Maxim Power Corp. Announces 2014 First Quarter Financial and Operating Results

CALGARY, ALBERTA -- (Marketwired) -- May 06, 2014 -- Maxim Power Corp. ("MAXIM" or the "Corporation") (TSX: MXG) announced today the release of financial and operating results for the first quarter ended March 31, 2014. The unaudited condensed consolidated interim financial statements, accompanying notes and Management Discussion and Analysis will be available on SEDAR and on MAXIM's website on May 6, 2014. All figures reported herein are Canadian dollars unless otherwise stated.

FINANCIAL HIGHLIGHTS


                                                        Three Months Ended  
                                                             March 31       
($ in thousands except per share amounts)                    2014       2013
                                                                            
Revenue                                                $   69,132 $   55,504
Adjusted EBITDA (1)                                        16,573     14,067
Adjusted net income (1)                                     3,815      4,990
 Per share - basic and diluted                         $     0.07 $     0.09
Net income attributable to shareholders                     3,487      4,586
 Per share - basic and diluted                         $     0.06 $     0.08
Funds from operations (2)                                  15,001     14,114
 Per share - basic and diluted                         $     0.28 $     0.26
                                                                            
Electricity Deliveries (MWh)                              338,221    302,202
Net Generation Capacity (MW) (3)                              785        804
Average Alberta power price - market ($ per MWh)       $    60.59 $    65.30
Average Alberta power price - Milner realized ($ per                        
 MWh)                                                  $    78.93 $    95.43
Average US power price - Northeast U.S. realized (US$                       
 per MWh)                                              $   282.28 $   240.38
                                                                            
(1) Select financial information was derived from the audited consolidated  
    financial statements and is prepared in accordance with IFRS, except    
    adjusted EBITDA and adjusted net income. Adjusted EBITDA is provided to 
    assist management and investors in determining the Corporation's        
    approximate operating cash flows before interest, income taxes, and     
    depreciation and amortization and certain other income and expenses.    
    Adjusted net income is used to compare MAXIM's results among reporting  
    periods without consideration of unrealized gains and losses and to     
    evaluate MAXIM's performance. Adjusted EBITDA and adjusted net income do
    not have any standardized meaning prescribed by IFRS and may not be     
    comparable to similar measures presented by other companies.            
(2) Funds from operating activities before changes in working capital       
    ("FFO") is an Additional GAAP measure provided to assist management and 
    investors in determining the Corporation's cash flows generated by      
    operations before the cash impact of working capital fluctuations.      
(3) Generation capacity is manufacturer's nameplate capacity net of minority
    ownership interests of third parties.                                   

OPERATING RESULTS

Revenue, adjusted EBITDA and funds from operations increased in the first quarter of 2014 when compared to the first quarter of 2013. The increase in these financial measures is primarily due to an increase in generation in the Northeast U.S. at Pittsfield and CDECCA in conjunction with higher average realized prices at those two facilities.

Adjusted net income and net income attributable to shareholders decreased in the first quarter of 2014 when compared to the first quarter of 2013 on foreign exchange losses of certain foreign currency denominated loans, which is fully offset by an increase in Other Comprehensive Income.

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