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8-K - 8-K - ATLANTIC POWER CORPa11-14111_38k.htm

Exhibit 99.1

 

GRAPHIC

 

FOR:

ATLANTIC POWER CORPORATION

 

 

SYMBOL:

NYSE: AT; TSX: ATP

 

August 12, 2011

 

Atlantic Power Corporation Releases Second Quarter 2011 Results

 

BOSTON, August 12, 2011 /PRNewswire/ — Atlantic Power Corporation (NYSE: AT) (TSX: ATP) (“Atlantic Power” or the “Company”) today announced its results for the three and six months ended June 30, 2011.  All amounts are in U.S. dollars unless otherwise indicated.  Please see “Regulation G Disclosures” attached to this news release for an explanation and US GAAP reconciliation of the terms “EBITDA,” “Project Adjusted EBITDA” and “Cash Available for Distribution” as used in this news release.

 

Highlights

 

·                  Financial results in line with expectations

·                  Maintaining 2011 project cash flow and payout ratio guidance

·                  Announced agreement to acquire Capital Power Income L.P. (“CPILP”) and expect the transaction to close in Q4 2011

·                  Maintaining guidance to sustain current level of dividends into 2016, without including the positive impact of CPILP or any other acquisition

 

“We are pleased that the results for the quarter met our expectations and are in line with our guidance for the year,” commented Barry Welch, President and CEO.  “Our big news for the second quarter was the announcement of the plan to acquire Capital Power Income L.P.  Investors can look forward to the benefits of a larger, more diversified company with significantly strengthened dividend sustainability along with our intended 5% dividend increase following closing in the fourth quarter.  We have been diligently working on the approvals required to bring the proposed transaction to a shareholder vote, including the filing of a joint proxy on July 25.  The preliminary integration of the businesses is also progressing well, which helps to assure we can hit the ground running at the time of closing.

 

Operating Performance

 

Project Adjusted EBITDA, including earnings from equity investments, increased by $4.4 million to $42.9 million for the quarter ended June 30, 2011 compared to $38.5 million for the same period last year.  The change is in line with management’s expectations and the primary drivers behind the increase were:

 

·                  contributions from the Cadillac Renewable facility, which was acquired in December 2010;

·                  contributions from Idaho Wind, which became operational in the first quarter of 2011;

·                  increased earnings at Auburndale due to the annual contractual escalation of capacity payments, as well as favorable gas transportation costs; and

·                  increased earnings at Lake due to decreased fuel costs attributable to the lower natural gas swap prices.

 

These increases were partially offset by:

 

·                  lower capacity payments at Badger Creek under the new one year interim power purchase agreement entered into in April 2011; and

 

·                  higher operation and maintenance costs at Orlando attributable to a planned gas turbine overhaul in 2011.

 

Project Adjusted EBITDA, including earnings from equity investments, increased by $1.6 million to $78.9 million for the six months ended June 30, 2011 compared to $77.3 million for the same period last year.  The increase

 



 

in EBITDA was attributable to the same factors provided in the analysis above in the results for the quarter ended June 30, 2011.  These increases were offset by the factors mentioned above, and additional offsets included:

 

·                  lower capacity revenue at Selkirk due to a planned outage that was longer than expected and resulted in a delay in recognition of capacity payments until the third quarter of 2011;

·                  higher operations and maintenance expenses at Pasco attributable to the unplanned replacement of gas turbine components during a maintenance outage;

·                  higher fuel costs and lower dispatch at Gregory; and

·                  lower dispatch at Chambers.

 

Cash Available for Distribution

 

For the three and six months ended June 30, 2011, Cash Available for Distribution increased by $10.5 million and $9.3 million, respectively, compared to the prior year.  The payout ratio for the six months ended June 30, 2011 was 111% compared to 125% for the same period in 2010.  The decrease in the payout ratio is attributable to the increase in EBITDA previously described and the release of $4.1 million previously trapped cash at Selkirk.  The current payout ratio and project distributions are in line with expectations and previous guidance for the full year 2011.

 

The calculation of Cash Available for Distribution (in both US$ and Cdn$) and a summary of Project Adjusted EBITDA by individual project for the three and six months ended June 30, 2011 are attached to this news release.

 

Capital Power Income L.P.

 

On June 20, 2011, Atlantic Power, CPILP, CPI Income Services Ltd., the general partner of CPILP, and CPI Investments Inc., a unitholder of CPILP that is owned by EPCOR Utilities Inc. and Capital Power Corporation, entered into an Arrangement Agreement, which provides that Atlantic Power will acquire, directly or indirectly, all of the issued and outstanding CPILP units pursuant to the Plan of Arrangement under the Canada Business Corporations Act. Under the terms of the Plan of Arrangement, CPILP unitholders will be permitted to exchange each of their CPILP units for, at their election, Cdn$19.40 in cash or 1.3 Atlantic Power common shares. All cash elections will be subject to proration if total cash elections exceed approximately Cdn$506.5 million and all share elections will be subject to proration if total share elections exceed approximately 31.5 million Atlantic Power common shares.

 

The completion of the Plan of Arrangement is subject to the receipt of all necessary court and regulatory approvals in Canada and the United States and certain other closing conditions. Atlantic Power and CPILP currently expect to complete the Plan of Arrangement in the fourth quarter of 2011, subject to receipt of required shareholder/unitholder, court and regulatory approvals and the satisfaction or waiver of conditions to the Plan of Arrangement described in the Arrangement Agreement.

 

Atlantic Power filed a preliminary joint proxy statement/circular with the SEC relating to the proposed transaction on July 25, 2011.  When available, additional information will be available in the Atlantic Power/CPILP definitive joint proxy statement/circular that we intend to file with the SEC .  The definitive joint proxy statement/circular will be available on SEDAR at www.sedar.com, on EDGAR at www.sec.gov/edgar.shtml under “Atlantic Power Corporation” or on the Company’s website. See “Additional Information” below.

 

Guidance

 

Based on our actual performance to date and projections for the remainder of the year, we continue to expect to receive distributions from our projects in the range of $80 million to $90 million for the full year 2011. We expect overall levels of operating cash flows in 2011 to be improved over actual 2010 levels. Higher distributions from existing projects, initial distributions from our recent investment in Idaho Wind and Cadillac, and a slightly lower payment under the management termination agreement are expected to be partially offset by the one-time cash tax refund of $8.0 million received in 2010. These increased operating cash flows in 2011, combined with the impact of our public offerings in 2010, are expected to result in a payout ratio of approximately 100% to 105% in 2011 subject to the financial performance of our projects.  In 2012, additional increases in distributions from projects are expected to further increase operating cash flow compared to 2011. The most significant factor in the expected higher operating cash flow in 2012 is increased distributions from Selkirk following the final payment of its non-recourse project-level debt in 2012.

 



 

Based on management’s cash flow projections, we believe the current level of dividends is sustainable into 2016, before considering any positive impacts from the acquisition of CPILP, other potential future acquisitions or organic growth opportunities.

 

Outstanding Common Shares and Convertible Debentures

 

As of August 12, 2011, we had 68,964,741 common shares, Cdn$45.2 million principal amount of 6.50% convertible secured debentures due October 31, 2014, Cdn$72.4 million principal amount of 6.25% convertible debentures due March 15, 2017, and Cdn$80.5 million principal amount of 5.60% convertible debentures due June 30, 2017 outstanding. Holders of common shares currently receive a monthly dividend at an annual rate of Cdn$1.094 per common share.

 

Investor Conference Call and Webcast

 

A telephone conference call hosted by Atlantic Power’s management team will be held on Monday, August 15, 2011 at 10:00 AM ET.  The telephone numbers for the conference call are: Local/International: (416) 849-2698, North American Toll Free: (866) 400-2270.  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 Local/International: (416) 915-1035, North American Toll Free (866) 245-6755. Please enter the passcode 80924# when instructed. The conference call will also be archived on Atlantic Power’s website.

 

About Atlantic Power

 

Atlantic Power Corporation owns and operates a diverse fleet of power generation and infrastructure assets in the United States.  Our 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.  Our power generation projects in operation have an aggregate gross electric generation capacity of approximately 1,948 megawatts in which our ownership interest is approximately 871 MW.  Our corporate strategy is to generate stable cash flows from our existing assets and to make accretive acquisitions to sustain our dividend payout to shareholders, which is currently paid monthly at an annual rate of Cdn$1.094 per share.   Our current portfolio consists of interests in 12 operational power generation projects across nine states, one biomass project under construction in Georgia, and an 84-mile,500 kilovolt electric transmission line located in California.  Atlantic Power also owns a majority interest in Rollcast Energy, a biomass power plant developer with several projects under development.

 

Atlantic Power trades on the New York Stock Exchange under the symbol AT, on the Toronto Stock Exchange under the symbol ATP and has a market capitalization of approximately $1.0 billion.  For more information, please visit the Company’s website at www.atlanticpower.com or contact:

 

Atlantic Power Corporation 
Barry Welch, President & Chief Executive Officer 
(617) 977-2700 
info@atlanticpower.com

 

Copies of financial data and other publicly filed documents are available 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.

 



 

Additional Information

 

This communication may be deemed to be solicitation materials with respect to the Plan of Arrangement with CPILP.  In connection with the Plan of Arrangement, Atlantic Power filed a preliminary joint proxy statement/circular with the SEC on July 25, 2011. When available, a definitive joint proxy statement/circular and forms of proxy will be mailed to Atlantic Power shareholders and holders of CPILP limited partnership units. The definitive joint proxy statement/circular will contain important information about the Plan of Arrangement and related matters. INVESTORS ARE URGED TO READ THE JOINT PROXY STATEMENT/CIRCULAR AND ALL OTHER RELEVANT MATERIALS THAT MAY BE FILED WITH THE SEC WHEN THEY BECOMES AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. You will be able to obtain the joint proxy statement/circular, as well as other filings containing information about Atlantic Power and CPILP, free of charge, at the website maintained by the SEC at www.sec.gov, at the website maintained by the Canadian Securities Administrators (“CSA”) at www.sedar.com or at Atlantic Power’s website, www.atlanticpower.com or by writing Atlantic Power at the following: Atlantic Power Corporation, 200 Clarendon Street, Floor 25, Boston, Massachusetts 02116, or telephoning Atlantic Power at (617) 977-2400.

 

The respective directors and executive officers of Atlantic Power and CPILP, and other persons, may be deemed to be participants in the solicitation of proxies in respect of the proposed transaction. Information regarding Atlantic Powers’ directors and executive officers is available in its definitive proxy statement filed with the SEC on May 2, 2011, and information regarding CPILP’s directors and executive officers is available in its Annual Information Form filed on March 11, 2011 at www.sedar.com. These documents can be obtained free of charge from the sources indicated above. Other information regarding the interests of the participants in the proxy solicitation will be included in the joint proxy statement/prospectus and other relevant materials to be filed with the SEC and CSA when they become available.

 

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 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 our Company and our projects.  These statements, which are based on certain assumptions and describe our 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 belief that, based on management’s cash flow projections, the current level of dividends is sustainable into 2016 without additional acquisitions or organic growth opportunities;

·     The expectation that distributions from our projects will be in the range of $80 million to $90 million for the full year 2011;

·     The expectation that overall levels of operating cash flows in 2011 will be improved over actual 2010 levels;

·     The expectation that the payout ratio in 2011 will be approximately 100%-105% and that improvements in cash flow and payout ratio are expected in 2012; and

·     The expectation to complete the Plan of Arrangement for the CPILP acquisition in the fourth quarter.

 

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.  Please refer to the factors discussed under “Risk Factors” in the Company’s periodic reports as filed with the Securities and Exchange Commission from time to time for a detailed discussion of the risks and uncertainties affecting our 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,

 

 

 

2011

 

2010

 

 

 

(Unaudited)

 

 

 

Assets

 

 

 

 

 

Current assets:

 

 

 

 

 

Cash and cash equivalents

 

$

46,551

 

$

45,497

 

Restricted cash

 

21,034

 

15,744

 

Accounts receivable

 

20,028

 

19,362

 

Note receivable — related party

 

7,326

 

22,781

 

Current portion of derivative instruments asset

 

9,297

 

8,865

 

Prepayments, supplies and other

 

8,451

 

8,480

 

Refundable income taxes

 

1,611

 

1,593

 

Total current assets

 

114,298

 

122,322

 

 

 

 

 

 

 

Property, plant and equipment, net

 

308,051

 

271,830

 

Transmission system rights

 

184,208

 

188,134

 

Equity investments in unconsolidated affiliates

 

276,962

 

294,805

 

Other intangible assets, net

 

77,425

 

88,462

 

Goodwill

 

12,453

 

12,453

 

Derivative instruments asset

 

18,865

 

17,884

 

Other assets

 

16,718

 

17,122

 

Total assets

 

$

1,008,980

 

$

1,013,012

 

 

 

 

 

 

 

Liabilities and Shareholders’ Equity

 

 

 

 

 

Current liabilities:

 

 

 

 

 

Accounts payable and accrued liabilities

 

$

16,333

 

$

20,530

 

Current portion of long-term debt

 

21,962

 

21,587

 

Current portion of derivative instruments liability

 

7,410

 

10,009

 

Interest payable on convertible debentures

 

1,948

 

3,078

 

Dividends payable

 

6,490

 

6,154

 

Other current liabilities

 

7

 

5

 

Total current liabilities

 

54,150

 

61,363

 

 

 

 

 

 

 

Long term debt

 

263,111

 

244,299

 

Convertible debentures

 

209,703

 

220,616

 

Derivative instruments liability

 

24,822

 

21,543

 

Deferred income taxes

 

23,594

 

29,439

 

Other non-current liabilities

 

2,121

 

2,376

 

Commitments and contingencies

 

 

 

 

 

 

 

 

 

Shareholders’ equity

 

 

 

 

 

Common shares, no par value, unlimited authorized shares; 68,639,654 and 67,188,154 issued and outstanding June 30, 2011 and December 31, 2010, respectively

 

644,001

 

626,108

 

Accumulated other comprehensive income

 

24

 

255

 

Retained deficit

 

(215,782

)

(196,494

)

Total Atlantic Power Corporation shareholders’ equity

 

428,243

 

429,869

 

Noncontrolling interest

 

3,236

 

3,507

 

Total equity

 

431,479

 

433,376

 

Total liabilities and equity

 

$

1,008,980

 

$

1,013,012

 

 



 

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,

 

 

 

2011

 

2010

 

2011

 

2010

 

Project revenue:

 

 

 

 

 

 

 

 

 

Energy sales

 

$

17,865

 

$

16,659

 

$

36,367

 

$

32,572

 

Energy capacity revenue

 

27,651

 

23,195

 

54,789

 

46,389

 

Transmission services

 

7,491

 

7,729

 

15,135

 

15,373

 

Other

 

251

 

321

 

632

 

791

 

 

 

53,258

 

47,904

 

106,923

 

95,125

 

 

 

 

 

 

 

 

 

 

 

Project expenses:

 

 

 

 

 

 

 

 

 

Fuel

 

14,316

 

15,771

 

31,384

 

31,928

 

Operations and maintenance

 

7,801

 

6,442

 

18,873

 

12,402

 

Depreciation and amortization

 

10,924

 

10,071

 

21,803

 

20,142

 

 

 

33,041

 

32,284

 

72,060

 

64,472

 

Project other income (expense):

 

 

 

 

 

 

 

 

 

Change in fair value of derivative instruments

 

(4,574

)

992

 

(1,013

)

(11,202

)

Equity in earnings of unconsolidated affiliates

 

1,962

 

3,026

 

3,273

 

8,462

 

Interest expense, net

 

(4,543

)

(4,308

)

(9,190

)

(8,719

)

Other income (expense), net

 

(31

)

211

 

(33

)

211

 

 

 

(7,186

)

(79

)

(6,963

)

(11,248

)

Project income

 

13,031

 

15,541

 

27,900

 

19,405

 

Administrative and other expenses (income):

 

 

 

 

 

 

 

 

 

Administration

 

4,671

 

3,843

 

8,725

 

7,943

 

Interest expense, net

 

3,510

 

2,518

 

7,478

 

5,312

 

Foreign exchange (gain) loss

 

(535

)

4,224

 

(1,193

)

2,432

 

Other income, net

 

 

(26

)

 

(26

)

 

 

7,646

 

10,559

 

15,010

 

15,661

 

Income from operations before income taxes

 

5,385

 

4,982

 

12,890

 

3,744

 

Income tax (benefit) expense

 

(7,684

)

3,618

 

(6,161

)

8,491

 

Net income (loss)

 

13,069

 

1,364

 

19,051

 

(4,747

)

Net loss attributable to noncontrolling interest

 

(117

)

(81

)

(271

)

(129

)

Net income (loss) attributable to Atlantic Power Corporation

 

$

13,186

 

$

1,445

 

$

19,322

 

$

(4,618

)

 

 

 

 

 

 

 

 

 

 

Net income (loss) per share attributable to Atlantic Power Corporation Shareholders:

 

 

 

 

 

 

 

 

 

Basic

 

$

0.19

 

$

0.02

 

$

0.28

 

$

(0.08

)

Diluted

 

$

0.18

 

$

0.02

 

$

0.28

 

$

(0.08

)

 



 

Atlantic Power Corporation

Consolidated Statements of Cash Flows (in thousands of U.S. dollars)

(Unaudited)

 

 

 

Six months ended June 30,

 

 

 

2011

 

2010

 

Cash flows from operating activities:

 

 

 

 

 

Net income (loss)

 

$

19,051

 

$

(4,747

)

Adjustments to reconcile to net cash provided by operating activities

 

 

 

 

 

Depreciation and amortization

 

21,803

 

20,142

 

Long-term incentive plan expense

 

1,639

 

2,149

 

Gain on step-up valuation of Rollcast acquisition

 

 

(211

)

Equity in earnings from unconsolidated affiliates

 

(3,273

)

(8,462

)

Distributions from unconsolidated affiliates

 

11,584

 

5,718

 

Unrealized foreign exchange loss

 

4,499

 

5,199

 

Change in fair value of derivative instruments

 

1,013

 

11,202

 

Change in deferred income taxes

 

(5,691

)

7,416

 

Change in other operating balances

 

 

 

 

 

Accounts receivable

 

(666

)

(953

)

Prepayments, refundable income taxes and other assets

 

1,244

 

(481

)

Accounts payable and accrued liabilities

 

(4,996

)

(1,970

)

Other liabilities

 

(1,492

)

976

 

Net cash provided by operating activities

 

44,715

 

35,978

 

 

 

 

 

 

 

Cash flows used in investing activities:

 

 

 

 

 

Acquisitions and investments, net of cash acquired

 

 

324

 

Change in restricted cash

 

(5,290

)

280

 

Proceeds from sale of equity investments

 

8,500

 

 

Repayments from related party loans

 

15,455

 

 

Biomass development costs

 

(587

)

(948

)

Purchase of property, plant and equipment

 

(42,898

)

(1,520

)

Net cash used in investing activities

 

(24,820

)

(1,864

)

 

 

 

 

 

 

Cash flows used in financing activities:

 

 

 

 

 

Proceeds from project-level debt

 

29,890

 

 

Repayment of project-level debt

 

(10,341

)

(9,141

)

Equity investment from noncontrolling interest

 

 

200

 

Proceeds from project-level debt borrowings

 

 

20,000

 

Dividends paid

 

(38,390

)

(31,709

)

Net cash used in financing activities

 

(18,841

)

(20,650

)

Net increase in cash and cash equivalents

 

1,054

 

13,464

 

Cash and cash equivalents at beginning of period

 

45,497

 

49,850

 

Cash and cash equivalents at end of period

 

$

46,551

 

$

63,314

 

Supplemental cash flow information

 

 

 

 

 

Interest paid

 

$

17,600

 

$

11,437

 

Income taxes paid (refunded), net

 

$

(436

)

$

1,045

 

 



 

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 Distributions 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, earnings before interest, taxes, depreciation and amortization (including non-cash impairment charges), is not a measure recognized under GAAP and is therefore unlikely to be comparable to similar measures presented by other issuers 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 issuers.

 

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,

 

 

 

2011

 

2010

 

2011

 

2010

 

Cash flows from operating activities

 

$

24,368

 

$

15,139

 

$

44,715

 

$

35,978

 

Project-level debt repayments

 

(6,941

)

(6,441

)

(10,341

)

(9,141

)

Purchase of property, plant and equipment(1)

 

(238

)

(1,201

)

(546

)

(1,520

)

Transaction Costs(2)

 

768

 

 

768

 

 

Cash Available for Distribution(3)

 

17,957

 

7,497

 

34,596

 

25,317

 

 

 

 

 

 

 

 

 

 

 

Total dividends to shareholders

 

19,550

 

15,913

 

38,542

 

31,714

 

 

 

 

 

 

 

 

 

 

 

Payout ratio

 

109

%

212

%

111

%

125

%

 

 

 

 

 

 

 

 

 

 

Expressed in Cdn$

 

 

 

 

 

 

 

 

 

Cash Available for Distribution

 

17,376

 

7,710

 

33,793

 

26,187

 

 

 

 

 

 

 

 

 

 

 

Total dividends to shareholders

 

18,763

 

16,556

 

37,386

 

33,083

 

 


(1)                                  Excludes construction-in-progress related to our Piedmont biomass project.

(2)                                  Represents business development costs associated with the CPILP acquisition.

(3)                                  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. See “Supplementary Non-GAAP Financial Information”.

 



 

Atlantic Power Corporation

Project Adjusted EBITDA (in thousands of U.S. dollars)

(Unaudited)

 

 

 

Three months ended
June 30,

 

Six months ended
June 30,

 

 

 

2011

 

2010

 

2011

 

2010

 

Project Adjusted EBITDA by individual segment

 

 

 

 

 

 

 

 

 

Auburndale

 

$

11,606

 

$

10,431

 

$

21,919

 

$

19,802

 

Lake

 

8,424

 

7,299

 

16,914

 

14,612

 

Pasco

 

1,469

 

1,002

 

392

 

2,417

 

Path 15

 

7,186

 

7,062

 

13,756

 

14,115

 

Chambers

 

4,307

 

4,141

 

9,031

 

10,129

 

Total

 

32,992

 

29,935

 

62,012

 

61,075

 

Other Project Assets

 

 

 

 

 

 

 

 

 

Selkirk

 

3,206

 

3,526

 

4,314

 

7,056

 

Orlando

 

1,202

 

1,870

 

3,093

 

3,671

 

Cadillac

 

2,644

 

 

4,391

 

 

Gregory

 

956

 

1,428

 

1,728

 

2,283

 

Idaho Wind

 

1,246

 

 

2,051

 

 

Badger Creek

 

41

 

774

 

801

 

1,510

 

Delta Person

 

443

 

540

 

842

 

904

 

Koma Kulshan

 

374

 

434

 

434

 

553

 

Rollcast

 

(306

)

 

(773

)

 

Piedmont

 

(32

)

 

(61

)

 

Topsham

 

 

548

 

 

963

 

Rumford

 

 

1

 

 

(7

)

Other

 

88

 

(530

)

15

 

(733

)

Total Adjusted EBITDA from Other Project Asset segment

 

9,862

 

8,591

 

16,835

 

16,200

 

Total adjusted EBITDA from all Projects

 

42,854

 

38,526

 

78,847

 

77,275

 

Depreciation and amortization

 

17,661

 

16,596

 

35,098

 

32,982

 

Interest Expense, net

 

7,088

 

6,097

 

13,328

 

11,878

 

Change in the fair value of derivative instruments

 

4,826

 

210

 

2,042

 

12,729

 

Other (income) expense

 

248

 

82

 

479

 

281

 

Project income as reported in the statement of operations

 

$

13,031

 

$

15,541

 

$

27,900

 

$

19,405