OAKVILLE, ON, May 7 /CNW/ - Algonquin Power Income Fund (the "Fund" or
"Algonquin Power") (TSX: APF.UN) today announced financial results for the
first quarter ended March 31, 2009, posting increased revenue, growth in
adjusted net earnings, and stable earnings before interest, taxes,
depreciation, and amortization ("EBITDA").
For the first quarter of 2009, revenue increased to $52.2 million as
compared to $48.0 million in the first quarter of 2008. The increase in
revenue is primarily due to higher energy production generated from Canadian
facilities in the Renewable Energy division, the Brampton Cogeneration Inc.
facility being operational in the Thermal Energy division and the stronger
U.S. dollar as compared to the same period in 2008.
EBITDA was $21.1 million in the first quarter of 2009 as compared to
$21.6 million in the first quarter of 2008. The small decrease in EBITDA is
primarily related to decreased dividend, interest and other income as well as
increased administrative expenses.
Adjusted net earnings in the first quarter of 2009 were $7.9 million or
$0.10 per trust unit as compared to adjusted net earnings of $3.9 million or
$0.05 per trust unit in the first 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 first quarter of 2009 were $4.2 million or $0.05 per
trust unit as compared to a net loss of $1.6 million or $(0.02) per trust unit
for the first quarter of 2008. The increase in net earnings was primarily the
result of reduced interest expense, a recovery in future income taxes, and the
effect of derivative financial instruments which are strictly used to de-risk
Algonquin Power's cash-flow.
Performance Summary for the first quarter of 2009:
- Revenue of $52.2 million in Q1 2009 as compared to $48.0 million in
- EBITDA of $21.1 million in Q1 2009 as compared to $21.6 million in Q1
- Adjusted net earnings of $7.9 million or $0.10 per trust unit in Q1
2009 as compared to adjusted net earnings of $3.9 million or $0.05
per trust unit in Q1 2008.
- Net earnings of $4.2 million or $0.05 per trust unit in Q1 2009 as
compared to a net loss of $1.6 million or $(0.02) per trust unit in
"During the first quarter, Algonquin focused efforts on debt reduction,
reducing funds drawn on the credit facility by 5%, demonstrating that we are
progressing in our goal of improving financial flexibility during this
challenging economic climate", stated Dave Kerr, Executive Director of
Algonquin Power. "These efforts have placed Algonquin in a unique position to
continue progressing in our goals to invest in the business and to be able to
take advantage of growth opportunities, which is evident through our recent
announcement of a successful strategic partnership with Emera Inc. and the
acquisition of the high quality California utility assets that was announced
in April. These activities enhance Algonquin's cash flow quality and stability
and will contribute to the long-term success of Algonquin Power."
To view a detailed report of first quarter results visit
Algonquin Power will hold an earnings conference call at 10:00 a.m.
eastern time on Friday, May 8, 2009, hosted by the Executive Directors of the
manager Dave Kerr, Chris Jarratt, and Chief Financial Officer David
Conference call details are as follows:
Date: Friday, May 8, 2009
Start Time: 10:00 a.m. eastern
Phone Number: Toll free within North America: 1-800-594-3790 or local
Conference IDNo.: 21303563
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 21303563 followed by the number sign from May 8, 2009
until May 15, 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.
For further information:
For further information: Kelly Castledine, Telephone: (905) 465-4500,
Algonquin Power Income Fund, 2845 Bristol Circle, Oakville, Ontario, L6H 7H7