News release via Canada NewsWire, Toronto 416-863-9350
Attention Business/Financial Editors:
Algonquin Power & Utilities Corp. Announces 2010 Second Quarter
OAKVILLE, ON, Aug. 12 /CNW/ - Algonquin Power & Utilities Corp. (TSX: AQN) , today announced
financial results for the second quarter ended June 30, 2010. On October 27, 2009, Algonquin Power Income Fund became a
wholly owned subsidiary of Algonquin Power & Utilities Corp. (collectively “APUC”), maintaining the same operations and
business activities, but under a new corporate structure. Year-over-year results are compared to the results of Algonquin
Power Income Fund in the relevant period.
Performance and Operational Highlights:
For the second quarter of 2010, revenue was $42.7 million as compared to $46.5 million in the second
quarter of 2009. The decrease in revenue over 2009 is primarily the result of lower average hydrology,
lower waste disposal revenue at the energy - from-waste facility as a result of the unplanned outage and
the expected change in operations at Windsor Locks to a forward reserve market operating model
following the expiry of one of its power purchase agreements . For the first six months of 2010, APUC
generated revenue of $88.6 million as compared to $98.7 million in the first six months of 2009.
Adjusted earnings before interest, taxes, depreciation, and amortization (“Adjusted EBITDA”) was
$18.7 million in the second quarter of 2010 as compared to $20.0 million in the second quarter of 2009.
The decrease in Adjusted EBITDA is primarily related to lower earnings from operations. APUC
generated Adjusted EBITDA of $36.6 million for the first six months of 2010 as compared to $41.1
million for the first six months of 2009.
APUC reported a net loss in the second quarter of 2010 of $2.2 million or $0.02 per share as compared
to net earnings of $15.3 million or $0.20 per share for the second quarter of 2009.