BOSTON, Aug. 8, 2012 /PRNewswire/ -- Atlantic Power
Corporation (NYSE: AT) (TSX: ATP) ("Atlantic Power" or the
"Company") today released its results for the three and six months
ended June 30, 2012. All amounts are
in U.S. dollars unless otherwise indicated. Cash Available for
Distribution, Payout Ratio, and Project Adjusted EBITDA are not
recognized measures under GAAP and do not have standardized
meanings prescribed by GAAP; therefore, these measures may not be
comparable to similar measures presented by other companies. Please
see "Regulation G Disclosures" attached to this news release for an
explanation and US GAAP reconciliation of the measures "Project
Adjusted EBITDA", "Payout Ratio" and "Cash Available for
Distribution" as used in this news release. In addition, the
Company announced that its Board of Directors has approved a
Dividend Reinvestment Plan ("DRIP" or the "Plan") for eligible
holders of common shares of the Company ("Common Shares").
Please see below for further details.
Highlights
- Project Adjusted EBITDA for the three months ended June 30 increased by $29.9
million, or 70%, from the comparable period in 2011,
primarily due to the increased Project Adjusted EBITDA from the
newly acquired Capital Power Income L.P. projects
- On July 5, 2012, the Company
closed its concurrent equity and convertible debenture offerings
for aggregate net proceeds of approximately $192.5 million
- In May 2012, the Company closed
on the sale of its 14.3% interest in Primary Energy Recycling
Holdings, LLC ("PERH") for cash proceeds of $30.2 million
- On August 2, 2012, the Company
entered into a purchase and sale agreement for the sale of its 50%
ownership interest in the Badger Creek project
- Dividend Reinvestment Program approved by Board of
Directors
"We are pleased with the year to date results of the Company,"
said Barry Welch, President &
CEO of Atlantic Power Corporation. "In addition, we closed
concurrent equity and convertible debenture offerings to provide
for our equity contribution in the Canadian Hills Wind project,
currently under construction in Oklahoma. We issued our first
US$ denominated convertible debenture offering in Canada, allowing Atlantic to naturally hedge
the interest payments in US$ to our predominantly US$ denominated
cash flows. As we continue to look for additional growth
opportunities, we also continue to rationalize our current
portfolio by identifying assets that are either non-core to our
business or are minority interests where we do not act as project
operator. The sales of Primary Energy Recycling Holdings and Badger
Creek help to ensure resources are being used efficiently and that
management is focused on its core business assets."
Operating Performance
Project Adjusted EBITDA, including earnings from equity
investments, increased by $29.9 million, or 70%, to $72.8 million for the quarter ended June 30, 2012 compared to $42.9 million for the same period in 2011,
primarily due to contributions from the 18 projects added to
Atlantic Power's portfolio when it directly and indirectly acquired
Capital Power Income L.P. (subsequently renamed Atlantic Power
Limited Partnership, the "Partnership") on November 5, 2011.
Project Adjusted EBITDA, including earnings from equity
investments, increased by $86.8 million, or 110%, to $165.6 million for the six months ended
June 30, 2012 compared to
$78.8 million for the same period in
2011, primarily due to contributions from the 18 Partnership
projects.
Cash Available for Distribution and Payout Ratio
For the six months ended June 30,
2012, Cash Available for Distribution increased by
$38.2 million compared to the same
period in 2011. The payout ratio associated with the dividend
improved to 89% for the six months ended June 30, 2012 compared to 111% in the comparable
prior year period. For the three months ended June 30, 2012, the payout ratio was 249%,
compared to 109% in the second quarter of 2011.
Due to the timing of working capital adjustments and the cash
payments associated with its corporate level interest payments, the
Company's payout ratio will fluctuate from quarter to quarter. For
example, the interest payments on the $460 million 9% senior
notes of the Company due November
2018 are due semi-annually (May and November) and will
impact the Company's payout ratios in the second and fourth
quarters.
The payout ratio for the six months ended June 30, 2012 was positively impacted by an
increase in working capital associated with the Ontario plants acquired in the Partnership
acquisition as well as a one-time realized gain from reducing the
Company's combined foreign currency forward positions as a result
of the Partnership acquisition, and the management termination fee
from the sale of PERH, partially offset by interest payments
associated with newly acquired debt from the Partnership
acquisition.
The calculation of Cash Available for Distribution (in both US$
and Cdn$) and a summary of Project Adjusted EBITDA by segment for
the three and six months ended June 30,
2012 and 2011 are attached to this news release. In
addition, a summary of Project Adjusted EBITDA for selected
projects for the three and six months ended June 30, 2012 is attached to this news
release.
Financing for Canadian Hills
On July 5, 2012, the Company
closed a public offering of 5,567,177 common shares, at a purchase
price of $12.76 per share for
common shares sold in U.S. dollars and Cdn$13.10 per share for
common shares sold in Canadian dollars, for aggregate net proceeds
from the common share offering, after deducting the underwriting
discounts and expenses, of approximately, $68.5 million. The Company also issued, in
a concurrent public offering, $130.0 million aggregate principal amount of
5.75% convertible unsecured subordinated debentures due 2019 for
net proceeds of $124.0 million. The Company used the
net proceeds from the offerings to fund the Company's equity
commitment in the Canadian Hills Wind project, its 300 MW wind
energy project under construction in Oklahoma.
Commercial Developments
In February 2012, the Company
entered into an agreement with Primary Energy Recycling Corporation
("PERC") to sell the Company's 14.3% interest in PERH to PERC for
approximately $24.2 million,
plus a management agreement termination fee of approximately
$6.0 million, for total cash
proceeds of $30.2 million. The
transaction closed in May 2012 and
the Company recorded a $0.6 million
gain on the transaction.
On August 2, 2012, the Company
entered into a purchase and sale agreement for the sale of its 50%
ownership interest in the Badger Creek project. The Company will
receive proceeds of approximately $3.7
million when the transaction closes, currently expected to
occur in the third quarter.
Outlook
Based on actual performance to date and projections for the
remainder of the year, Atlantic Power continues to expect to
receive distributions from its projects in the range of
$250 to $265 million for the full
year 2012. The Company expects overall levels of operating cash
flows in 2012 to be improved over 2011 levels due primarily to full
year contributions from the Partnership assets and increased
distributions from Selkirk
following the final payment of its non-recourse, project-level
debt, which occurred in June 2012.
These increased operating cash flows in 2012, in addition to
one-time realized gains from the termination of a portion of
aggregate foreign currency forward contracts from the combined
company and the management termination fee from the sale of PERH,
are expected to result in a significant increase in cash available
for distribution in 2012 versus 2011. Atlantic Power
continues to anticipate a 2012 payout ratio of approximately 90% to
97%, subject to the financial performance of its projects.
Dividend Reinvestment Plan
Atlantic Power announced today the details of the Company's
Dividend Reinvestment Plan ("DRIP"). The DRIP allows eligible
holders of Common Shares to reinvest their cash dividends (if, as
and when declared by the Company's board of directors and paid) to
acquire additional Common Shares of Atlantic Power at a 3% discount
to market price, as defined in the Plan.
All holders of Common Shares who are Canadian or U.S. residents
are eligible to participate in the Plan. Shareholders who
wish to participate in the DRIP should contact their brokerage firm
to enroll in the Plan.
A complete copy of the DRIP and enrollment information is
available in the "Investors" section of the Company's website
www.atlanticpower.com or here. Shareholders are urged to carefully
read the complete Plan before making any decisions regarding their
participation in the DRIP.
Participation in the DRIP does not relieve shareholders of any
liability for taxes that may be payable in respect of dividends
that are reinvested in new Common Shares pursuant to the DRIP.
Eligible shareholders interested in participating in the DRIP
should consult their own tax advisors concerning the tax
implications and consequences of their participation in the DRIP in
their particular circumstances,
This news release does not constitute an offer to sell or the
solicitation of an offer to buy securities in any
jurisdiction.
Investor Conference Call and Webcast
A telephone conference call hosted by Atlantic Power's
management team will be held on Wednesday, August 8, 2012 at
1:00 PM ET. The telephone
numbers for the conference call are: U.S. Toll Free:
1-877-317-6789; Canada Toll Free: 1-866-605-3852; International
Toll: +1 412-317-6789. The Conference Call will also be
broadcast over Atlantic Power's website. Please call or log in 10
minutes prior to the call. The telephone numbers to listen to the
conference call after it is completed (Instant Replay) are U.S.
Toll Free: 1-877-344-7529; International Toll: +1-412-317-0088.
Please enter conference call number 10016258. The conference
call will also be archived on Atlantic Power's website.
About Atlantic Power
Atlantic Power is a leading publicly traded, power generation
and infrastructure company with a well diversified portfolio of
assets in the United States and
Canada. The Company's power
generation projects sell electricity to utilities and other large
commercial customers under long-term power purchase agreements,
which seek to minimize exposure to changes in commodity prices.
The net generating capacity of the Company's projects is
approximately 2,141 MW, consisting of interests in 31 operational
power generation projects across 11 states and 2 provinces and an
84-mile, 500 kilovolt electric transmission line located in
California. In addition, the Company has one 53 MW biomass
project under construction in Georgia and one approximate 300 MW wind
project under construction in Oklahoma. Atlantic Power also
owns a majority interest in Rollcast Energy, a biomass power plant
developer in Charlotte, NC. Atlantic Power is incorporated in
British Columbia, headquartered in
Boston and has offices in
Chicago, Toronto, Vancouver and San
Diego.
The Company's corporate strategy is to increase the value of the
Company through accretive acquisitions in North American markets
while generating stable, contracted cash flows from its existing
assets to sustain its dividend payout to shareholders. The
Company's dividend is currently paid monthly at an annual rate of
Cdn$1.15 per share.
Atlantic Power has a market capitalization of approximately
$1.6 billion and trades on the New
York Stock Exchange under the symbol AT and on the Toronto Stock
Exchange under the symbol ATP. For more information, please
visit the Company's website at www.atlanticpower.com or
contact:
Atlantic
Power Corporation
|
Amanda
Wagemaker, Investor Relations
|
(617)
977-2700
|
info@atlanticpower.com
|
Copies of financial data and other publicly filed documents get
filed on SEDAR at www.sedar.com or on EDGAR at
www.sec.gov/edgar.shtml under "Atlantic Power Corporation" or on
the Company's website.
Cautionary Note Regarding Forward-looking
Statements
To the extent any statements made in this news release contain
information that is not historical, these statements are
forward-looking statements within the meaning of Section 27A of the
U.S. Securities Act of 1933, as amended, and Section 21E of the
U.S. Securities Exchange Act of 1934, as amended and
forward-looking information as defined under Canadian securities
law (collectively, "forward-looking statements").
Certain statements in this news release may constitute
"forward-looking statements", which reflect the expectations of
management regarding the future growth, results of operations,
performance and business prospects and opportunities of the Company
and its projects and other matters. These statements, which
are based on certain assumptions and describe the Company's future
plans, strategies and expectations, can generally be identified by
the use of the words "may," "will," "project," "continue,"
"believe," "intend," "anticipate," "expect" or similar expressions
that are predictions of or indicate future events or trends and
which do not relate solely to present or historical matters.
Examples of such statements in this press release include,
but are not limited, to statements with respect to the
following:
- The expectation that distributions from the Company's projects
will be in the range of $250 million to $265 million for
the full year 2012;
- The expectation that overall levels of operating cash flows in
2012 will be improved over actual 2011 levels;
- The expectation that there will be significant increases in
cash available for distribution from 2011 and that the payout ratio
in 2012 will be approximately 90% to 97%;
- The expectations regarding quarterly fluctuations in the
Company's payout ratio and the impact of certain interest payments
on the Company's payout ratio; and
- The expectations regarding timing for the completion of sale of
the Company's 50% ownership interest in the Badger Creek
project.
Forward-looking statements involve significant risks and
uncertainties, should not be read as guarantees of future
performance or results, and will not necessarily be accurate
indications of whether or not or the times at or by which such
performance or results will be achieved. A number of factors
could cause actual results to differ materially from the results
discussed in the forward-looking statements, including, but not
limited to, the factors discussed under "Risk Factors" in the
Company's periodic reports as filed with the Securities and
Exchange Commission and applicable securities regulatory
authorities in Canada from time to
time for a detailed discussion of the risks and uncertainties
affecting the Company. Although the forward-looking
statements contained in this news release are based upon what are
believed to be reasonable assumptions, investors cannot be assured
that actual results will be consistent with these forward-looking
statements, and the differences may be material. These
forward-looking statements are made as of the date of this news
release and, except as expressly required by applicable law, the
Company assumes no obligation to update or revise them to reflect
new events or circumstances. The financial outlook
information contained in this news release is presented to provide
readers with guidance on the cash distributions expected to be
received by the Company and to give readers a better understanding
of the Company's ability to pay its current level of distributions
into the future. Readers are cautioned that such information
may not be appropriate for other purposes.
Atlantic Power Corporation
Consolidated Balance Sheets (in
thousands of U.S. dollars)
|
|
|
|
|
June
30,
|
December
31,
|
|
2012
|
2011
|
|
(Unaudited)
|
|
Assets
|
|
|
Current
assets:
|
|
|
Cash and cash equivalents
|
$62,693
|
$60,651
|
Restricted cash
|
19,139
|
21,412
|
Accounts receivable
|
58,702
|
79,008
|
Current portion of derivative instruments
asset
|
7,402
|
10,411
|
Inventory
|
18,908
|
18,628
|
Prepayments and other current assets
|
26,582
|
10,657
|
Total current assets
|
193,426
|
200,767
|
|
|
|
Property,
plant and equipment, net
|
1,609,672
|
1,388,254
|
Transmission system rights
|
176,356
|
180,282
|
Equity
investments in unconsolidated affiliates
|
450,175
|
474,351
|
Other
intangible assets, net
|
572,571
|
584,274
|
Goodwill
|
343,586
|
343,586
|
Derivative
instruments asset
|
12,145
|
22,003
|
Other
assets
|
70,669
|
54,910
|
Total assets
|
$3,428,600
|
$3,248,427
|
|
|
|
Liabilities and Shareholders'
Equity
|
|
|
Current
liabilities:
|
|
|
Accounts payable
|
$19,379
|
$18,122
|
Accrued interest
|
18,482
|
19,916
|
Other accrued liabilities
|
66,949
|
43,968
|
Revolving credit facility
|
20,000
|
58,000
|
Current portion of long-term debt
|
309,336
|
20,958
|
Current portion of derivative instruments
liability
|
46,210
|
20,592
|
Dividends payable
|
10,700
|
10,733
|
Other current liabilities
|
3,021
|
165
|
Total current liabilities
|
494,077
|
192,454
|
|
|
|
Long-term
debt
|
1,361,850
|
1,404,900
|
Convertible debentures
|
189,342
|
189,563
|
Derivative
instruments liability
|
112,135
|
33,170
|
Deferred
income taxes
|
157,105
|
182,925
|
Power
purchase and fuel supply agreement liabilities, net
|
45,339
|
71,775
|
Other
non-current liabilities
|
61,266
|
57,859
|
Commitments and contingencies
|
-
|
-
|
Total liabilities
|
$2,421,114
|
$2,132,646
|
|
|
|
Equity
|
|
|
Common shares, no par value, unlimited authorized
shares;
113,681,691 and 113,526,182 issued and outstanding at
June
30, 2012 and December 31, 2011,
respectively
|
1,218,233
|
1,217,265
|
Preferred shares issued by a subsidiary
company
|
221,304
|
221,304
|
Accumulated other comprehensive loss
|
(1,964)
|
(5,193)
|
Retained deficit
|
(432,776)
|
(320,622)
|
Total Atlantic Power Corporation shareholders'
equity
|
1,004,797
|
1,112,754
|
Noncontrolling interest
|
2,689
|
3,027
|
Total
equity
|
1,007,486
|
1,115,781
|
Total
liabilities and equity
|
$3,428,600
|
$3,248,427
|
Atlantic Power Corporation
Consolidated Statements of
Operations (in thousands of U.S. dollars, except per
share amounts)
|
(Unaudited)
|
|
|
|
Three months
ended June 30,
|
Six months
ended June 30,
|
|
2012
|
2011
|
2012
|
2011
|
Project
revenue:
|
|
|
|
|
Energy sales
|
$70,882
|
$17,865
|
$146,850
|
$36,367
|
Energy capacity revenue
|
63,039
|
27,651
|
125,557
|
54,789
|
Transmission services
|
6,363
|
7,491
|
13,524
|
15,135
|
Other
|
14,961
|
251
|
36,924
|
632
|
|
155,245
|
53,258
|
322,855
|
106,923
|
|
|
|
|
|
Project
expenses:
|
|
|
|
|
Fuel
|
55,512
|
14,316
|
117,611
|
31,384
|
Operations and maintenance
|
46,100
|
7,801
|
77,600
|
18,873
|
Depreciation and amortization
|
40,364
|
10,924
|
76,832
|
21,803
|
|
141,976
|
33,041
|
272,043
|
72,060
|
Project
other income (expense):
|
|
|
|
|
Change in fair value of derivative
instruments
|
(44)
|
(4,574)
|
(58,166)
|
(1,013)
|
Equity in earnings of unconsolidated
affiliates
|
5,473
|
1,962
|
8,420
|
3,273
|
Interest expense
|
(6,999)
|
(4,543)
|
(14,032)
|
(9,190)
|
Other income (expense), net
|
14
|
(31)
|
29
|
(33)
|
|
(1,556)
|
(7,186)
|
(63,749)
|
(6,963)
|
Project
income (loss)
|
11,713
|
13,031
|
(12,937)
|
27,900
|
|
|
|
|
|
Administrative and other expenses
(income):
|
|
|
|
|
Administration
|
8,086
|
4,671
|
15,919
|
8,725
|
Interest, net
|
21,414
|
3,510
|
43,450
|
7,478
|
Foreign exchange gain
|
(4,205)
|
(535)
|
(3,219)
|
(1,193)
|
Other income, net
|
(6,000)
|
-
|
(6,000)
|
-
|
|
19,295
|
7,646
|
50,150
|
15,010
|
Income
(loss) from operations before income taxes
|
(7,582)
|
5,385
|
(63,087)
|
12,890
|
Income tax
benefit
|
(5,526)
|
(7,684)
|
(21,817)
|
(6,161)
|
Net (loss)
income
|
(2,056)
|
13,069
|
(41,270)
|
19,051
|
Net loss
attributable to noncontrolling interest
|
3,030
|
(117)
|
6,108
|
(271)
|
Net (loss)
income attributable to Atlantic Power Corporation
|
$(5,086)
|
$13,186
|
$(47,378)
|
$19,322
|
|
|
|
|
|
Net (loss)
income per share attributable to Atlantic Power
Corporation
Shareholders:
|
|
|
|
|
Basic
|
$(0.04)
|
$0.19
|
$(0.42)
|
$0.28
|
Diluted
|
$(0.04)
|
$0.18
|
$(0.42)
|
$0.28
|
|
|
|
|
|
Atlantic Power Corporation
Consolidated Statements of Cash
Flows (in thousands of U.S. dollars)
|
(Unaudited)
|
|
|
Six
months ended June 30,
|
|
|
2012
|
2011
|
Cash flows
from operating activities:
|
|
|
|
Net (loss)
income
|
|
$(41,270)
|
$19,051
|
Adjustments to reconcile to net cash provided by
operating activities
|
|
|
|
Depreciation and amortization
|
|
76,832
|
21,803
|
Long-term incentive plan expense
|
|
1,475
|
1,639
|
Impairment charge
|
|
3,000
|
-
|
Gain on sale of equity investments
|
|
(578)
|
-
|
Equity in earnings from unconsolidated
affiliates
|
|
(10,842)
|
(3,273)
|
Distributions from unconsolidated
affiliates
|
|
8,719
|
11,584
|
Unrealized foreign exchange loss
|
|
11,823
|
4,499
|
Change in fair value of derivative
instruments
|
|
58,166
|
1,013
|
Change in deferred income taxes
|
|
(25,999)
|
(5,691)
|
Change in
other operating balances
|
|
|
|
Accounts receivable
|
|
20,306
|
(666)
|
Prepayments and other current assets
|
|
(14,102)
|
1,244
|
Accounts payable and accrued liabilities
|
|
(384)
|
(4,996)
|
Other liabilities
|
|
2,226
|
(1,492)
|
Net cash
provided by operating activities
|
|
89,372
|
44,715
|
|
|
|
|
Cash flows
used in investing activities:
|
|
|
|
Change in restricted cash
|
|
2,273
|
(5,290)
|
Proceeds from sale of equity investments
|
|
24,225
|
8,500
|
Cash paid for equity investment
|
|
(264)
|
-
|
Proceeds from related party loans
|
|
-
|
15,455
|
Biomass development costs
|
|
(200)
|
(587)
|
Construction in progress
|
|
(230,242)
|
(42,321)
|
Purchase of property, plant and equipment
|
|
(802)
|
(577)
|
Net cash
used in investing activities
|
|
(205,010)
|
(24,820)
|
|
|
|
|
Cash flows
(used in) provided by financing activities:
|
|
|
|
Proceeds from project level debt
|
|
255,242
|
29,890
|
Repayment of project-level debt
|
|
(9,325)
|
(10,341)
|
Payments for revolving credit facility
borrowings
|
|
(60,800)
|
-
|
Proceeds from revolving credit facility
borrowings
|
|
22,800
|
-
|
Deferred financing costs
|
|
(18,879)
|
-
|
Dividends paid
|
|
(71,358)
|
(38,390)
|
Net cash
provided by (used in) financing activities
|
|
117,680
|
(18,841)
|
Net
increase in cash and cash equivalents
|
|
2,042
|
1,054
|
Cash and
cash equivalents at beginning of the period
|
|
60,651
|
45,497
|
Cash and
cash equivalents at end of the period
|
|
$62,693
|
$46,551
|
Supplemental cash flow information
|
|
|
|
Interest paid
|
|
$58,198
|
$17,600
|
Income taxes paid (refunded), net
|
|
$1,520
|
$(436)
|
Accruals for capital expenditures
|
|
$25,534
|
$-
|
|
|
|
|
|
|
|
|
Regulation G Disclosures
Cash Available for Distribution is not a measure recognized
under U.S. generally accepted accounting principles ("GAAP") and
does not have a standardized meaning prescribed by GAAP.
Management believes Cash Available for Distribution is a
relevant supplemental measure of the Company's ability to earn and
distribute cash returns to investors. A reconciliation of
Cash Flows from Operating Activities to Cash Available for
Distribution and to Payout Ratio is provided below. Investors
are cautioned that the Company may calculate this measure in a
manner that is different from other companies.
Project Adjusted EBITDA is defined as project income plus
interest, taxes, depreciation and amortization (including non-cash
impairment charges) and changes in fair value of derivative
instruments. Project Adjusted EBITDA is not a measure
recognized under GAAP and is therefore unlikely to be comparable to
similar measures presented by other companies and does not have a
standardized meaning prescribed by GAAP. Management uses
Project Adjusted EBITDA at the project-level to provide comparative
information about project performance. A reconciliation of
Project Adjusted EBITDA to project income is provided on the
following page. Investors are cautioned that the Company may
calculate this measure in a manner that is different from other
companies.
Atlantic Power Corporation
Cash
Available for Distribution
(In
thousands of U.S. dollars, except as otherwise
stated)
(Unaudited)
|
|
|
Three months
ended June 30,
|
Six months
ended June 30,
|
|
|
2012
|
2011
|
2012
|
2011
|
Cash flows
from operating activities
|
|
$22,880
|
$24,368
|
$89,372
|
$44,715
|
Project-level debt repayments
|
|
(6,600)
|
(6,941)
|
(9,325)
|
(10,341)
|
Purchase
of property, plant and equipment
|
|
(86)
|
(238)
|
(802)
|
(546)
|
Transaction costs(1)
|
|
-
|
768
|
-
|
768
|
Dividends
on preferred shares of a subsidiary company
|
|
(3,207)
|
-
|
(6,446)
|
-
|
Cash
Available for Distribution(2)
|
|
12,987
|
17,957
|
72,799
|
34,596
|
|
|
|
|
|
|
Total
dividends declared to shareholders
|
|
$32,275
|
$19,550
|
$65,055
|
$38,542
|
|
|
|
|
|
|
Payout
ratio
|
|
249%
|
109%
|
89%
|
111%
|
|
|
|
|
|
|
Expressed in Cdn$
|
|
|
|
|
|
Cash
Available for Distribution
|
|
13,119
|
17,376
|
73,211
|
33,793
|
|
|
|
|
|
|
(1)
|
Represents
business development costs associated with the acquisition of the
Partnership.
|
|
|
(2)
|
Cash
Available for Distribution is not a recognized measure under GAAP
and does not have any standardized meaning prescribed by GAAP.
Therefore, this measure may not be comparable to similar measures
presented by other companies.
|
Atlantic Power Corporation
Project
Adjusted EBITDA by Segment (in thousands of U.S.
dollars)
(Unaudited)
|
|
|
Three
months ended June 30,
|
Six
months ended June 30,
|
|
|
2012
|
2011
|
2012
|
2011
|
Project
Adjusted EBITDA by segment
|
|
|
|
|
|
Northeast
|
|
$22,413
|
$10,095
|
$64,811
|
$17,583
|
Southeast
|
|
25,069
|
22,670
|
46,743
|
42,257
|
Northwest
|
|
12,417
|
1,620
|
25,856
|
2,485
|
Southwest
|
|
17,013
|
8,626
|
35,777
|
17,127
|
Un-allocated corporate
|
|
(4,132)
|
(157)
|
(7,557)
|
(605)
|
Total
|
|
$72,780
|
$42,854
|
$165,630
|
$78,847
|
|
|
|
|
|
|
Reconciliation to project income
|
|
|
|
|
|
Depreciation and amortization
|
|
51,361
|
17,661
|
101,306
|
35,098
|
Interest expense, net
|
|
9,301
|
7,088
|
18,169
|
13,328
|
Change in the fair value of derivative
instruments
|
|
(2,629)
|
4,826
|
55,792
|
2,042
|
Other expense
|
|
3,034
|
248
|
3,300
|
479
|
Project
income (loss)
|
|
$11,713
|
$13,031
|
$(12,937)
|
$27,900
|
|
|
|
|
|
|
Atlantic Power Corporation
Project
Adjusted EBITDA by Project (for Selected Projects) (in
thousands of U.S. dollars)
(Unaudited)
|
|
|
Three
months ended June 30,
|
Six months ended June 30,
|
|
|
2012
|
2012
|
Project
Adjusted EBITDA by project
|
|
|
|
Northeast
|
|
|
|
Chambers
|
|
$8,097
|
$13,983
|
Curtis Palmer
|
|
6,806
|
15,786
|
Kapuskasing
|
|
(525)
|
3,961
|
Nipigon
|
|
2,587
|
7,240
|
North Bay
|
|
(369)
|
4,381
|
Selkirk
|
|
3,697
|
8,297
|
Tunis
|
|
977
|
6,375
|
Other
|
|
1,143
|
4,788
|
Total
|
|
22,413
|
64,811
|
Southeast
|
|
|
|
Auburndale
|
|
12,857
|
23,423
|
Lake
|
|
9,223
|
17,253
|
Other
|
|
2,989
|
6,067
|
Total
|
|
25,069
|
46,743
|
Northwest
|
|
|
|
Williams Lake
|
|
2,862
|
9,256
|
Other
|
|
9,555
|
16,600
|
Total
|
|
12,417
|
25,856
|
Southwest
|
|
|
|
Manchief
|
|
3,158
|
7,517
|
Morris
|
|
2,690
|
6,702
|
Path 15
|
|
4,428
|
11,103
|
Other
|
|
6,737
|
10,455
|
Total
|
|
17,013
|
35,777
|
Un-allocated corporate
|
|
(4,132)
|
(7,557)
|
Total
|
|
$72,780
|
$165,630
|
Reconciliation to project income
|
|
|
|
Depreciation and amortization
|
|
$51,361
|
$101,306
|
Interest expense, net
|
|
9,301
|
18,169
|
Change in the fair value of derivative
instruments
|
|
(2,629)
|
55,792
|
Other expense, net
|
|
3,034
|
3,300
|
Project
income (loss)
|
|
$11,713
|
$(12,937)
|
|
|
|
|
SOURCE Atlantic Power Corporation