OAKVILLE, ON, Aug. 9 /PRNewswire-FirstCall/ -- Algonquin Power Income Fund (TSX: APF.UN and APF.DB) today announced financial results for the second quarter of 2006, ended June 30, 2006.
For the second quarter, revenue grew to $47.1 million as compared to $45.0 million in the second quarter of 2005. The second quarter increase in revenue is primarily due to strong hydrology experienced in the Hydroelectric Division and improved energy prices at the Cogeneration Division's Windsor Locks facility. Additionally in the second quarter, the Alternative Fuels Division experienced increased volumes of waste processed at the Energy from Waste facility compared to the second quarter of 2005, and the Infrastructure Division continued to see strong organic growth combined with the positive impact of facilities that were purchased during 2005.
Net earnings in the second quarter of 2006 were $13.8 million compared to $1.6 million for the second quarter of 2005. Net earnings per trust unit in the second quarter of 2006 increased to $0.20 from $0.02 in the same period in 2005. The increase in net earnings for the second quarter is attributed to higher quarterly revenue, an unrealized foreign exchange gain on US dollar denominated debt, a recovery of future income taxes, and increased interest and other income on its investments in the Alternative Fuels Division.
Cash available for distribution in the second quarter of 2006 was $16.0 million or $0.23 per unit compared to $16.7 million or $0.24 per unit in the second quarter of 2005. During the second quarter, Algonquin Power Income Fund distributed $0.23 per trust unit, consistent with the amount distributed during the same period in 2005.
At the end of the second quarter of 2006, the Fund successfully completed an offer to indirectly acquire all of the outstanding limited partnership units of AirSource Power Fund I LP ("AirSource"). AirSource and its affiliates have constructed the St. Leon Wind Energy facility, a 99 megawatt facility located near the Town of St. Leon, Manitoba. The facility is the first wind farm in the province of Manitoba, and one of the largest wind turbine farms in Canada to date.
Performance Summary for the second quarter of 2006:
- Revenue of $47.1 million in Q2 2006 compared to $45.0 million in Q2
2005.
- Net earnings of $13.8 million ($0.20 per trust unit) in Q2 2006
compared to $1.6 million ($0.02 per trust unit) in Q2 2005.
- Cash available for distribution of $16.0 million ($0.23 per trust
unit) in Q2 2006 compared to $16.7 million ($0.24 per trust unit) in
Q2 2005. Distributions for the second quarter of both 2006 and 2005
were $0.23 per trust unit.
Performance Summary for the first six months of 2006:
- Revenue of $96.6 million for the first six months of 2006 compared to
$85.6 million in the first six months of 2005.
- Net earnings of $21.2 million ($0.30 per trust unit) for the first
six months of 2006 compared to $3.4 million ($0.05 per trust unit)
for the first six months of 2005.
- Cash available for distribution of $32.4 million ($0.47 per trust
unit) in the first six months of 2006 compared to $30.5 million
($0.44 per trust unit) for the same period in 2005. Distributions for
both the first half of 2006 and 2005 were $0.46 per trust unit.
"The Fund continues to focus on maintaining stable, predictable cash distributions to unitholders, while maximizing the performance of existing assets and seeking growth opportunities that complement the Fund's portfolio", commented Chris Jarratt, a senior manager with the Fund. "Significant growth of the Fund was demonstrated through the acquisition of the St. Leon Wind Energy facility at the end of the second quarter. This facility is an excellent addition to the Fund's Alternative Fuels Division and further balances the Fund's technologic, geographic and regional diversity."
To view a detailed report of second quarter results visit http://www.algonquinpower.com/.
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 48 hydroelectric facilities, five natural gas-fired cogeneration facilities, 18 alternative fuels facilities and 15 water reclamation and distribution 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 respectively, and units are included in the S&P/TSX Composite Index. More information about Algonquin Power Income Fund can be found at http://www.algonquinpower.com/.
