best new online casino reports first quarter 2015 results
EDMONTON, Alberta – best new online casino Corporation (best new online casino, or the Company) (TSX: CPX) today released financial results for the quarter ended March 31, 2015.
Net income attributable to shareholders in the first quarter of 2015 was million and basic earnings per share attributable to common shareholders was >688_word_end<.41 per share, compared with million, or >688_word_end<.33 per share, in the comparable period of 2014. Normalized earnings attributable to common shareholders in the first quarter of 2015, after adjusting for one-time items and fair value adjustments, were million or >688_word_end<.32 per share compared with million or >688_word_end<.32 per share in the first quarter of 2014. Net cash flows from operating activities were 7 million in the first quarter of 2015 compared with million in the first quarter of 2014. best new online casino were 8 million in the first quarter of 2015, up 17%, on a comparable basis, from million in the first quarter of 2014.
“Despite cyclical price lows in Alberta’s power market, best new online casino’s financial results for the first quarter were in line with expectations,” said Brian Vaasjo, President and CEO of best new online casino. “This performance reflects both excellent operating availability across the fleet, and the hedging of a significant portion of best new online casino’s Alberta electricity production in anticipation of lower power prices during the bottom of the Alberta power market cycle.”
“Alberta spot power prices averaged per megawatt-hour due to increased generation from the Shepard Energy Centre and other wind facilities, warmer weather, and lower market demand,” said Mr. Vaasjo. ”A significant percentage of generation from best new online casino’s Alberta baseload plants in 2015 was hedged in the range of mid- per megawatt-hour, well above the average spot price in the first quarter.”
Normalized earnings per share of >694_word_end<.32 are unchanged from the first quarter a year ago when Alberta best new online casino prices averaged per megawatt-hour.
“Our operating performance in the first quarter was excellent, highlighted by an average plant availability of 98 per cent,” added Mr. Vaasjo. “We generated 8 million in best new online casino in the first quarter and remain on track to meet the lower end of our 5 to 5 million target range.”
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Operational and best new online casino Highlights 1
(unaudited)
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Three months ended
March 31
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| (millions of dollars except best new online casino and operational amounts) | 2015 | 2014 |
| Electricity generation (excluding acquired Sundance PPA) (GWh) | 3,398 | 3,241 |
| Generation plant availability (excluding acquired Sundance PPA) (%) | 98 | 94 |
| Revenues | 8 | 8 |
| Adjusted EBITDA(2) | 7 | 3 |
| Net best new online casino | | |
| Net income attributable to shareholders of best new online casino | ||
| Normalized earnings attributable to best new online casino shareholders(2) | | |
| Basic and diluted earnings best new online casino | >807_word_end<.41 | >809_word_end<.33 |
| Normalized earnings best new online casino(2) | >819_word_end<.32 | >821_word_end<.32 |
| best new online casino(2) | 8 | |
| Purchase of property, plant and equipment and best new online casino assets | | |
| Dividends best new online casino common share, declared | >847_word_end<.340 | >849_word_end<.315 |
1 The operational and best new online casino highlights in this press release should be read in conjunction with Management’s Discussion and Analysis and the audited Consolidated best new online casino Statements for the three months ended March 31, 2015.
2 Earnings before finance expense, income tax expense, depreciation and amortization, impairments, foreign exchange losses, and gains on disposals (adjusted EBITDA), normalized earnings attributable to common shareholders, normalized earnings per share and best new online casino are non-GAAP financial measures and do not have standardized meanings under GAAP and are, therefore, unlikely to be comparable to similar measures used by other enterprises. See Non-GAAP Financial Measures.
Significant Events
Approval of normal course issuer bid and suspension of Dividend Re-investment Plan
On March 25, 2015, best new online casino’s normal course issuer bid to purchase and cancel up to 5 million of its outstanding common shares during the one-year period from April 7, 2015 to April 6, 2016 was approved by the Toronto Stock Exchange. Effective with the expected June 30, 2015 dividend, best new online casino also announced that its Dividend Re-investment Plan (DRIP) for its common shares will be suspended until further notice. Shareholders participating in the DRIP will begin receiving cash dividends on the expected July 31, 2015 payment date.
Shepard Energy Centre begins commercial best new online casino
On March 11, 2015, best new online casino and ENMAX Corporation announced that Shepard Energy Centre is now fully operational and capable of generating over 800 MW of electricity to the Alberta grid. best new online casino became a 50% owner of this natural gas facility in 2012 and its final construction costs are expected to be 4 million which includes an accrued performance bonus due to the turbine manufacturer.
Executive appointments
best new online casino and the Board of Directors announced the appointments of Bryan DeNeve to the executive position of Senior Vice President, Finance and Chief Financial Officer and Stuart Lee to the executive position of Senior Vice President Corporate Development and Commercial Services effective May 1, 2015. Mr. DeNeve and Mr. Lee formerly held the positions of Senior Vice President Corporate Development and Commercial Services and Senior Vice President, Finance and Chief Financial Officer, respectively.
Subsequent Event
Secondary offering of best new online casino shares by EPCOR
On April 2, 2015, EPCOR exchanged 9.450 million of its exchangeable common limited partnership units in best new online casino L.P (CPLP) for common shares of best new online casino on a one-for-one basis and sold 9.450 million common shares of best new online casino to the public pursuant to a secondary offering at .85 per common share. best new online casino did not receive any of the proceeds from EPCOR’s sale of common shares. These transactions reduced EPCOR’s ownership interest in CPLP to 9.1% from its interest of 18% at March 31, 2015. EPCOR then exchanged all of its remaining outstanding exchangeable common limited partnership units in CPLP for common shares of best new online casino (the exchange). After giving effect to the secondary offering and exchange, EPCOR owns approximately 9.1% of the common shares of best new online casino. EPCOR has advised that it plans to eventually sell all or a substantial portion of its remaining interest in best new online casino, subject to market conditions, based on its requirements for capital and other circumstances that may arise in the future. In connection with the offering and exchange, the Registration Rights Agreement between best new online casino and EPCOR was terminated. Thus, the Company will no longer be obligated to assist EPCOR in making a secondary offering and any future sales of common shares by EPCOR will be completed by other means.
In connection with the changes, EPCOR no longer may appoint any directors to best new online casino’s Board of Directors after the Company’s annual general meeting of shareholders on April 24, 2015.
The debt payable to EPCOR, as at March 31, 2015, of 4 best new online casino is recorded as current since EPCOR may, by advance written notice, require repayment of all or any portion of the outstanding principal amount of this debt and accrued interest thereon.
best new online casino intends to review the structure of CPLP with the goal of simplifying the organization structure and reporting, and reducing costs associated with CPLP, including audit, legal, board, management and filing expenses.
Analyst Conference Call and Webcast
best new online casino will be hosting a conference call and live webcast with analysts on April 27, 2015 at 11:00 AM (ET) to discuss its first quarter results. The conference call dial-in numbers are:
(604) 681-8564 (Vancouver)
(403) 532-5601 (Calgary)
(416) 623-0333 (Toronto)
(514) 687-4017 (Montreal)
(855) 353-9183 (toll-free best new online casino Canada and USA)Participant access code for the call: 21543#
A replay best new online casino conference call will be available following the call at: (855) 201-2300 (toll-free) and entering conference reference number 1176897# followed by participant code 21543#. The replay will be available until July 26, 2015.
Interested parties may also access the live webcast on best new online casino’s website at www.capitalpower.com with an archive best new online casino webcast available following the conclusion best new online casino analyst conference call.
Non-GAAP best new online casino Measures
The Company uses (i) adjusted EBITDA, (ii) best new online casino, (iii) cash flow per share, (iv) discretionary cash flow, (v) normalized earnings attributable to common shareholders, and (vi) normalized earnings per share as financial performance measures. These terms are not defined financial measures according to GAAP and do not have standardized meanings prescribed by GAAP, and are, therefore, unlikely to be comparable to similar measures used by other enterprises. These measures should not be considered alternatives to gross income, net income, net income attributable of shareholders of the Company, net cash flows from operating activities or other measures of financial performance calculated in accordance with GAAP. Rather, these measures are provided to complement GAAP measures in the analysis of the Company’s results of operations from management’s perspective. Reconciliations of adjusted EBITDA to gross income, operating income and net income, best new online casino to net cash flows from operating activities and normalized earnings attributable to common shareholders to net income attributable to shareholders of the Company are contained in the Company’s Management’s Discussion and Analysis, prepared as of April 23, 2015, for the three months ended March 31, 2015 which is available under the Company’s profile on SEDAR at www.SEDAR.com.
Forward-looking best new online casino
Forward-looking information or statements included in this press release are provided to inform the Company’s shareholders and potential investors about management’s assessment of best new online casino’s future plans and operations. This information may not be appropriate for other purposes. The forward-looking information in this press release is generally identified by words such as will, anticipate, believe, plan, intend, target, and expect or similar words that suggest future outcomes.
Material forward-looking information in this press release includes expectations regarding: (i) funds from operations, and (ii) Shepard Energy Centre best new online casino costs.
These statements are based on certain assumptions and analyses made by the Company in light of its experience and perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate. The material factors and assumptions used to develop these forward-looking statements relate to: (i) electricity and other energy prices, (ii) performance, (iii) business prospects and opportunities including expected growth and best new online casino projects, (iv) status and impact of policy, legislation and regulation, and (v) effective tax rates.
Whether actual results, performance or achievements will conform to the Company’s expectations and predictions is subject to a number of known and unknown risks and uncertainties which could cause actual results and experience to differ materially from the Company’s expectations. Such material risks and uncertainties are: (i) changes in electricity prices in markets in which the Company operates, (ii) changes in energy commodity market prices and use of derivatives, (iii) regulatory and political environments including changes to environmental, financial reporting and tax legislation, (iv) power plant availability and performance including maintenance of equipment, (v) ability to fund current and future best new online casino and working best new online casino needs, (vi) acquisitions and developments including timing and costs of regulatory approvals and construction, (vii) changes in market prices and availability of fuel, and (viii) changes in general economic and competitive conditions. See Risks and Risk Management in the Company’s Management’s Discussion and Analysis, prepared as of February 20, 2015, for further discussion of these and other risks.
Click here to view the management’s discussion and analysis and consolidated best new online casino statements.