OAKVILLE, ON, Nov. 8 /CNW/ - Algonquin Power Income Fund (TSX: APF.UN)
(the "Fund") today announced financial results for the third quarter of 2007,
ended September 30, 2007.
For the third quarter of 2007, revenue totaled $46.5 million as compared
to $49.4 million in the third quarter of 2006. The decrease in revenue is
primarily due to lower production in the Cogeneration Division combined with
lower reported revenue from the Fund's US facilities resulting from a stronger
Net earnings in the third quarter of 2007 were $12.2 million as compared
to net earnings of $5.0 million for the third quarter of 2006. Net earnings
per trust unit in the third quarter of 2007 were $0.17 as compared to net
earnings per trust unit of $0.07 in the same period in 2006. The increase in
net earnings during the third quarter is due to lower expected future income
tax expenses and increased unrealized gains on financial instruments.
Cash available for distribution in the third quarter of 2007 was
$18.5 million or $0.24 per unit as compared to $17.6 million or $0.23 per unit
in the third quarter of 2006. During the third quarter, Algonquin Power Income
Fund distributed $0.23 per trust unit, consistent with the amount distributed
during the same period in 2006.
Performance Summary for the third quarter of 2007:
- Revenue of $46.5 million in Q3 2007 as compared to $49.4 million in
- Net earnings of $12.2 million or $0.17 per trust unit in Q3 2007 as
compared to net earnings of $5.0 million or $0.07 per trust unit in
- Cash available for distribution of $18.5 million or $0.24 per trust
unit in Q3 2007 as compared to $17.6 million or $0.23 per trust unit
in Q3 2006. Distributions for the third quarter of both 2007 and 2006
were $0.23 per trust unit.
Performance Summary for the first nine months of 2007:
- Revenue of $142.4 million for the first nine months of 2007 as
compared to $141.9 million in the first nine months of 2006.
- Net earnings of $16.1 million or $0.22 per trust unit for the first
nine months of 2007 as compared to $26.1 million or $0.36 per trust
unit for the first nine months of 2006.
- Cash available for distribution of $52.4 million ($0.69 per trust
unit) in the first nine months of 2007 as compared to $50.0 million
($0.70 per trust unit) for the same period in 2006. Distributions for
both the first nine months of 2007 and 2006 were $0.69 per trust
"The successful implementation of several key strategic Fund projects
continued during the third quarter of 2007, with the re-powering of the Sanger
facility and the steam sales project at Energy-from-Waste moving into the late
stages of completion," stated Chris Jarratt, a senior manager with the Fund.
"The Fund's involvement in wind energy also continues to see increased
activity with eight wind project proposals totaling over 600 MW submitted to
Hydro Quebec and Manitoba Hydro during the quarter. These projects leverage
the in-house capabilities of the Fund and strengthen the Fund's commitment and
expertise in renewable energy technologies."
To view a detailed report of third quarter results visit
Algonquin Power Income Fund will hold an earnings conference call on
Friday, November 9, 2007, 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, November 9, 2007
Start Time: 10:00 a.m. eastern
Phone Number: Toll free within North America: 1-866-249-2157 or
Conference IDNo.: 21250100
A digital recording of the conference call will be available for replay
two hours after the call by dialing 1-877-289-8525 or 416-640-1917 access code
21250100, followed by the number sign, from November 9, 2007 until
November 16, 2007.
About Algonquin Power Income Fund
Algonquin Power is an open-ended investment trust that owns and has
interests in a diverse portfolio of renewable power generation and sustainable
infrastructure assets across North America, including 47 hydroelectric
facilities, five natural gas-fired cogeneration facilities, one wind energy
facility, 7 alternative fuels facilities and 17 water distribution and
waste-water facilities. Algonquin Power was established in 1997 to provide
investors with sustainable, highly stable cash flows 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.
For further information:
For further information: Chris Jarratt or Kelly Castledine, Telephone:
(905) 465-4500, Algonquin Power Income Fund, 2845 Bristol Circle, Oakville,
Ontario, L6H 7H7