TORONTO, May 10, 2012 /CNW/ - Algonquin Power & Utilities Corp. (TSX:
AQN), today announced financial results for the first quarter ended
March 31, 2012.
First Quarter Financial Highlights:
For the first quarter of 2012, revenue was $64.4 million as compared to
$71.1 million in the first quarter of 2011. The decrease in revenue
over the same period in 2011 is primarily the result of lower
electricity sales from Liberty Utilities (West), lower power sales and
rates at Algonquin Power Co.'s ("APCo") Windsor Locks co-generation
facility, and the Sanger co-generation facility being off-line for
planned major maintenance.
Adjusted EBITDA ("Adjusted EBITDA") was $23.3 million in the first
quarter of 2012 as compared to $26.9 million in the first quarter of
2011. The decrease in Adjusted EBITDA is primarily related to the
performance of Liberty Utilities (West) where a warm winter reduced
electricity consumption and lower power pricing affected revenues at
APCo's northeastern U.S. generating stations.
APUC reported adjusted net earnings of $5.5 million or $0.04 per share
in the first quarter of 2012 as compared to adjusted net earnings of
$5.3 million or $0.05 per share in the first quarter of 2011.
Performance, Operational, and Growth Highlights:
In the first quarter of 2012, APCo's Quebec region experienced
significantly higher than long-term average resources, and the
Manitoba, Maritime and Western regions experienced resources slightly
higher than long-term averages, while the Saskatchewan, Ontario and New
York regions experienced resources slightly below long-term averages.
During the first quarter, the rate regulated water businesses owned by
Liberty Utilities experienced revenue increases in both its water
distribution and wastewater treatment business of 13% and 2%
respectively. The increases are primarily due to customer growth and
the implementation of rate increases.
Also during the first quarter, revenue from net energy sales generated
by Liberty Utilities' electric utility totalled U.S. $7.6 million as
compared to $9.6 million in the same period of 2011. The decrease in
revenue is primarily a result of decreased customer demand from a
warmer than normal winter season.
On March 9, 2012, APUC announced an acquisition by APCo of a majority
interest in a 480 MW portfolio of four wind projects in the United
States from Gamesa Corporación Tecnólogica, S.A. APCo will contribute
$269 for a 51% ownership in the projects, which are located in
Illinois, Texas, Iowa, and Pennsylvania.