Maxim Power Corp. ("MAXIM" or the "Corporation") (TSX:MXG)
announced today the release of financial and operating results for
its second quarter ended June 30, 2013. The unaudited condensed
consolidated financial statements, accompanying notes and
Management Discussion and Analysis ("MD&A") will be available
on SEDAR and on MAXIM's website on August 8, 2013. All figures
reported herein are Canadian dollars unless otherwise stated.
During the second quarter of 2013, it became highly probable
that the Corporation would sell its interest in Maxim Power (USA),
Inc. ("MUSA"), the holding company that owns MAXIM's investments in
the United States. The Financial Highlights includes the results
from MUSA to June 30, 2013, unless otherwise noted. Refer to
MAXIM's unaudited condensed consolidated financial statements and
MD&A for further details.
FINANCIAL HIGHLIGHTS
Three Months Ended Six Months Ended
June 30, June 30,
($ in thousands except per
share amounts) 2013 2012 2013 2012
Net revenue (1) $ 36,383 $ 17,961 $ 91,887 $ 63,834
Adjusted EBITDA (1) 14,337 (1,313) 28,404 8,647
Adjusted net income (loss)
(1) 5,720 (3,658) 10,710 181
Net income (loss)
attributable to
shareholders 6,446 (8,991) 11,032 (6,090)
Per share - basic and
diluted $ 0.12 $ (0.17) $ 0.20 $ (0.11)
Funds from operations (2) 11,485 (5,390) 21,072 1,245
Per share - basic and
diluted $ 0.21 $ (0.10) $ 0.39 $ 0.02
Electricity Deliveries (MWh) 159,444 98,388 437,366 407,387
Net Generation Capacity (MW)
(3) 804 788 804 788
Average Alberta Power Prices
($ per MWh) $ 123.41 $ 40.03 $ 94.52 $ 50.07
Average Milner Realized
Electricity Price ($ per
MWh) $ 178.59 $ 66.60 $ 134.87 $ 60.37
(1) Select financial information was derived from the unaudited condensed
consolidated financial statements and is prepared in accordance with Part 1
of the Canadian Institute of Chartered Accountants Handbook ("GAAP"), except
net revenue, adjusted EBITDA, and adjusted net income. Net revenue, adjusted
EBTIDA and adjusted net income are calculated based on the total of
continuing and discontinued operations. Net revenue is provided to highlight
revenue net of any gains or losses realized on commodity swaps. 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. Net revenue, adjusted EBITDA, and adjusted
net income do not have any standardized meaning prescribed by GAAP and may
not be comparable to similar measures presented by other companies.
(2) Funds from operations 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. Funds from operations is calculated based on continuing
operations.
(3)Generation capacity is manufacturer's nameplate capacity and includes
discontinued operations, net of minority ownership interests of third
parties.
OPERATING RESULTS
Net revenue, adjusted EBITDA, adjusted net income, net income
attributable to shareholders and funds from operations increased in
the second quarter of 2013 when compared to the second quarter of
2012. The increase in these financial measures is primarily due to
a significant increase in Alberta power prices which positively
impacted Milner results.
On a year to date basis, net revenue, adjusted EBITDA, adjusted
net income, net income attributable to shareholders and funds from
operations have increased from the prior year. The increase in
these financial measures is once again primarily due to a
significant increase in Alberta power prices which positively
impacted Milner results.
STRATEGIC REVIEW
During the fourth quarter of 2012, MAXIM appointed financial
advisors to review the Corporation's investments in the United
States and France in order to identify options to maximize
shareholder value. Credit Suisse Securities (USA) LLC has been
engaged as financial advisor with respect to MAXIM's investments in
the United States and HSBC Bank plc has been engaged as financial
advisor with respect to MAXIM's investments in France.
As previously reported, the Corporation announced that it had
entered into an agreement to sell 100% of its ownership interest in
MUSA to Patriot Power Holdings, LLC ("Patriot"), an affiliate of
Rockland Capital for US$112 million including the assumption of
US$22 million of debt resulting in sales proceeds of US$90 million.
The evaluation of the France initiative is ongoing with no
expectation of outcome at this time.
GROWTH INITIATIVES
Summit Coal Limited Partnership ("SUMMIT") Mine 14 Project
SUMMIT's Mine 14 project, which is located north of Grande
Cache, Alberta has current estimates of 18.9 million tonnes of
low-mid volatile metallurgical coal reserves with a mine life of 17
years based on the updated NI 43-101 Technical Report filed on
SEDAR on March 21, 2013. SUMMIT's Mine 16S project is located 30
kilometers northwest of the Mine 14 leases and represents 1,792
hectares or 29% of SUMMIT's total area of leases. An NI 43-101
Technical Report has not been prepared for the Mine 16S
property.
In the second quarter of 2013, SUMMIT received regulatory
approvals to construct and operate a coal beneficiation plant.
Early in the third quarter of 2013, SUMMIT also received a mine
license amendment to increase coal production 2.7 times, from
480,000 tonnes to 1,300,000 tonnes per year. These advancements
provide SUMMIT with all of the requisite government and regulatory
approvals to construct and operate M14.
The Corporation considers the advancement of the M14 and M16S
development projects strategic for MAXIM in part because of the
value of metallurgical coal and in part due to Milner's ability to
utilize tailings and lower quality fuels, which are by-products of
the beneficiation of coal, to produce electricity.
Deerland Peaking Station ("D1")
MAXIM is actively pursuing commercial arrangements that will
allow for the construction of the 190 MW D1 Station to commence
during 2013. The D1 site is located near Bruderheim in Alberta's
Industrial Heartland adjacent to the existing Deerland high voltage
substation. D1 has received all regulatory approvals and MAXIM has
entered into an agreement to secure firm natural gas transportation
services. D1 is the only permitted peaking development project in
the province of Alberta as at the date of this press release.
D1 is an attractive project as Alberta is experiencing tighter
supply demand fundamentals and increasingly volatile electricity
prices. Demand for electricity is increasing, base load supply is
expected to contract through retirement of coal-fired units and
wind power is intermittent. MAXIM expects that peaking requirements
across Alberta will continue to grow as a result of these market
drivers.
Milner Expansion ("M2")
The AUC has granted MAXIM approval to develop a 500 MW
generating facility adjacent to the existing 150 MW generating
facility ("M1"). A lengthy public consultation and regulatory
process culminated in the project's final approval by the AUC on
August 10, 2011. On September 12, 2012, the Government of Canada
enacted new greenhouse gas legislation that limits the amount of
carbon dioxide emitted by coal-fired generation facilities. MAXIM
is examining ways to meet the new standards including a natural-gas
fired facility. All aspects are presently being studied to
determine the most attractive option for shareholders.
Buffalo Atlee ("B1")
MAXIM's B1 Power Project, situated near Brooks, Alberta, has the
potential for development of over 200 MW of wind generation
capacity. Wind data has been collected on the site for
approximately five years. MAXIM holds an exploratory Crown land
permit with a term of five years, expiring on January 1, 2016. The
addition of wind generation to MAXIM's existing portfolio of assets
will diversify MAXIM's generation fuel types and provide the
potential to offset the impact of any new greenhouse gas
legislation.
CONFERENCE CALL FOR Q2 2013 RESULTS
MAXIM will host a conference call for analysts and investors on
Friday, August 9, 2013 at 10:30 am MDT. The call will be hosted by
John Bobenic, MAXIM's President and Chief Executive Officer, and by
Mike Mayder, Vice President, Finance and Chief Financial Officer.
To participate in this conference call, please dial (800) 766-6630
or (416) 695-6622 in the Toronto area. It is recommended that
participants call at least ten minutes prior to start time.
A recording of the conference call will be available from August
12, 2013 to August 16, 2013. To access the replay, dial (800)
408-3053 or (905) 694-9451 followed by the passcode 3711756. In
addition, the recording will be available commencing August 12,
2013 in the Investor Relations section of MAXIM's website at
www.maximpowercorp.com.
About MAXIM
Based in Calgary, Alberta, MAXIM is an independent power
producer, which acquires or develops, owns and operates innovative
and environmentally responsible power and power related projects.
MAXIM currently owns and operates 41 power plants in western
Canada, the United States and France, having 804 MW of electric
generating capacity. MAXIM trades on the TSX under the symbol MXG.
For more information about MAXIM, visit our website at
www.maximpowercorp.com.
Statements in this release which describe MAXIM's intentions,
expectations or predictions, or which relate to matters that are
not historical facts are forward-looking statements. These
forward-looking statements involve known and unknown risks and
uncertainties which may cause the actual results, performances or
achievements of MAXIM to be materially different from any future
results, performances or achievements expressed in or implied by
such forward-looking statements. MAXIM may update or revise any
forward-looking statements, whether as a result of new information,
future events or changing market and business conditions and will
update such forward-looking statements as required pursuant to
applicable securities laws.
Contacts: Maxim Power Corp. John R. Bobenic President and CEO
(403) 750-9300 Maxim Power Corp. Michael R. Mayder Vice President,
Finance and CFO (403) 750-9311 www.maximpowercorp.com
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