VANCOUVER, May 29, 2013 /CNW/ - Run of River Power Inc. ("ROR Power" or "the Company") (TSX-V: ROR)
today announced financial and operating results for the three months
ended March 31, 2013. The condensed consolidated interim financial
statements and management discussion and analysis will be filed to
SEDAR and posted on ROR Power's website (www.runofriverpower.com). All
figures reported herein are in Canadian dollars unless otherwise
Period ended March 31
($000's except per share & generation amounts)
Basic and diluted loss per share
EBITDA is earnings before interest, taxes, depreciation and amortization
and is not a measure under International Financial Reporting Standards
("IFRS") and may not be comparable to similar measures presented by
other companies. Refer to Non-GAAP measures section of the MD&A for an
explanation and reconciliation.
For the period ending March 31, 2013 ("Q1 2013") electricity sales of
$125,158 decreased $15,998 or 11.3% from March 31, 2012 ("Q1 2012")
sales of $141,156 as a direct result of a decrease in electricity
generated to 2,080 MWh from 2,356 MWh. Electricity production was down
due to reduced output from one of the generating units at the plant,
which is scheduled for refurbishment in Q2 2013.
The Corporation recorded a loss for Q1 2013 of $972,801 compared to a
loss of $1,182,310 for Q1 2012. The decrease in net loss is due to an
impairment charge being recognized in Q1 2012. The loss in Q1 2012,
before the impairment charge recorded would have been $961,595 compared
to a loss in Q1 2013 of $972,801. The increase of the loss in the Q1
2013 is the net result of increased financing charges and reduced G&A
Funds used in operations were $594,533 in Q1 2013 compared to $473,928
for Q1 2012. The increase in funds used of $120,605 or 25.4% was due to
changes in working capital items related to operations.
At March 31, 2013, the Corporation had $1.3M in cash on hand. These cash
resources will be used to carry out further development of the
Corporation's future run of river projects.
The Company will need to raise capital to support its administrative
obligations, pursue development of its other early stage projects, as
well as for the redemption of the 10% convertible debentures should
they not be converted into shares of the Corporation and for the
redemption of the secured subordinated debentures which come due in
The Company reports its financial position, results of operations and
cash flows in accordance with International Financial Reporting
About Run of River Power Inc.
ROR Power develops renewable, sustainable energy through its portfolio
of clean energy projects. The company helps diversify BC's energy mix
by providing a cleaner way to generate power and increasing the
security of BC's energy supply. ROR Power operates an Eco Logo©
certified hydroelectric power generation station at Brandywine Creek,
near Whistler, BC that provides green power for about 4,000 homes. The
company is well positioned for profitable growth through power
generation initiatives that include its 25 MW Skookum Power Project,
awarded an Electricity Purchase Agreement by BC Hydro in 2010. ROR
Power's total development potential is approximately 390 MW.
Statements in this release which describe Run of River Power Inc.'s
intentions, expectations or predictions, or which relate to matters
that are not historical facts are forward-looking statements. These
forward-looking statements involve unknown risks and uncertainties
which may cause the actual results, performances or achievements of Run
of River Power Inc. to be materially different from any future results,
performances or achievements expressed in or implied by such
forward-looking statements. Run of River Power Inc. may update or
revise any forward-looking statements, whether as a result of new
information, future events or changing market and business conditions
and will update such forward-looking statements as required pursuant to
applicable securities laws.
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
SOURCE: Run of River Power Inc.
For further information:
Richard W. Hopp
President and CEO