Algonquin Power Income Fund announces financial results for the third quarter of 2008, ended September 30, 2008 with revenue increase to $55.1 million due to higher energy production and energy rates.
Non-recurring reduction in operating expenses related to the achievement of commercial operation at the St. Leon Wind Energy facility caused $22.2 million decrease in earnings before interest, taxes, depreciation, and amortization (“EBITDA”). The sale of certain fixed assets resulted in gains of $0.7 million. EBITDA also profited form higher gas prices and grew by $1.5.
Algonquin Power Income Fund distributed $0.23 per trust unit, consistent with the amount distributed during the same period in 2007. Cash available for distribution composed $15.2 million or $0.19 per unit. Net earnings of the company remained the same as last year Q3 with $4.7 million or $0.06 net earnings per unit.
The review of financial results for the third quarter of 2008:
– Revenue of $55.1 million in Q3 2008 as compared to $46.4 million
in Q3 2007
– EBITDA of $22.2 million in Q3 2008 as compared to $22.8 million in
Q3 2007.
– Net loss from continuing operations of $4.4 million or $0.06 per trust unit in Q3 2008 as compared to net earnings of $13.0 million or $0.18 per trust unit in Q3 2007.
– Cash available for distribution of $15.2 million or $0.19 per trust unit in Q3 2008 as compared to $18.5 million or $0.24 per trust unit in Q3 2007. Distributions for the third quarter of both 2008 and 2007 were $0.23 per trust unit.
Management continues to focus on the successful performance ofAlgonquin Power’s long-lived portfolio of clean, renewable energy andutility assets, says Dave Kerr, managing director, Algonquin Power. Algonquin Power continues to show increased revenue and demonstrates a strong cash-flow position backed by assets under long-term contracts that provide a solid foundation in the recent volatile economic climate.
L.D.