Maxim Power Corp. Announces 2015 Financial and Operating Results
CALGARY, ALBERTA -- (Marketwired) -- Mar 28, 2016 --
Maxim Power Corp. (
TSX:
MXG) ("MAXIM" or the "Corporation") announced today the release of financial and operating results for the fourth quarter ended and year ended December 31, 2015. The audited consolidated financial statements, accompanying notes and Management Discussion and Analysis will be available on SEDAR and on MAXIM's website on March 28, 2016. All figures reported herein are Canadian dollars unless otherwise stated.
FINANCIAL HIGHLIGHTS
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Three Months Ended Twelve Months Ended
December 31 December 31
($ in thousands except per
share amounts) 2015 2014 2015 2014
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Revenue $ 32,792 $ 30,437 $ 123,045 $ 142,915
Adjusted EBITDA (1) 8,219 (1,401) 19,501 14,998
Adjusted net loss (1) (2,305) (6,588) (18,227) (8,121)
Per share - basic and diluted $ (0.04) $ (0.12) $ (0.34) $ (0.15)
Net loss attributable to
shareholders (65,155) (6,860) (77,418) (9,113)
Per share - basic and diluted $ (1.20) $ (0.13) $ (1.43) $ (0.17)
FFO(2) 4,444 (90) 10,263 13,600
Per share - basic and diluted $ 0.08 $ - $ 0.19 $ 0.25
Electricity Deliveries (MWh) 252,595 249,252 788,092 1,010,811
Net Generation Capacity (MW)
(3) 778 776 778 776
Average Alberta market power
price
($ per MWh) $ 21.19 $ 30.47 $ 33.34 $ 49.42
Average Milner realized power
price
($ per MWh) $ 22.52 $ 36.49 $ 64.33 $ 64.10
Average Northeast U.S. realized
power
price (US$ per MWh) $ 41.83 $ 81.78 $ 61.85 $ 139.51
(1) Select financial information was derived from the audited consolidated
financial statements and is prepared in accordance with GAAP, except
adjusted EBITDA and adjusted net loss. 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 loss is used to compare MAXIM's results among reporting
periods without consideration of unrealized gains and losses and to
evaluate MAXIM's performance attributable to shareholders. Adjusted
EBITDA and adjusted net loss do not have any standardized meaning
prescribed by GAAP and may not be comparable to similar measures
presented by other companies.
(2) Funds from operating activities before changes in working capital
("FFO") is an Additional GAAP measure provided to assist management and
investors in determining the Corporation's cash flows generated from
operations before the cash impact of working capital fluctuations.
(3) Generation capacity is manufacturer's nameplate capacity, net of
minority ownership interests of third parties and uncontracted capacity
on contracted generating facilities.
