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Great Lakes Hydro Income Fund Announces 2005 Fourth Quarter and Year End Results - Strong fourth quarter results
Great Lakes Hydro Income Fund Announces 2005 Fourth Quarter and Year End Results - Strong fourth quarter results.
About this update from Brookfield Renewable Partners Lp
[{"type":"text","content":"\n\n\n\n\nSTOCK SYMBOL: GLH.UN/TSX\n\nGATINEAU, QC, Feb. 7 /CNW Telbec/ - Great Lakes Hydro Income Fund\n(GLH.UN: TSX) today announced financial results for the fourth quarter and\nyear ended December 31, 2005.\nRevenue generated from operations in the fourth quarter totalled\n$39.2 million compared to $30.2 million for the same period in 2004. The\nstrong performance in the fourth quarter was a result of above average water\ninflows that positively impacted generation, which totalled 190 gigawatts\nhigher than the same period last year, and further supports the strength of\nthe Fund's geographic diversification strategy. Revenue for the full year\ntotalled $154.5 million compared to $166.6 million for last year.\nIncome before non-cash and special items totalled $17.0 million for the\nfourth quarter compared to $8.3 million for the same period last year. For the\nyear, income before non-cash and special items totalled $69.5 million compared\nto $78.8 million in 2004.\nDuring the fourth quarter, the Fund completed three initiatives that will\nincrease value to unitholders:\n- The installation of two new generating units at the existing Cedar\n Dam, on the LiGevre River in QuDebec, was completed and both units were\n commissioned in December 2005.\n- The overhaul of each of the four generating units and conversion of\n the generators to 60 Hz at the Weldon Generating Station, located on\n the Penobscot River in Maine, was completed and commissioned at the\n end of November 2005.\n- The successful refinancing of long-term debt related to the QuDebec\n facilities, extending the average duration of the Fund's long-term\n debt and reducing annual financing costs.\n\n\"We are pleased with above average hydrology conditions during the fourth\nquarter, enabling the Fund to end the year with reservoirs well above expected\nlevels and putting the Fund in a good position to start 2006,\" said Richard\nLegault, President and Chief Executive Officer.\n\n>\n\nForward-Looking Statements\n\nThis new release may contain forward-looking statements concerning the\nGreat Lakes Hydro Income Fund (\"Fund\") business and operations. Forward\nlooking statements can be identified by the use of words, such as \"plans\",\n\"expects\", or \"does not expect\", \"is expected\", \"budget\", \"scheduled\",\n\"estimates\", \"forecasts\", \"intends\", \"anticipa...