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Great Lakes Hydro Income Fund Reports Record Second Quarter Results
STOCK SYMBOL: GLH.UN/TSX GATINEAU, QC, July 29 /CNW Telbec/ - Great Lakes Hydro Income Fund today...
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[{"type":"text","content":"\n\n\n\nSTOCK SYMBOL: GLH.UN/TSX\n\n\nGATINEAU, QC, July 29 /CNW Telbec/ - Great Lakes Hydro Income Fund today\nreported its financial and operating results for the second quarter ended\nJune 30, 2008. The Fund provides additional information on its strategy and\nresults in its Letter to Unitholders and Supplemental Information available at\nwww.greatlakeshydro.com under Investor Relations/Financial Highlights.\n\n\nGeneration, revenues and income before non-cash items were the highest of\nany quarter since the Fund's inception. Generation for the quarter was\n1,260 gigawatt hours (GWh), representing increases of 328 GWh and 149 GWh over\nthe second quarter of 2007 and the long-term average, respectively. These very\nstrong results were mainly due to above-average water inflows in the Quebec,\nOntario and New England regions combined with favorable opening reservoirs\nleading into the quarter. The Ontario region was the largest contributor to\nthe increase, with generation and revenues more than doubling relative to the\nsecond quarter of 2007. Generation in Quebec also achieved an all-time high\ndespite the continued outage at Cedar Dam, which is now expected to be back in\nservice in early fall.\n\n\nSecond quarter revenues of $56.6 million and income before non-cash items\nof $31.4 million increased by 37% and 74%, respectively, from the same period\na year earlier. Second quarter distributions to unitholders totaled\n$15.1 million or 31.3 cents per unit.\n\n\n"We are very pleased to report these excellent results and our second\nconsecutive quarter of record generation," said Richard Legault, President and\nChief Executive Officer. "Hydrology conditions have been very favorable\noverall and the reservoirs in each of our operating regions are\nwell-positioned going into the third quarter. We continue to expect long-term\naverage generation for the rest of the year and remain focused on those\nelements within our control, such as managing and maintaining our assets to\noptimize their performance independent of hydrology conditions."\n\n\nFinancial and Operating Highlights\n\n\n-------------------------------------------------------------------------\nUnaudited Three months Six months\nCDN $ millions, ended June 30 ended June 30\n except otherwise noted 2008 2007 2008 2007\n----------------------------------...