Edmonton, Alberta – July 28, 2009 (TSX: EP.UN) - EPCOR Power Services Ltd., the general partner of EPCOR Power L.P. (the Partnership), today released the Partnership’s quarterly results for the period ended June 30, 2009.
"Financial and operating results in the second quarter were generally in-line with our expectations," said Stuart Lee, President of the General Partner of EPCOR Power L.P. "Cash provided by operating activities from continuing operations excluding working capital changes was $38.3 million in the quarter, being higher than the $29.5 million for the same period last year. The quarter benefitted from higher contributions from the Curtis Palmer and Williams Lake facilities and additional contribution from the Morris facility acquired in October 2008, which were offset by lower power demand in the Ontario and North Carolina regions that negatively impacted the financial performance of our plants in those areas."
"In June, we announced an enhanced approach to positioning the Partnership for long term distribution sustainability that addresses current financing requirements and positions it for future growth," said Mr. Lee. "This quarter marks the beginning of that approach. The use of retained cash will enable the Partnership to permanently finance the Southport and Roxboro construction, the North Island and Oxnard repowering projects and the Morris acquisition. With greater liquidity and an improved balance sheet, it will allow more flexible financing solutions to fund future growth."
Highlights of EPCOR Power L.P.’s operational and financial performance included:
Operational and Financial Highlights
(unaudited) |
Three months ended
June 30 |
Six months ended
June 30 |
| (millions of dollars except per unit and operational amounts) |
2009 |
2008 |
2009 |
2008 |
| Power generated (GWh) |
1,030 |
1,065 |
2,331 |
2,319 |
| Weighted average plant availability |
90% |
87% |
92% |
92% |
| Revenue |
165.2 |
143.9 |
292.8 |
262.0 |
| Net income from continuing operations |
42.3 |
105.1 |
9.7 |
158.4 |
| Per unit |
$0.78 |
$1.95 |
$0.18 |
$2.94 |
| Net income |
42.8 |
104.9 |
9.5 |
158.3 |
| Per unit |
$0.79 |
$1.95 |
$0.18 |
$2.94 |
| Comprehensive income (loss) |
1.8 |
103.9 |
(14.8) |
156.4 |
| Cash provided by operating activities of continuing operations |
33.1 |
39.4 |
66.8 |
81.0 |
| Per unit (1) |
$0.61 |
$0.73 |
$1.24 |
$1.50 |
| Cash distributions |
23.7 |
33.9 |
57.7 |
67.9 |
| Per unit |
$0.44 |
$0.63 |
$1.07 |
$1.26 |
| Capital expenditures |
25.9 |
10.0 |
42.9 |
13.4 |
| Weighted average units outstanding (millions) |
53.9 |
53.9 |
53.9 |
53.9 |
(1) Cash provided by operating activities of continuing operations per unit is a non-GAAP financial measure that is defined in the interim MD&A.
Click here to view the management's discussion and analysis and consolidated financial statements.
The June 30, 2009 interim report is shown below. The interim management discussion and analysis and interim consolidated financial statements are available on the EPCOR Power L.P. website (http://www.epcorpowerlp.ca/) and will be available on SEDAR (http://www.sedar.com/).