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

CALGARY, ALBERTA -- (Marketwired) -- Aug 05, 2014 -- Maxim Power Corp. ("MAXIM" or the "Corporation") (TSX: MXG) announced today the release of financial and operating results for the second quarter ended June 30, 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 August 5, 2014. All figures reported herein are Canadian dollars unless otherwise stated.

FINANCIAL HIGHLIGHTS                                                        
----------------------------------------------------------------------------
                                     Three Months Ended     Six Months Ended
                                                June 30              June 30
($ in thousands except per share                                            
 amounts)                               2014       2013      2014       2013
----------------------------------------------------------------------------
Revenue                            $  19,138  $  36,383 $  88,270  $  91,887
Adjusted EBITDA (1)                   (3,604)    14,337    12,969     28,404
Adjusted net income (loss) (1)        (4,566)     5,720      (751)    10,710
  Per share - basic and diluted    $   (0.08) $    0.11 $   (0.01) $    0.20
Net income (loss) attributable to                                           
 shareholders                         (4,325)     6,446      (838)    11,032
  Per share - basic and diluted    $   (0.08) $    0.12 $   (0.02) $    0.20
FFO (2)                               (3,922)    13,021    11,079     27,135
  Per share - basic and diluted    $   (0.07) $    0.25 $    0.20  $    0.51
Electricity Deliveries (MWh)         219,644    191,683   557,865    493,885
Net Generation Capacity (MW) (3)         785        804       785        804
Average Alberta power price -                                               
 market ($ per MWh)                $   42.43  $  123.41 $   51.46  $   94.52
Average Alberta power price -                                               
 Milner realized ($ per MWh)       $   51.73  $  178.59 $   65.06  $  134.78
Average US power price - Northeast                                          
 U.S. realized (US$ per MWh)       $   56.65  $   97.63 $  234.02  $  171.01

(1) Select financial information was derived from the unaudited condensed   
    consolidated interim financial statements and is prepared in accordance 
    with IFRS, except adjusted EBITDA and adjusted net income (loss).       
    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 (loss) 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 (loss) 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, adjusted net income (loss), net income (loss) attributable to shareholders and FFO decreased in the second quarter of 2014 when compared to the second quarter of 2013. The decrease in these financial measures is primarily due to lower power prices in both Alberta and the Northeast U.S.

On a year to date basis, revenue, adjusted EBITDA, adjusted net income (loss), net income (loss) attributable to shareholders and FFO decreased in 2014 when compared to 2013. The decrease in these financial measures is primarily due to lower power prices in Alberta, partially offset by higher power prices and generation in the Northeast U.S.

ALBERTA UTILITIES COMMISSION ("AUC") LOSS FACTOR DECISION

As previously reported, the AUC has upheld the complaint made by the Corporation that the current ISO Line Loss Rules contravene the Transmission Regulation and are unjust, unreasonable, unduly preferential, arbitrarily or unjustly discriminatory and inconsistent with or in contravention of the 2003 Electric Utilities Act (AUC Decision 2014-110). The AUC is proceeding with the second phase of its consideration of Milner's complaint to determine the relief or remedy to be given and is expected to issue a process letter during the third quarter.

1 | 2  Next Page »



Review Article Be the first to review this article
SolidCAM: Program your CNCs directly inside your existing CAD system.


Featured Video
Editorial
Jeff RoweJeff's MCAD Blogging
by Jeff Rowe
Re-Use Your CAD: The ModelCHECK Handbook
Jobs
Business Partner Manager for Cityworks - Azteca Systems, LLC at Sandy, UT
Senior Structural Engineer for Design Everest at San Francisco, CA
GIS Analyst II for Air Worldwide at Boston, MA
Upcoming Events
Design & Manufacturing, Feb 7 - 9, 2017 Anaheim Convention Center, Anaheim, CA at Anaheim Convention Center Anaheim CA - Feb 7 - 9, 2017
Innorobo 2017 at Docks de Paris Paris France - May 16 - 18, 2017
Display Week 2017 at Los Angeles Convention Center 1201 S Figueroa St Los Angeles CA - May 21 - 26, 2017



Internet Business Systems © 2016 Internet Business Systems, Inc.
595 Millich Dr., Suite 216, Campbell, CA 95008
+1 (408)-337-6870 — Contact Us, or visit our other sites:
AECCafe - Architectural Design and Engineering EDACafe - Electronic Design Automation GISCafe - Geographical Information Services TechJobsCafe - Technical Jobs and Resumes ShareCG - Share Computer Graphic (CG) Animation, 3D Art and 3D Models
  Privacy Policy Advertise