VANCOUVER, Aug. 27, 2009 /CNW/ - Run of River Power Inc. ("ROR Power" or
"the Corporation") (TSX-V: ROR) today announced financial and operating
results for the second quarter ended June 30, 2009. The management discussion
and analysis, consolidated financial statements and accompanying notes 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 stated.
- Electricity generated by the Brandywine Creek facility during Q2 was
up 20% from the same period in 2008 and up 12% year to date.
- Subsequent to quarter end, the B.C. Utilities Commission ruled that
BC Hydro's Long Term Acquisition Program must be reevaluated and
resubmitted in 2010. On Aug 24, BC Hydro announced with respect to
the Clean Power Call that it anticipated any energy purchase
agreement awards will occur in the fall of 2009.
"ROR Power had a good second quarter. Power generation at Brandywine was
in line with expectations and we continue to make progress on our portfolio of
run-of-river and biomass projects," said Jako Krushnisky, President and CEO.
"While the recent BCUC decision has added an element of uncertainty to the BC
IPP sector, we anticipate and look forward to clarification in the weeks
ahead. The Upper Pitt and Mamquam projects submitted into BC Hydro's Clean
Power Call late last year represent 180 MW of capacity and our 60 MW
Tsilhqot'in joint-venture biomass project has had a number of positive
developments in recent months."
($ in thousands, except Three Months Ended Six Months Ended
per share amounts) June 30 June 30
2009 2008 2009 2008
Electricity sales 577 477 662 586
EBITDA(1) (7) (182) (403) (686)
Net loss (317) (464) (1,063) (1,232)
Basic and diluted loss per share (0.00) (0.01) (0.02) (0.02)
Cash flow used in operations (328) (488) (810) (989)
Total assets 31,176 32,776 31,176 32,776
Generation (MWh) 9,918 8,243 11,389 10,131
(1) EBITDA is earnings before interest, taxes, depreciation and
amortization and is not a measure under Canadian Generally Accepted
Accounting Principles ("GAAP") 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 quarter ended June 30, 2009, electricity generation increased 20%
from the comparable period last year to 9,918 MWh, resulting in a similar
increase in electricity sales to $576,934. YTD electricity generation
increased 12%, resulting in a similar increase in electricity sales to
EBITDA in Q2 2009 of ($7,229) was a $174,294 improvement from the same
period in 2008. YTD EBITDA of ($ 402,178) was a $283,183 improvement over the
same period in 2008. The Corporation recorded a net loss for the second
quarter of 2009 of $317,291 compared to $464,485 for the same period in 2008.
Funds used in operations were $328,117 for the second quarter of 2009 compared
to $487,727 for the same period of 2008.
The increase in electricity generation and sales for the first six months
of 2009 compared to the same period in 2008 are attributable to increased
snowpack melt at the Brandywine facility. This increase in revenue, combined
with lower general and administration costs, namely reduced legal expenditures
and reduced stock based compensation, are the main factors contributing to the
improvement in operating results for the first six months of 2009.
The Corporation reports its financial position, results of operations and
cash flows in accordance with Canadian generally accepted accounting
principles ("GAAP") in Canadian dollars.
About Run of River Power Inc.
ROR Power develops renewable, sustainable energy through its portfolio of
run-of-river and biomass projects in British Columbia (BC). The Company
operates an Eco Logo(C) certified hydroelectric power generation station at
Brandywine Creek, near Whistler, BC that generates cash flow under a 20-year
contract with BC Hydro. ROR Power is well positioned for profitable growth
through the company's high-quality power generation initiatives. ROR Power's
total development potential, in excess of 740 MW, represents a significant
opportunity to help BC meet its rising demand for clean, sustainable power and
achieve energy self sufficiency by 2016.
Forward-Looking Statements 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.
For further information:
For further information: Jako Krushnisky, President and CEO, Tel: (604)
946-9232, firstname.lastname@example.org; Vick Dusik, Chief Financial Officer, Tel:
(604) 946-9232, email@example.com