OAKVILLE, ON, Aug. 9 /CNW/ - Algonquin Power Income Fund (TSX: APF.UN)
today announced financial results for the second quarter of 2007, ended
June 30, 2007.
For the second quarter of 2007, revenue grew to $50.0 million as compared
to $47.1 million in the second quarter of 2006. The increase in revenue is
primarily due to the acquisition of the St. Leon Wind Energy Facility ("St.
Leon"), and increased production at the Windsor Locks and Sanger facilities.
Additionally in the second quarter, the Hydroelectric Division generated
electricity equal to 100% of long term averages.
Net loss in the second quarter of 2007 was $2.3 million as compared to
net earnings of $13.8 million for the second quarter of 2006. Net loss per
trust unit in the second quarter of 2007 was $0.03 as compared to net earnings
per trust unit of $0.20 in the same period in 2006. The decrease in net
earnings during the second quarter is due to a future tax expense charge of
$27.9 million. The future tax expense is a one-time non-cash charge related to
Bill C-52 that makes certain specified investment flow-through entities, such
as Algonquin Power Income Fund, taxable in 2011.
Cash available for distribution in the second quarter of 2007 was $18.9
million or $0.25 per unit as compared to $16.0 million or $0.23 per unit in
the second quarter of 2006. During the second 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 second quarter of 2007:
- Revenue of $50.0 million in Q2 2007 as compared to $47.1 million in
- Net loss of $2.3 million or $0.03 per trust unit in Q2 2007 as
compared to net earnings of $13.8 million or $0.20 per trust unit in
- Cash available for distribution of $18.9 million or $0.25 per trust
unit in Q2 2007 as compared to $16.0 million or $0.23 per trust unit
in Q2 2006. Distributions for the second quarter of both 2007 and
2006 were $0.23 per trust unit.
Performance Summary for the first six months of 2007:
- Revenue of $99.5 million for the first six months of 2007 as compared
to $96.6 million in the first six months of 2006.
- Net earnings of $3.9 million or $0.05 per trust unit for the first
six months of 2007 as compared to $21.2 million or $0.30 per trust
unit for the first six months of 2006.
- Cash available for distribution of $34.0 million ($0.45 per trust
unit) in the first six months of 2007 as compared to $32.4 million
($0.47 per trust unit) for the same period in 2006. Distributions for
both the first half of 2007 and 2006 were $0.46 per trust unit.
"The Fund is focused on continued growth of cash available for
distribution and is working on some exciting projects this year that leverage
opportunities within the Fund's renewable energy portfolio", stated Chris
Jarratt, a senior manager with the Fund. "The steam-sales project at the
Energy-from-Waste facility is well underway and the Fund is working on several
Canadian wind projects in Ontario, Quebec, and Saskatchewan, as well as a
possible expansion of the Fund's existing St. Leon facility. Other projects
include a re-powering of the Sanger facility and various projects supporting
growth in the Infrastructure Division. Each project is geared toward the
growth and sustainability of the Fund's stable, predictable cash
distributions, and strongly complement the Fund's portfolio of renewable
energy and infrastructure assets."
To view a detailed report of second quarter results visit
Algonquin Power Income Fund will hold an earnings conference call on
Friday, August 10, 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, August 10, 2007
Start Time: 10:00 a.m. eastern
Phone Number: Toll free within North America: 1-800-732-6179 or
Conference IDNo.: 21238612
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
21238612 followed by the number sign from August 10, 2007 until August 17,
About Algonquin Power Income Fund
Algonquin Power Income Fund is an open-ended investment trust that owns
and has interests in a diverse portfolio of power generating and
infrastructure assets across North America, including 47 hydroelectric
facilities, five natural gas-fired cogeneration facilities, 14 alternative
fuels facilities and 17 water distribution and waste-water facilities.
Algonquin Power Income Fund was established in 1997 to provide unitholders
with sustainable, highly stable cash flows through a diversified portfolio of
energy and infrastructure assets. Algonquin Power Income Fund'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. More information about Algonquin Power Income Fund can be
found at www.algonquinpower.com.
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