Maxim Power Corp. Announces 2015 Third Quarter Financial and Operating Results

CALGARY, ALBERTA -- (Marketwired) -- Nov 06, 2015 -- Maxim Power Corp. (TSX: MXG) ("MAXIM" or the "Corporation") announced today the release of financial and operating results for the third quarter ended September 30, 2015. 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 November 6, 2015. All figures reported herein are Canadian dollars unless otherwise stated.

FINANCIAL HIGHLIGHTS


                                --------------------------------------------
                                  Three Months Ended     Nine Months Ended  
                                     September 30           September 30    
                                --------------------------------------------
($ in thousands except per                                                  
 share amounts)                       2015       2014        2015       2014
Revenue                         $  19,705  $  24,208   $  90,253  $ 112,478 
Adjusted EBITDA (1)                (2,339)     3,430      11,282     16,399 
Adjusted net loss (1)              (8,917)    (1,186)    (15,052)    (1,937)
Per share - basic and diluted   $   (0.16) $   (0.02)  $   (0.28) $   (0.04)
Net income (loss) attributable                                              
 to shareholders                   (8,917)    (1,415)    (12,263)    (2,253)
Per share - basic and diluted   $   (0.16) $   (0.03)  $   (0.23) $   (0.04)
FFO (2)                            (2,621)     2,611       5,819     13,690 
Per share - basic and diluted   $   (0.05) $    0.05   $    0.11  $    0.25 
Electricity Deliveries (MWh)      173,812    192,272     535,497    750,136 
Net Generation Capacity (MW)                                                
 (3)                                  778        777         778        777 
Average Alberta market power                                                
 price($ per MWh)               $   26.09  $   64.34   $   37.43  $   55.80 
Average Milner realized power                                               
 price($ per MWh)               $   40.01  $   92.49   $   83.52  $   72.52 
Average Northeast US realized                                               
 power price(US$ per MWh)       $   43.86  $   66.14   $   70.81  $  165.34 
(1) Select financial information was derived from the unaudited condensed   
consolidated interim financial statements and is prepared in accordance with
GAAP, except adjusted EBITDA and adjusted net 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 loss is used to compare MAXIM's results among reporting periods
without consideration of unrealized gains and losses and to evaluate MAXIM's
performance attributable to shareholders. Adjusted EBITDA and adjusted net  
loss do not have any standardized meaning prescribed by GAAP 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 from        
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 and uncontracted capacity on contracted
generating facilities.                                                      

OPERATING RESULTS

During the third quarter of 2015, revenue, adjusted EBITDA and FFO have decreased and adjusted net loss as well as net loss attributable to shareholders have increased when compared to the same quarter of 2014. The change in these financial measures is primarily due to lower Alberta power prices and lower realized prices in the Northeast U.S. The $26 average Alberta market price was the lowest quarterly price since deregulation in 2001. This was partially offset by higher generation in the Northeast U.S. In addition, revenue was further decreased as a result of the H.R. Milner Generating Facility ("M1") cooling tower outage in the third quarter of 2015, however this was offset in the other financial measures by lower fuel and variable operating costs. Finally, the Corporation completed discretionary turnaround work at M1 during the outage which will ensure reliability for higher priced periods in the future.

On a year-to-date basis, revenue, adjusted EBITDA and FFO have decreased and adjusted net loss as well as net loss attributable to shareholders have increased when compared to 2014. The change in these financial measures is primarily due to lower Alberta power prices, lower realized Northeast U.S. power prices and lower revenue in France in the first quarter of 2015. The $37 year to date average Alberta market price was the lowest year to date price since deregulation in 2001. In addition, revenue was further decreased as a result of the M1 cooling tower outage in the third quarter of 2015, however this was offset in the other financial measures by lower fuel and variable operating costs in the quarter. Adjusted net income and FFO also decreased as a result of costs incurred in the restructuring of Alberta operations.

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