ATCO Reports First Quarter Earnings of $94.6 Million
01 Maggio 2009 - 2:26PM
Marketwired Canada
ATCO Ltd. (TSX:ACO.X)(TSX:ACO.Y)
Earnings of $94.6 million ($1.64 per share) for the three months ended March 31,
2009, compared to earnings of $92.5 million ($1.60 per share) for the same three
months in 2008, were reported today by ATCO Ltd.
ATCO Ltd. also reported an increase in "adjusted earnings"(1) for the first
quarter, which excludes certain items not in the normal course of business or
day to day operations. Adjusted earnings for the three months ended March 31,
2009 were $96.1 million ($1.66 per share) compared to adjusted earnings of $92.3
million ($1.60 per share) for the same three months in 2008.
RECENT DEVELOPMENTS DURING THE FIRST QUARTER
- ATCO Power along with the Government of Western Australia announced the start
of construction of a new 86 megawatt power station in Karratha which will be the
most efficient gas-fired power station in the region.
- ATCO I-Tek announced that it entered into a strategic relationship with Wipro,
a large, multi-national service provider to provide joint delivery of some
customer care services and to pursue new opportunities to the utility business
process outsourcing market.
- ATCO Gas announced that along with the Town of Viking and Beaver County,
Alberta, they opened the new geothermal Viking Operations Centre.
- ATCO Electric, ATCO Gas, ATCO Power and ATCO Midstream, announced that they
are providing support to a much-needed fire-rescue training centre in High
Prairie. The centre will provide hands-on and practical training for emergency
rescue personnel throughout Northwestern Alberta.
Financial Summary and Reconciliation For the Three Months
of Adjusted Earnings Ended March 31
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2009 2008
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($ Millions except per share data) Unaudited
Reported Earnings 94.6 92.5
ATCO Power Mark-to-Market Adjustment 1.5 (0.2)
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Adjusted Earnings(1) 96.1 92.3
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Earnings Per Share 1.64 1.60
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Adjusted Earnings Per Share(1) 1.66 1.60
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Revenues 875.1 834.5
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Funds Generated By Operations(1)(2) 279.0 280.6
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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 March 31, 2009, increased primarily
due to increased international operations and the impact of a settlement
completed in the first quarter of 2009 relating to the cancellation of a
workforce housing camp for the Fort Hills Energy Limited Partnership in ATCO
Structures (Fort Hills Settlement). Also contributing to higher Adjusted
Earnings was the impact of higher earnings associated with increased investment
in transmission infrastructure in Alberta in ATCO Electric, the impact of the
2008/2009 general rate application decision in ATCO Gas (ATCO Gas GRA), the
impact of the ATCO Pipelines' negotiated settlement decision for 2008 and 2009
(ATCO Pipelines Negotiated Settlement), increased generation due to favourable
merchant conditions in ATCO Power's United Kingdom (U.K.) operations, the end of
the 2007/2008 Barking outage in March 2008 and increased business activity in
ATCO Frontec's operations. These increases were partially offset by decreased
Canadian manufacturing operations in ATCO Structures, the 2008 recognition of
insurance proceeds from the 2007/2008 Barking outage in ATCO Power's U.K.
operations, the timing and demand for natural gas storage resulting in lower
storage fees and lower margins for natural gas liquids (NGL) extraction in ATCO
Midstream.
Revenues for the three months ended March 31, 2009, increased primarily due to
increased international operations and the impact of the Fort Hills Settlement
in ATCO Structures, increased business activity in ATCO Frontec's operations,
Alberta Utilities Commission (AUC) approved interim customer rates in ATCO
Electric, the impact of the ATCO Gas GRA, and the ATCO Pipelines Negotiated
Settlement. Also contributing to increased revenues were higher natural gas
fuel purchases recovered on a "no-margin" basis, higher generation and higher
availability resulting from the return to service of the Barking generating
plant in March 2008 and favourable merchant conditions in ATCO Power's U.K.
operations. These increases were partially offset by decreased Canadian
manufacturing operations in ATCO Structures, the timing and demand for natural
gas storage resulting in lower storage fees and lower NGL prices in ATCO
Midstream, the 2008 recognition of insurance proceeds from the 2007/2008 Barking
outage in ATCO Power's U.K. operations, and the impact of applying new
accounting standards in ATCO Electric, ATCO Gas and ATCO Pipelines relating to
the recognition of revenues for rate regulated assets. These new accounting
standards pertain to the recognition of revenues, and depreciation expense and
had no impact on earnings.
Funds generated by operations for the three months ended March 31, 2009, were
essentially unchanged from the prior year.
ATCO Ltd.'s consolidated financial statements and management's discussion and
analysis of financial condition and results of operations for the three months
ended March 31, 2009, 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 $9.8 billion and more than 7,700 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
information. Forward-looking information is often, but not always, identified by
the use of words such as "anticipate", "plan", "estimate", "expect", "may",
"will", "intend", "should", and similar expressions. Forward-looking information
involves 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 information. The Corporation believes that the expectations
reflected in the forward-looking information are reasonable, but no assurance
can be given that these expectations will prove to be correct and such
forward-looking information should not be unduly relied upon.
Any forward-looking information contained in this news release represents the
Corporation's expectations as of the date hereof, and is subject to change after
such date. The Corporation disclaims any intention or obligation to update or
revise any forward-looking information whether as a result of new information,
future events or otherwise, except as required by applicable securities
legislation.
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