STOCK SYMBOL: GLH.UN/TSX GATINEAU, May 2 /CNW Telbec/ - Great Lakes Hydro Income Fund (GLH.UN: TSX) today announced results for the first quarter ended March 31, 2005. - Revenues during the first quarter totalled $40.5 million, compared to $51.0 million for the same period last year. The decrease in revenue quarter over quarter reflects generation in the first quarter of 2004 that was well above long-term average resulting from strong inflows in all regions. In 2005, overall water conditions are more in line with the Fund's long-term average with generation of 922 GWh for the quarter. Lower generation in Ontario was offset by better generation in New England and British Columbia. - Income before non-cash items totalled $18.9 million during the first quarter of 2005, compared to $28.7 million in the first quarter last year. Net income totalled $10.8 million for the first quarter, compared to $19.4 million in 2004. "I am pleased to report another solid quarter where we achieved long-term average in generation and maintained stable distributions to unitholders. With a positive track record of value enhancing initiatives undertaken in the last two years that delivered $4 million in annualized cash flow in 2004, we expect that our continued focus on the completion of the projects we have under way in 2005 to strengthen our financial position and expand our operations, adding approximately $3.0 million to our cash flow in 2006. Looking ahead, we will continue to invest in maintaining and improving the value of our assets and to look for opportunities to enhance our power business," said Richard Legault, President and Chief Executive Officer. << 2005 Financial and Operating Highlights ------------------------------------------------------------------------- Unaudited Three months ended March 31 (CDN$ thousands, except where noted) 2005 2004 (1) ------------------------------------------------------------------------- Revenues $ 40.5 $ 51.0 Income before non-cash items 18.9 28.7 Net income 10.8 19.4 Distribution 14.7 14.5 Per unit Net income 0.22 0.40 Income before non-cash items 0.39 0.59 Power generated (GWh) 922 1,154 Average price-cents (cents/KWh) 4.4 4.4 ------------------------------------------------------------------------- ------------------------------------------------------------------------- >> (1) As a result of the adoption of accounting guideline 15, Great Lakes Hydro Income Fund is now fully consolidating Powell River Energy. All prior period financial comparatives and the unaudited consolidated quarterly financial statements included have been restated. DISTRIBUTIONS A distribution of $10.125 cents per unit per month thus far in 2005 for all unitholders exceeds the comparative March 31, 2004 year-to-date distributions. November 1, 2004, the Fund announced a raise in distributions to unitholders commencing in January 2005 from 10 cents/unit/month to 10.125 cents/unit/month. This will result in the 2005 annual distribution total to unitholders of $58.7 million, as compared to $57.9 million in 2004. The schedule below sets out cash distribution history for the last six months: << RECORD DATE PAYMENT DATE DISTRIBUTION PER UNIT ------------------------------------------------------------------------- April 30, 2005 May 31, 2005 10.125 cents March 31, 2005 April 30, 2005 10.125 cents February 28, 2005 March 31, 2005 10.125 cents January 31, 2005 February 28, 2005 10.125 cents December 31, 2004 January 31, 2005 10 cents November 30, 2004 December 31, 2004 10 cents >> ADDITIONAL INFORMATION The Letter to Unitholders, the supplemental information and the company's unaudited quarterly financial information for the period ended March 31, 2005, contains further information on the company's operations and financial results. These documents are available on the company's website at www.greatlakeshydro.com . It is expected that the Fund's unaudited interim report will be filed by mid-May 2005. FORWARD-LOOKING STATEMENTS The Fund's news release contains "forward-looking statements" within the meaning of Section 27A of the Securities Exchange Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The words "believe," "expect," "anticipate," "intend," and other expressions which are predictions of or indicative of future events and trends and which do not relate to historical matters identify forward-looking statements. Reliance should not be placed on forward-looking statements because they involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the business to differ materially from anticipated future results, performance or achievements expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from those set forth in the forward-looking statements include general economic conditions, weather conditions, interest rates, foreign exchange rates, availability of equity and debt financing and other risks. The Fund undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. Q1 CONFERENCE CALL A conference call for investors and media to review the first quarter results for 2005 will be held on May 3, 2005 at 10:00 a.m. (EST). To participate in the conference call, please dial 416-640-4127 or 1-800-796-7558 toll free in North America, at 9:50 a.m. (EDT). For those unable to participate in the Conference Call, a taped rebroadcast will also be available until midnight May 5, 2005. To access this rebroadcast, please call 1-877-289-8525, toll free in North America, and enter the passcode 21114838(pound key). ANNUAL GENERAL MEETING FOR UNITHOLDERS You are also invited to the Great Lakes Hydro Income Fund Annual General Unitholders Meeting on Tuesday, May 3, 2005 at 2:00 p.m. (EDT). The live webcast and slide presentation will be available through Great Lakes Hydro Income Fund's website at www.greatlakeshydro.com . ABOUT GREAT LAKES GYDRO INCOME FUND Great Lakes Hydro is a premier Canadian income fund and the largest power income fund in North America with 986 megawatts of power generating capacity and an average annual production of 3,711 gigawatt hours. Great Lakes Hydro Income Fund produces electricity exclusively from environmentally friendly hydroelectric resources. The Fund owns, operates and manages 24 high quality hydroelectric generating stations located on seven river systems in four distinct geographic regions across North America: QuDebec, Ontario, British Columbia and New England. Brascan Power, which comprises all the power operations of Brascan Corporation, owns 50.1% of the Fund's outstanding units. Great Lakes Hydro Income Fund units are listed for trading on the Toronto Stock Exchange under the symbol GLH.UN. %SEDAR: 00013106E
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