Maxim Power Corp. (TSX:MXG) ("MAXIM" or the "Corporation") announced today the
release of financial and operating results for its fourth quarter and year ended
December 31, 2012. The audited financial statements, accompanying notes and
Management Discussion and Analysis will be available on SEDAR and on MAXIM's
website on March 22, 2013. All figures reported herein are Canadian dollars
unless otherwise stated.


FINANCIAL HIGHLIGHTS



                                   Three Months Ended    Twelve Months Ended
                                         December 31,           December 31,
($ in thousands except per share                                            
 amounts)                              2012      2011        2012       2011
Net revenue (1)                    $ 51,155  $ 44,816   $ 156,609  $ 155,290
Adjusted EBITDA (1)                   9,642    11,304      34,901     38,826
Adjusted net income (1)                 566     4,191      10,513     10,164
 Per share - basic and diluted       $ 0.01    $ 0.08      $ 0.19     $ 0.19
Net income attributable to                                                  
 shareholders                         1,372    (1,555)      3,625     15,316
 Per share - basic and diluted       $ 0.03   $ (0.03)     $ 0.07     $ 0.28
Funds from operations (2)             8,270    11,489      33,936     38,801
 Per share - basic and diluted       $ 0.15    $ 0.21      $ 0.63     $ 0.72
Electricity Deliveries (MWh)        321,530   295,420   1,156,522  1,203,227
Net Generation Capacity (MW) (3)        804       815         804        815
Average Alberta Power Prices ($                                             
 per MWh)                           $ 78.70   $ 76.07     $ 64.31    $ 76.21
Average Milner Realized                                                     
 Electricity Price ($ per MWh)      $ 98.21   $ 89.12     $ 90.78    $ 80.12
                                                                            
(1) Select financial information was derived from the audited 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 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.                                                           
(3) Generation capacity is manufacturer's nameplate capacity net of minority
    ownership interests of third parties.                                   



OPERATING RESULTS 

During the fourth quarter of 2012, net revenue increased primarily due to
increased demand in the Northeast US as well as continued growth in France. Net
income attributable to shareholders further increased primarily due to
recognizing an unrealized gain on the derivative coal contract in 2012 as
opposed to a loss in 2011. 


Adjusted EBITDA, adjusted net income and funds from operations decreased in the
fourth quarter of 2012 compared to 2011. The decrease is primarily due to
remarketing coal from Milner for a gain on the derivative coal contract in 2011
as opposed to nil in 2012. 


On a year to date basis, net revenue and adjusted net income improved in 2012
when compared to 2011. The increases in these financial measures are primarily
due to the same factors impacting the fourth quarter. 


On a year to date basis, adjusted EBITDA, funds from operations and net income
attributable to shareholders declined in 2012 when compared to 2011. The
decrease in these financial measures is primarily due to the same factors
impacting the fourth quarter. Net income attributable to shareholders further
decreased primarily due to recognizing an unrealized loss on the derivative coal
contract in 2012 as opposed to a gain in 2011.


DIVESTMENTS 

During the fourth quarter of 2012, MAXIM appointed financial advisors to review
the Corporation's investments in the United States and France in order to
identify options to maximize shareholder value. Credit Suisse Securities (USA)
LLC has been engaged as financial advisor with respect to MAXIM's investments in
the United States and HSBC Bank plc has been engaged as financial advisor with
respect to MAXIM's investments in France. The evaluation of these initiatives is
ongoing.


GROWTH INITIATIVES 

Summit Coal Limited Partnership ("SUMMIT") Mine 14 Project 

During 2012, SUMMIT acquired two additional coal leases adjacent to its Mine 14
project, which is located north of Grande Cache, Alberta, advanced the
development all of the Mine 14 project, and acquired an additional coal lease
for a potential new property, Mine 16S. SUMMIT's lease holdings increased by
140% to 6,669 hectares following these additions. SUMMIT has since completed the
2012 exploration program for Mine 14 and reported the results in an updated NI
43-101 Technical Report filed on SEDAR on March 21, 2013. Current estimates for
Mine 14, which includes the two additional adjacent leases, are 18.9 million
tonnes of low-mid volatile metallurgical coal reserves with a mine life of 17
years. Mine 16S is located 30 kilometers northwest of the Mine 14 leases and
represents 1,792 hectares or 29% of SUMMIT's total area of leases. An NI 43-101
Technical Report has not been prepared for the Mine 16S property. 


SUMMIT has previously entered into a ten-year terminal services agreement with
Ridley Terminals Inc., commencing January 1, 2015. This agreement provides
SUMMIT with firm terminal capacity and terminal processing services to enable
SUMMIT's proposed coal production to access the valuable seaborne metallurgical
coal market. Signing this agreement reduces development risk as SUMMIT advances
to the construction phase of its Mine 14 project. In addition to this, SUMMIT
has secured firm 2014 delivery dates for critical mining equipment. During the
fourth quarter of 2012, SUMMIT amended the agreement with the mining equipment
supplier to allow for an extension for delivery to 2014. 


SUMMIT plans to spend additional funds in 2013 on a further deposit for mining
equipment and approvals to construct and operate a coal beneficiation plant as
well as amend the existing ERCB mine license in order to increase annual coal
production. SUMMIT anticipates receiving the mine license amendment and coal
beneficiation plant approvals in the second quarter of 2013.  


The Corporation considers the advancement of the M14 and M16S development
projects strategic for MAXIM in part because of the value of metallurgical coal
and in part due to Milner's ability to utilize tailings and lower quality fuels,
which are by-products of the beneficiation of coal, to produce electricity.
Despite the recent drop in quarterly pricing for metallurgical coal, the
long-run average price forecast is expected to remain strong, which will allow
for the economically viable development of SUMMIT.


Deerland Peaking Station ("D1") 

MAXIM is actively pursuing commercial arrangements that will allow for the
construction of the 190 MW D1 Station to commence during 2013. In the second
quarter of 2012, MAXIM entered into an agreement to secure firm natural gas
transportation services for D1. MAXIM had previously received regulatory
approvals to construct and operate D1. The D1 site is located near Bruderheim in
Alberta's Industrial Heartland, and it is in close proximity to the entry point
of the proposed Gateway pipeline and adjacent to the existing Deerland high
voltage substation. This area is expected to experience significant growth in
electrical demand. D1 is the only permitted peaking development project in the
province of Alberta as at the date of this press release. This project is
attractive due to an anticipated contraction of reliable base load supply in the
Alberta power market. As such, MAXIM expects peaking requirements across Alberta
to continue to grow to meet increasing demand and to provide firm backup for
additional intermittent wind resources. 


Milner Expansion ("M2") 

The AUC has granted MAXIM approval to develop a 500 MW generating facility
adjacent to the existing 150 MW generating facility ("M1"). A lengthy public
consultation and regulatory process culminated in the project's final approval
by the AUC on August 10, 2011. On September 12, 2012 the Government of Canada
enacted new greenhouse gas legislation that limits the amount of carbon dioxide
emitted by coal-fired generation facilities. MAXIM is examining ways to meet the
new standards including a natural-gas fired facility. All aspects are presently
being studied to determine the most viable and effective course of action. The
Corporation incurred costs in 2012 related to engineering studies and consulting
costs for the Milner expansion. Additional funds will be incurred in 2013 on
AESO studies, consulting costs, and permit amendments. 


Buffalo Atlee ("B1") 

MAXIM acquired the B1 Power Project, situated near Brooks, Alberta, through an
amalgamation with EarthFirst Canada Inc. This project has the potential for
development of over 200 MW of wind generation capacity. Wind data has been
collected on the site for approximately five years and supports project
development based on higher power prices than those realized during recent
months. MAXIM holds an exploratory Crown land permit with a term of five years,
expiring on January 1, 2016. The addition of wind generation to MAXIM's existing
portfolio of assets will diversify MAXIM's generation fuel types and provide the
potential to offset the impact of the new greenhouse gas legislation. 


CONFERENCE CALL FOR 2012 RESULTS 

MAXIM will host a conference call for analysts and investors on Wednesday, March
27, 2013 at 10:00 am MT. The call will be hosted by John Bobenic, MAXIM's
President and Chief Executive Officer, and by Mike Mayder, Vice President,
Finance and Chief Financial Officer. To participate in this conference call,
please dial (877) 240-9772 or (416) 340-8530 in the Toronto area. It is
recommended that participants call at least ten minutes prior to start time. 


A recording of the conference call will be available from March 23, 2013 to
March 29, 2013. To access the replay, dial (800) 408-3053 or (905) 694-9451
followed by the passcode 6268053. In addition, the recording will be available
commencing March 23, 2013 in the Investor Relations section of MAXIM's website
at www.maximpowercorp.com. 


About MAXIM 

Based in Calgary, Alberta, MAXIM is an independent power producer, which
acquires or develops, owns and operates innovative and environmentally
responsible power and power related projects. MAXIM currently owns and operates
41 power plants in western Canada, the United States and France, having 806 MW
of electric generating capacity. MAXIM trades on the TSX under the symbol "MXG".
For more information about MAXIM, visit our website at www.maximpowercorp.com.


Statements in this release which describe MAXIM's intentions, expectations or
predictions, or which relate to matters that are not historical facts are
forward-looking statements. These forward-looking statements involve known and
unknown risks and uncertainties which may cause the actual results, performances
or achievements of MAXIM to be materially different from any future results,
performances or achievements expressed in or implied by such forward-looking
statements. MAXIM may update or revise any forward-looking statements, whether
as a result of new information, future events or changing market and business
conditions and will update such forward-looking statements as required pursuant
to applicable securities laws.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Maxim Power Corp.
John R. Bobenic
President and CEO
(403) 750-9300


Maxim Power Corp.
Michael R. Mayder
Vice President, Finance and CFO
(403) 750-9311

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