

    Algonquin Power Income Fund will hold an earnings conference call on
Friday, August 15, 2008, hosted by Executive Directors, David Kerr and Chris
Jarratt. The call is scheduled to begin at 10:00 a.m. eastern time.

    Conference call details are as follows:

    
    Date: Friday, August 15, 2008
    Start Time: 10:00 a.m. eastern
    Phone Number: Toll free within North America: 1-800-733-7560 or local
    416-644-3416.
    Conference ID No.: 21276521
    

    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 21276521 followed by the number sign from August 15,
2008 until August 22, 2008.

    About Algonquin Power Income Fund

    Algonquin Power is an open-ended investment trust that owns and has
interests in a diverse portfolio of clean, renewable power generation and
sustainable infrastructure assets across North America, including 42 renewable
energy facilities, 12 thermal energy facilities, and 17 water distribution and
waste-water facilities. Algonquin Power was established in 1997 to produce
stable earnings through a diversified portfolio of renewable energy assets.
Algonquin Power'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.

    %SEDAR: 00009265E




For further information:

For further information: Dave Kerr or Kelly Castledine, Telephone: (905)
465-4500, 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