|By PR Newswire||
|August 14, 2014 06:53 PM EDT||
OAKVILLE, ON, August 14, 2014 /PRNewswire/ - Algonquin Power & Utilities Corp. (TSX: AQN) ("APUC"), today announced financial results for the second quarter ended June 30, 2014.
- For the second quarter of 2014, revenue was $189.3 million compared to $148.8 million in the second quarter of 2013. The increase in revenue over the same period in 2013 is primarily the result of regulated utility acquisitions including Peach State Gas, New England Gas, and Pine Bluff Water, higher customer demand at EnergyNorth Gas, higher rates at Granite State Electric, and the impact of the stronger U.S. dollar. For the first six months of 2014, APUC generated revenue of $532.4 million as compared to $342.1 million in the first six months of 2013.
- APUC reported net earnings from continuing operations of $15.3 million or $0.06 per share in the second quarter of 2014 compared to net earnings from continuing operations of $15.8 million or $0.07 per share in the second quarter of 2013. APUC reported net earnings from continuing operations of $50.9 million or $0.22 per share as compared to $36.1 million or $0.16 per share for the first six months of 2013.
- APUC reported adjusted net earnings1 of $16.5 million or $0.07 per share in the second quarter of 2014 compared to adjusted net earnings1 of $14.9 million or $0.07 per share in the second quarter of 2013. APUC reported adjusted net earnings1 of $53.3 million or $0.24 per share as compared to $34.5 million or $0.16 per share for the first six months of 2013.
- Adjusted Earnings Before Interest, Taxes, Depreciation & Amortization ("Adjusted EBITDA" 1) was $66.4 million in the second quarter of 2014 compared to $56.4 million in the second quarter of 2013. APUC reported Adjusted EBITDA1 of $164.8 million compared to $119.5 million for the first six months of 2013. The increase in Adjusted EBITDA1 is primarily due to acquisitions completed in 2013, the impact of rate case settlements in the utilities business, and a stronger U.S. dollar.
- On August 14, 2014, APUC's Board of Directors approved a dividend increase from a total annual dividend of CDN $0.34 to a total annual dividend of U.S. $0.35, paid quarterly at a rate of U.S. $0.0875 per common share. Based on the Bank of Canada noon U.S. dollar exchange rate as of August 14, 2014, the change in dividend is an equivalent dividend of CDN $0.382 which represents an approximate 12.4% annual increase. The change in the currency of the dividend better aligns APUC's dividend policy with the currency profile of its cash flows, which are predominantly generated in the U.S.
- During the quarter, significant progress was achieved on the advancement of several of APUC's power development projects.
- Cornwall Solar, APUC's first solar generating station, recorded a full quarter of commercial operations, generating total revenue of $2.4 million.
- Construction of APUC's second solar generating station in Bakersfield, California began during the quarter. The project is expected to commence operations in late 2014 or early 2015.
- Construction is well advanced at the 24 MW St. Damase wind generating station in Quebec. The project is expected to commence operations early in the first quarter of 2015.
- Development of the 23 MW Morse Wind generating station in Saskatchewan continued to progress in the second quarter. Construction has now started with the project expected to commence operations in the first half of 2015.
- During the quarter, APUC received approval from the Georgia Public Service Commission for an annual revenue increase of U.S. $4.7 million at the Peach State Gas System. Additionally, an annual rate increase of U.S. $1.8 million was granted by the Arizona Corporation Commission for the Litchfield Park Service Company.
- On May 30, 2014 APUC's regulated utility business acquired the assets of the White Hall Water System, a regulated water distribution and wastewater treatment utility located in White Hall, Arkansas. The system serves a total of approximately 4,300 customers. The total purchase price for the White Hall Water System assets was approximately U.S. $4.5 million.
- On July 31, 2014, Algonquin Power Co. increased the credit available under the senior unsecured credit facility to $350 million from $200 million. The larger facility will be used to provide additional liquidity in support of Algonquin Power Co.'s development project pipeline.
"Successful execution on our growth strategy has contributed to our strong financial performance in second quarter results, and has allowed our board to increase our dividend by over 12% beginning this quarter," said Ian Robertson, Chief Executive Officer. "I am pleased that we have made significant progress on our St. Damase Wind, Morse Wind and Bakersfield Solar facilities in the second quarter which are expected to bring nearly 70 MW of new renewable power generation to our portfolio in early 2015. We are investing half a billion dollars in our business this year which will allow us to continue to deliver increasing earnings and cash flow to our shareholders."
APUC's supplemental information is available on the web site at www.algonquinpowerandutilities.com.
APUC will hold an earnings conference call at 10:00 a.m. eastern time on Friday, August 15, 2014, hosted by Chief Executive Officer, Ian Robertson and Chief Financial Officer, David Bronicheski.
Conference call details:
Date: Friday, August 15, 2014
Start Time: 10:00 a.m. eastern
Phone Number: Toll free within North America: 1-866-530-1553 or Local 416-847-6330.
For those unable to attend the live call, a digital recording will be available for replay two hours after the call by dialing 1-888-203-1112 or 647-436-0148 access code 6907730 from August 15, 2014 until August 29, 2014.
About Algonquin Power & Utilities Corp.
Algonquin Power & Utilities owns and operates a diversified $3.6 billion portfolio of regulated and non-regulated utilities in North America. The regulated utility business provides water, electricity and natural gas utility services to 485,000 customers through a portfolio of regulated generation, transmission and distribution utility systems. The non-regulated electric generation subsidiary owns or has interests in renewable energy and thermal energy facilities representing more than 1,100 MW of installed capacity. Algonquin Power & Utilities delivers continuing growth through an expanding pipeline of renewable power and clean energy projects, organic growth within its regulated utilities and the pursuit of accretive acquisition opportunities. Common shares and preferred shares are traded on the Toronto Stock Exchange under the symbols AQN, AQN.PR.A and AQN.PR.D. Visit Algonquin Power & Utilities at www.AlgonquinPowerandUtilities.com and follow us on Twitter @AQN_Utilities.
Caution Regarding Forward-Looking Information and non-GAAP Financial Measures
Certain statements included in this news release contain information that is forward-looking within the meaning of certain securities laws, including information and statements regarding prospective results of operations, financial position or cash flows. These statements are based on factors or assumptions that were applied in drawing a conclusion or making a forecast or projection, including assumptions based on historical trends, current conditions and expected future developments. Since forward-looking statements relate to future events and conditions, by their very nature they require making assumptions and involve inherent risks and uncertainties. APUC cautions that although it is believed that the assumptions are reasonable in the circumstances, these risks and uncertainties give rise to the possibility that actual results may differ materially from the expectations set out in the forward-looking statements. Material risk factors include those set out in the management's discussion and analysis section of APUC's most recent annual report, quarterly report, and APUC's Annual Information Form. Given these risks, undue reliance should not be placed on these forward-looking statements, which apply only as of their dates. Other than as specifically required by law, APUC undertakes no obligation to update any forward-looking statements or information to reflect new information, subsequent or otherwise.
(1) Non-GAAP Financial Measures and Use of Non-GAAP Financial Measures
The terms "adjusted net earnings" and Adjusted EBITDA, are used in this press release. The terms "adjusted net earnings" and Adjusted EBITDA are not recognized measures under GAAP. There is no standardized measure of "adjusted net earnings" and Adjusted EBITDA, consequently APUC's method of calculating these measures may differ from methods used by other companies and therefore may not be comparable to similar measures presented by other companies. A calculation and analysis of "adjusted net earnings" and Adjusted EBITDA can be found in the Management's Discussion & Analysis for the quarter ended June 30, 2014.
Adjusted net earnings
Adjusted net earnings is a non-GAAP metric used by many investors to compare net earnings from operations without the effects of certain volatile primarily non-cash items that generally have no current economic impact or items such as acquisition expenses or litigation expenses and are viewed as not directly related to a company's operating performance. Net earnings of APUC can be impacted positively or negatively by gains and losses on derivative financial instruments, including foreign exchange forward contracts, interest rate swaps and energy forward purchase contracts as well as to movements in foreign exchange rates on foreign currency denominated debt and working capital balances. Adjusted weighted average shares outstanding represents weighted average shares outstanding adjusted to remove the dilution effect related to shares issued in advance of funding requirements. APUC uses adjusted net earnings to assess its performance without the effects of (as applicable): gains or losses on foreign exchange, foreign exchange forward contracts, interest rate swaps, acquisition costs, litigation expenses and write down of intangibles and property, plant and equipment, earnings or loss from discontinued operations and other typically non-recurring items as these are not reflective of the performance of the underlying business of APUC. APUC believes that analysis and presentation of net earnings or loss on this basis will enhance an investor's understanding of the operating performance of its businesses. It is not intended to be representative of net earnings or loss determined in accordance with GAAP.
EBITDA is a non-GAAP metric used by many investors to compare companies on the basis of ability to generate cash from operations. APUC uses these calculations to monitor the amount of cash generated by APUC as compared to the amount of dividends paid by APUC. APUC uses Adjusted EBITDA to assess the operating performance of APUC without the effects of (as applicable): depreciation and amortization expense, income tax expense or recoveries, acquisition costs, litigation expenses, interest expense, gain or loss on derivative financial instruments, write down of intangibles and property, plant and equipment, earnings attributable to non-controlling interests and gain or loss on foreign exchange, earnings or loss from discontinued operations and other typically non-recurring items. APUC adjusts for these factors as they may be non-cash, unusual in nature and are not factors used by management for evaluating the operating performance of the company. APUC believes that presentation of this measure will enhance an investor's understanding of APUC's operating performance. Adjusted EBITDA is not intended to be representative of cash provided by operating activities or results of operations determined in accordance with GAAP.
SOURCE Algonquin Power & Utilities Corp.
DevOps Summit 2015 New York, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that it is now accepting Keynote Proposals. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long development cycles that produce software that is obsolete at launch. DevOps may be disruptive, but it is essential.
May. 7, 2015 01:45 AM EDT Reads: 4,567
SYS-CON Events announced today that Liaison Technologies, a leading provider of data management and integration cloud services and solutions, has been named "Silver Sponsor" of SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York, NY. Liaison Technologies is a recognized market leader in providing cloud-enabled data integration and data management solutions to break down complex information barriers, enabling enterprises to make smarter decisions, faster.
May. 7, 2015 01:30 AM EDT Reads: 4,463
The 17th International Cloud Expo has announced that its Call for Papers is open. 17th International Cloud Expo, to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, APM, APIs, Microservices, Security, Big Data, Internet of Things, DevOps and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportunity. Submit your speaking proposal today!
May. 7, 2015 01:15 AM EDT Reads: 3,087
@ThingsExpo has been named the Top 5 Most Influential M2M Brand by Onalytica in the ‘Machine to Machine: Top 100 Influencers and Brands.' Onalytica analyzed the online debate on M2M by looking at over 85,000 tweets to provide the most influential individuals and brands that drive the discussion. According to Onalytica the "analysis showed a very engaged community with a lot of interactive tweets. The M2M discussion seems to be more fragmented and driven by some of the major brands present in the M2M space. This really allows some room for influential individuals to create more high value inter...
May. 7, 2015 12:15 AM EDT Reads: 5,924
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo in Silicon Valley. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 17th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The Internet of Things (IoT) is the most profound change in personal an...
May. 6, 2015 06:30 PM EDT Reads: 984
@ThingsExpo has been named the Top 5 Most Influential Internet of Things Brand by Onalytica in the ‘The Internet of Things Landscape 2015: Top 100 Individuals and Brands.' Onalytica analyzed Twitter conversations around the #IoT debate to uncover the most influential brands and individuals driving the conversation. Onalytica captured data from 56,224 users. The PageRank based methodology they use to extract influencers on a particular topic (tweets mentioning #InternetofThings or #IoT in this case) takes into account the number and quality of contextual references that a user receives.
May. 6, 2015 06:15 PM EDT Reads: 2,757
17th Cloud Expo, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Meanwhile, 94% of enterprises are using some form of XaaS – software, platform, and infrastructure as a service.
May. 6, 2015 04:45 PM EDT Reads: 877
Enterprise IoT is an exciting and chaotic space with a lot of potential to transform how the enterprise resources are managed. In his session at @ThingsExpo, Hari Srinivasan, Sr Product Manager at Cisco, will describe the challenges in enabling mass adoption of IoT, and share perspectives and insights on architectures/standards/protocols that are necessary to build a healthy ecosystem and lay the foundation to for a wide variety of exciting IoT use cases in the years to come.
May. 6, 2015 04:30 PM EDT Reads: 1,311
Avnet, Inc. has announced that it ranked No. 4 on the InformationWeek Elite 100 – a list of the top business technology innovators in the U.S. Avnet was recognized for the development of an innovative cloud-based training system that serves as the foundation for Avnet Academy – the company’s education and training organization focused on technical training around top IT vendor technologies. The development of this system allowed Avnet to quickly expand its IT-related training capabilities around the world, while creating a new service that Avnet and its IT solution providers can offer to their...
May. 6, 2015 02:45 PM EDT Reads: 1,086
SYS-CON Events announced today that B2Cloud, a provider of enterprise resource planning software, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. B2cloud develops the software you need. They have the ideal tools to help you work with your clients. B2Cloud’s main solutions include AGIS – ERP, CLOHC, AGIS – Invoice, and IZUM
May. 6, 2015 12:00 PM EDT Reads: 4,543
It's time to put the "Thing" back in IoT. Whether it’s drones, robots, self-driving cars, ... There are multiple incredible examples of the power of IoT nowadays that are shadowed by announcements of yet another twist on statistics, databases, .... Sorry, I meant, Big Data(TM), tiered storage(TM), complex systems(TM), smart nations(TM), .... In his session at WebRTC Summit, Dr Alex Gouaillard, CTO and Co-Founder of Temasys, will discuss the concrete, cool, examples of IoT already happening today, and how mixing all those different sources of visual and audio input can make your life happier ...
May. 6, 2015 11:15 AM EDT Reads: 782
The WebRTC Summit 2015 New York, to be held June 9-11, 2015, at the Javits Center in New York, NY, announces that its Call for Papers is open. Topics include all aspects of improving IT delivery by eliminating waste through automated business models leveraging cloud technologies. WebRTC Summit is co-located with 16th International Cloud Expo, @ThingsExpo, Big Data Expo, and DevOps Summit.
May. 6, 2015 11:15 AM EDT Reads: 3,263
SYS-CON Events announced today that MangoApps will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY., and the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. MangoApps provides private all-in-one social intranets allowing workers to securely collaborate from anywhere in the world and from any device. Social, mobile, and easy to use. MangoApps has been named a "Market Leader" by Ovum Research and a "Cool Vendor" by Gartner...
May. 6, 2015 11:00 AM EDT Reads: 4,485
The world's leading Cloud event, Cloud Expo has launched Microservices Journal on the SYS-CON.com portal, featuring over 19,000 original articles, news stories, features, and blog entries. DevOps Journal is focused on this critical enterprise IT topic in the world of cloud computing. Microservices Journal offers top articles, news stories, and blog posts from the world's well-known experts and guarantees better exposure for its authors than any other publication. Follow new article posts on Twitter at @MicroservicesE
May. 6, 2015 11:00 AM EDT Reads: 3,010
Containers and microservices have become topics of intense interest throughout the cloud developer and enterprise IT communities. Accordingly, attendees at the upcoming 16th Cloud Expo at the Javits Center in New York June 9-11 will find fresh new content in a new track called PaaS | Containers & Microservices Containers are not being considered for the first time by the cloud community, but a current era of re-consideration has pushed them to the top of the cloud agenda. With the launch of Docker's initial release in March of 2013, interest was revved up several notches. Then late last...
May. 6, 2015 11:00 AM EDT Reads: 4,037
There is no doubt that Big Data is here and getting bigger every day. Building a Big Data infrastructure today is no easy task. There are an enormous number of choices for database engines and technologies. To make things even more challenging, requirements are getting more sophisticated, and the standard paradigm of supporting historical analytics queries is often just one facet of what is needed. As Big Data growth continues, organizations are demanding real-time access to data, allowing immediate and actionable interpretation of events as they happen. Another aspect concerns how to deliver ...
May. 6, 2015 11:00 AM EDT Reads: 5,908
WebRTC defines no default signaling protocol, causing fragmentation between WebRTC silos. SIP and XMPP provide possibilities, but come with considerable complexity and are not designed for use in a web environment. In his session at @ThingsExpo, Matthew Hodgson, technical co-founder of the Matrix.org, discussed how Matrix is a new non-profit Open Source Project that defines both a new HTTP-based standard for VoIP & IM signaling and provides reference implementations.
May. 6, 2015 10:45 AM EDT Reads: 4,512
In his session at WebRTC Summit, Peter Dunkley, Technical Director at Acision, will look at creating interactive communications via the web by adding messaging, file transfer, and group communication (group chat and audio/video conferencing) into the web experience. He will also discuss potential applications of this technology in areas including B2B, B2C, P2P, and gaming. Peter Dunkley is Technical Director at Acision. He graduated from The University of Edinburgh in 2000 with a BSc (Hons) in Computer Science. After graduation Peter worked on a PSTN switch developing signalling stacks for SS...
May. 6, 2015 10:30 AM EDT Reads: 750
The security devil is always in the details of the attack: the ones you've endured, the ones you prepare yourself to fend off, and the ones that, you fear, will catch you completely unaware and defenseless. The Internet of Things (IoT) is nothing if not an endless proliferation of details. It's the vision of a world in which continuous Internet connectivity and addressability is embedded into a growing range of human artifacts, into the natural world, and even into our smartphones, appliances, and physical persons. In the IoT vision, every new "thing" - sensor, actuator, data source, data con...
May. 6, 2015 10:30 AM EDT Reads: 5,511
What if, during a snow emergency, an on-the-ground sensor could automatically trigger a relevant emergency notification related to snowfall and road impact. And then, after it’s triggered, that notification is delivered intelligently to individuals based on an extensive set of rules designed to alert the most available and capable responders. This “what if” question about “smart highways” is short-sighted. We are already there, and we are only getting started. While mainstream attention is paid to machine-to-machine communications, new technologies are being developed to make these communica...
May. 6, 2015 10:26 AM EDT Reads: 637