ATCO Reports Third Quarter Earnings
28 Ottobre 2008 - 1:31PM
Marketwired Canada
ATCO Ltd. (TSX:ACO.X)(TSX:ACO.Y) -
Earnings of $52.3 million ($0.91 per share) for the three months ended September
30, 2008, compared to earnings of $50.1 million ($0.86 per share) for the same
three months in 2007, were reported today by ATCO Ltd. ATCO also reported an
increase in "adjusted earnings" (1) for the third quarter, which excludes
certain items not in the normal course of business or a result of day-to-day
operations. Adjusted earnings for the three months ended September 30, 2008,
were $54.7 million ($0.95 per share) compared to adjusted earnings of $49.2
million ($0.84 per share) for the same three months in 2007.
Earnings for the nine months ended September 30, 2008, were $196.8 million
($3.41 per share) compared to earnings of $187.0 million ($3.21 per share) for
the same nine months in 2007. Adjusted earnings for the nine months ended
September 30, 2008, were $192.9 million ($3.34 per share) compared to adjusted
earnings of $173.9 million ($2.98 per share) for the same nine months in 2007.
Financial
Summary For the For the
and Three Nine
Reconciliation Months Months
of Adjusted Ended Ended
Earnings September 30 September 30
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2008 2007 2008 2007
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($ Millions except per share data) (unaudited)
Reported Earnings 52.3 50.1 196.8 187.0
ATCO Power Mark-to-Market Adjustment 4.0 1.2 0.5 (0.1)
2007 Change in Preferred Share Taxes - - - (10.9)
2007 Changes in Income Taxes & Rates - (2.1) - (2.1)
Reallocation of Post Employment
Benefits - - (2.8) -
Federal Court of Appeal Tax Decision (1.6) - (1.6) -
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Adjusted Earnings (1) 54.7 49.2 192.9 173.9
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Earnings Per Share 0.91 0.86 3.41 3.21
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Adjusted Earnings Per Share (1) 0.95 0.84 3.34 2.98
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Revenues 763.4 605.1 2,359.2 2,126.4
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Funds Generated By Operations (1)(2) 226.0 185.0 676.1 639.4
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(1) This measure is not defined by Generally Accepted Accounting Principles
and may not be comparable to similar measures used by other companies.
(2) This measure is cash flow from operations before changes in non-cash
working capital.
Adjusted earnings for the three months ended September 30, 2008, increased
primarily due to increased international operations in ATCO Structures, lower
share appreciation rights expense resulting from changes in ATCO Class I Share
and Canadian Utilities Class A non-voting share prices since June 30, 2008 and
increased business activity in ATCO Frontec's operations. These increases were
partially offset by lower spark spreads in ATCO Power's and ATCO Resources'
Alberta generating plants, the earnings impact of $2.8 million after
non-controlling interests due to the change in quarterly depreciation expense
allocation in ATCO Gas, and decreased Canadian manufacturing operations in ATCO
Structures.
Adjusted earnings for the nine months ended September 30, 2008, increased
primarily due to increased business activity in ATCO Frontec's operations, lower
share appreciation rights expense resulting from changes in ATCO Class I Share
and Canadian Utilities Class A non-voting share prices since December 31, 2007,
higher margins for natural gas liquids extraction in ATCO Midstream and
increased business activity in ATCO Noise Management. These increases were
partially offset by decreased Canadian manufacturing operations in ATCO
Structures and lower storage fees in ATCO Midstream.
Revenues for the three months ended September 30, 2008, increased primarily due
to the 2007 refund of future income tax balances with a corresponding decrease
in revenues and the impact of higher 2008 Alberta Utilities Commission (AUC)
approved customer rates resulting from the 2007 and 2008 ATCO Electric general
tariff decision (ATCO Electric GTA), increased business activity in ATCO
Frontec's operations, higher natural gas fuel purchases recovered on a
"no-margin" basis and improved merchant operations in ATCO Power's U.K.
operations and AUC approved interim customer rates in ATCO Gas associated with
the 2008 and 2009 general rate application (ATCO Gas Interim Rates). These
increases were partially offset by decreased merchant performance in ATCO
Power's and ATCO Resources' Alberta generating plants and decreased Canadian
manufacturing operations in ATCO Structures.
Revenues for the nine months ended September 30, 2008, increased primarily due
to increased business activity in ATCO Frontec's operations, the 2007 refund of
future income tax balances with a corresponding decrease in revenues and the
impact of higher AUC approved customer rates resulting from the ATCO Electric
GTA and ATCO Gas Interim Rates and the impact of higher franchise fees collected
on behalf of cities and municipalities in ATCO Gas. These increases were
partially offset by decreased Canadian manufacturing operations in ATCO
Structures and lower storage revenues due to the timing and demand of natural
gas storage capacity sold and lower storage fees in ATCO Midstream.
Funds generated by operations for the three months ended September 30, 2008,
increased primarily due to increased cash flow after removal of non-cash items
and increased deferred availability incentives in Alberta Power (2000).
Funds generated by operations for the nine months ended September 30, 2008,
increased primarily due to increased cash flow after removal of non-cash items,
partially offset by an inclusion in 2007 of $18.3 million related to the change
in the taxation of preferred share dividends.
RECENT DEVELOPMENTS
- On October 1, 2008, ATCO Frontec and the Fort McKay First Nation officially
opened the Creeburn Lake Lodge. The 500-room Lodge, located 65 kilometres north
of Fort McMurray, brings much-needed, high quality accommodation to the Alberta
oilsands region.
- On September 30, 2008, ATCO Group announced the launch of ATCO Water, a
company focused on designing, building and operating leading edge water and
wastewater infrastructure and facilities for both industry and municipalities.
- During the third quarter, ATCO Power's construction of its new 45 megawatt
clean natural gas fired power plant in Valleyview was completed ahead of
schedule and under budget bolstering electricity supply in fast-growing
northwestern Alberta.
- On September 9, 2008, ATCO Electric reported that they have reached an
alliance agreement with UK-based Balfour Beatty and Australia-based United Group
Limited to provide engineering, construction, procurement and project management
services to supplement ATCO Electric's own expertise.
- On September 8, 2008, ATCO reported that indirectly owned subsidiary, ATCO
Pipelines, and TransCanada Corporation's wholly owned subsidiary, NOVA Gas
Transmission Ltd., had reached a proposed agreement to provide seamless natural
gas transmission service to customers. The gas transmission model will utilize a
single suite of services to provide integrated gas transmission service which is
expected to add value for customers as a result of efficient service throughout
Alberta.
- On August 18, 2008, ATCO Frontec and the Fort McKay First Nation announced an
agreement to construct and operate a 603-room complex that will provide
accommodations to Albian Sands Energy. The complex will be added to the existing
Barge Landing Lodge built for Suncor earlier this year. Operated under a
services agreement with Albian Sands, this new facility will utilize a common
dining room, games room, fitness centre, meeting rooms and television rooms.
Barge Landing Lodge is located across from the recently opened Creeburn Lake
Lodge on Fort McKay First Nation land.
ATCO Ltd.'s consolidated financial statements, and management's discussion and
analysis of financial condition and results of operations for the three and nine
months ended September 30, 2008, will be available on ATCO Ltd.'s website
(www.atco.com) or via SEDAR (www.sedar.com) or can be requested from the
Corporation.
ATCO Ltd., an Alberta-based worldwide organization of companies with assets of
approximately $8.5 billion and more than 7,800 employees, is comprised of three
main business divisions: Power Generation; Utilities (natural gas and
electricity transmission and distribution) and Global Enterprises (industrial
manufacturing, technology, logistics and energy services).
Forward-Looking Information:
Certain statements contained in this news release may constitute forward-looking
statements. Forward-looking statements are often, but not always, identified by
the use of words such as "anticipate", "plan", "expect", "may", "will",
"intend", "should", and similar expressions. These statements involve known and
unknown risks, uncertainties and other factors that may cause actual results or
events to differ materially from those anticipated in such forward-looking
statements. The Corporation believes that the expectations reflected in the
forward-looking statements are reasonable, but no assurance can be given that
these expectations will prove to be correct and such forward-looking statements
should not be unduly relied upon.
The Corporation's actual results could differ materially from those anticipated
in these forward-looking statements as a result of regulatory decisions,
competitive factors in the industries in which the Corporation operates,
prevailing economic conditions, and other factors, many of which are beyond the
control of the Corporation.
The forward-looking statements contained in this news release represent the
Corporation's expectations as of the date hereof, and are subject to change
after such date. The Corporation disclaims any intention or obligation to update
or revise any forward-looking statements whether as a result of new information,
future events or otherwise, except as required under applicable securities
regulations.
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