Algonquin Power Income Fund Announces Fourth Quarter and Year End 2007 Financial Results
OAKVILLE, ON, March 6 /PRNewswire-FirstCall/ -- Algonquin Power Income Fund (TSX: APF.UN) (the "Fund" or "Algonquin Power") today announced financial results for the fourth quarter and year ended December 31, 2007.
For the fourth quarter of 2007, revenue totalled $44.3 million as compared to $52.0 million in the fourth quarter of 2006. The decrease in revenue for the quarter is primarily due to lower than long term average hydrology and lower production at the Sanger facility as compared to the same period in the prior year due to the re-powering project. For the year ended December 31, 2007, the Fund reported revenue of $186.2 million as compared to $193.2 million in 2006. The decrease in revenue for the year is primarily due to lower than long term average hydrology and lower average energy rates at the Fund's Windsor Locks facility. The decrease was partially offset by increased energy rates at the Fund's United States ("U.S.") hydroelectric facilities, increased energy production in the cogeneration division, strong performance at the St. Leon Wind Energy ("St. Leon") facility, and increased rates charged at one of the Fund's waste-water treatment facilities. Net earnings from continuing operations in the fourth quarter of 2007 were $8.8 million as compared to net earnings of $3.7 million for the fourth quarter of 2006. Net earnings per trust unit in the fourth quarter of 2007 were $0.12 as compared to net earnings per trust unit of $0.06 in the same period in 2006. The increase in net earnings during the fourth quarter is primarily due to an increased income tax recovery booked in the quarter, partially offset by lower reported earnings from the U.S. operating facilities due to the stronger Canadian dollar. For the year ended December 31, 2007, net earnings from continuing operations totaled $24.8 million as compared to $30.7 million in 2006. The decrease is primarily due to an increased income tax expense booked in the year related to Bill C-52, increased average borrowings over the year, increased amortization expenses, and lower reported earnings from the U.S. operating facilities due to the stronger Canadian dollar.
Cash available for distribution in the fourth quarter of 2007 was $19.9 million or $0.26 per unit as compared to $17.5 million or $0.23 per unit in the fourth quarter of 2006. During the fourth quarter, Algonquin Power Income Fund distributed $0.23 per trust unit, consistent with the amount distributed during the same period in 2006. Cash available for distribution for the year ended December 31, 2007 was $72.3 million or $0.95 per unit as compared to $67.5 million or $0.93 in 2006. During 2007, the Fund distributed $0.92 per unit, consistent with distributions paid in 2006. The increase in cash available for distribution for 2007 is primarily due to one time gains related to the termination fee in connection with the offer for Clean Power Income Fund, cash from discontinued operations, and adjustments related to the Fund's investment in the St. Leon facility. Performance Summary for the fourth quarter of 2007: - Revenue of $44.3 million in Q4 2007 as compared to $52.0 million in - Net earnings from continuing operations of $8.8 million or $0.12 per - Cash available for distribution of $19.9 million or $0.26 per trust Performance Summary for the year ended December 31, 2007: - Revenue of $186.2 million for the year 2007 as compared to - Net earnings from continuing operations of $24.8 million or $0.34 per - Cash available for distribution of $72.3 million or $0.95 per trust "Algonquin Power's key assets performed successfully in 2007 and the Fund anticipates an exciting year of new growth projects in 2008", commented Dave Kerr, a senior manager with the Fund. "Algonquin Power's natural gas cogeneration facilities and 99 MW wind energy facility exceeded Management's expectations, while lower than average hydrology impacted performance in the hydroelectric division. The Fund's landfill gas facilities, which were rationalized in December 2007 also impacted the Fund's performance in 2007. Looking out to 2008, our development group continues to build a strong pipeline of growth projects in all of the Fund's divisions, while continuing to identify organic growth opportunities within the Fund's existing portfolio. Algonquin Power remains an innovative, respected and responsible investment opportunity in the clean, renewable power and infrastructure sector, demonstrating stable performance and solid growth opportunities." To view a detailed report of fourth quarter and year end 2007 results visit www.algonquinpower.com . Algonquin Power Income Fund will hold an earnings conference call on Friday, March 7, 2008, 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, March 7, 2008 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 21260701# from March 7, 2008 until March 14, 2008.
About Algonquin Power 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 42 renewable energy facilities, 12 thermal energy 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.
CONTACT: Dave Kerr or Kelly Castledine, Telephone: (905) 465-4500,
2008-03-06 18:06:57 0306895 PRNEWSWIRE
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