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
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