OAKVILLE, ON, May 7 /PRNewswire-FirstCall/ -- Algonquin Power Income Fund (the "Fund" or "Algonquin Power") (TSX: APF.UN) today announced financial results for the first quarter ended March 31, 2009, posting increased revenue, growth in adjusted net earnings, and stable earnings before interest, taxes, depreciation, and amortization ("EBITDA").
For the first quarter of 2009, revenue increased to $52.2 million as compared to $48.0 million in the first quarter of 2008. The increase in revenue is primarily due to higher energy production generated from Canadian facilities in the Renewable Energy division, the Brampton Cogeneration Inc. facility being operational in the Thermal Energy division and the stronger U.S. dollar as compared to the same period in 2008.
EBITDA was $21.1 million in the first quarter of 2009 as compared to $21.6 million in the first quarter of 2008. The small decrease in EBITDA is primarily related to decreased dividend, interest and other income as well as increased administrative expenses.
Adjusted net earnings in the first quarter of 2009 were $7.9 million or $0.10 per trust unit as compared to adjusted net earnings of $3.9 million or $0.05 per trust unit in the first quarter of 2008. Algonquin uses adjusted net earnings to assess the net earnings of Algonquin without the effects of gains or losses on foreign exchange, foreign exchange forward contracts, and interest rate swaps as these are primarily non-cash items that are not reflective of the performance of the underlying business of Algonquin.
Net earnings in the first quarter of 2009 were $4.2 million or $0.05 per trust unit as compared to a net loss of $1.6 million or $(0.02) per trust unit for the first quarter of 2008. The increase in net earnings was primarily the result of reduced interest expense, a recovery in future income taxes, and the effect of derivative financial instruments which are strictly used to de-risk Algonquin Power's cash-flow.
Performance Summary for the first quarter of 2009: - Revenue of $52.2 million in Q1 2009 as compared to $48.0 million in Q1 2008. - EBITDA of $21.1 million in Q1 2009 as compared to $21.6 million in Q1 2008. - Adjusted net earnings of $7.9 million or $0.10 per trust unit in Q1 2009 as compared to adjusted net earnings of $3.9 million or $0.05 per trust unit in Q1 2008. - Net earnings of $4.2 million or $0.05 per trust unit in Q1 2009 as compared to a net loss of $1.6 million or $(0.02) per trust unit in Q1 2008.
"During the first quarter, Algonquin focused efforts on debt reduction, reducing funds drawn on the credit facility by 5%, demonstrating that we are progressing in our goal of improving financial flexibility during this challenging economic climate", stated Dave Kerr, Executive Director of Algonquin Power. "These efforts have placed Algonquin in a unique position to continue progressing in our goals to invest in the business and to be able to take advantage of growth opportunities, which is evident through our recent announcement of a successful strategic partnership with Emera Inc. and the acquisition of the high quality California utility assets that was announced in April. These activities enhance Algonquin's cash flow quality and stability and will contribute to the long-term success of Algonquin Power."
To view a detailed report of first quarter results visit http://www.algonquinpower.com/.
Algonquin Power will hold an earnings conference call at 10:00 a.m. eastern time on Friday, May 8, 2009, hosted by the Executive Directors of the manager Dave Kerr, Chris Jarratt, and Chief Financial Officer David Bronicheski.
Conference call details are as follows: Date: Friday, May 8, 2009 Start Time: 10:00 a.m. eastern Phone Number: Toll free within North America: 1-800-594-3790 or local 416-644-3426. Conference ID#: 21303563
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 21303563 followed by the number sign from May 8, 2009 until May 15, 2009.
About Algonquin Power
Algonquin Power owns and operates a diverse portfolio of approximately $1 billion of clean, renewable power generation and sustainable utility infrastructure assets across North America. Algonquin Power's generation portfolio includes 42 renewable energy facilities and 11 thermal energy facilities representing more than 400MW of installed capacity and Algonquin Power provides regulated utility services to more than 70,000 customers through its portfolio of 18 water distribution and wastewater treatment utility companies. Algonquin Power's trust units and convertible debentures are traded on the Toronto Stock Exchange under the symbols APF.UN, APF.DB & APF.DB.A. Visit Algonquin Power on the web at http://www.algonquinpower.com/.
Algonquin Power Income Fund
CONTACT: Kelly Castledine, Telephone: (905) 465-4500, Algonquin Power
Income Fund, 2845 Bristol Circle, Oakville, Ontario, L6H 7H7
