Business
Capital Power reports second quarter 2012 results
Maintains full year revised financial guidance despite lower power prices EDMONTON,...
About this update from Capital Power Corporation
[{"type":"text","content":"\n\n\n\n\n\nMaintains full year revised financial guidance despite lower power\n prices\n\n\nEDMONTON, July 26, 2012 /CNW/ - Capital Power Corporation (Capital\n Power, or the Company) (TSX: CPX) today released its financial results\n for the quarter ended June 30, 2012.\n\n\nNormalized earnings attributable to common shareholders in the second\n quarter of 2012, after adjusting for one-time items and fair value\n adjustments, were $5 million, or $0.07 per share, compared with $3\n million, or $0.07 per share, in the comparable period of 2011.\n\n\nFunds from operations excluding non-controlling interests in CPILP were\n $54 million in the second quarter of 2012, down 17% from $65 million in\n the second quarter of 2011. Cash flow per share for the quarter was\n $0.55 compared with $0.74 for the same quarter in the previous year.\n\n\nFor the six-month period ending June 30, 2012, normalized earnings\n attributable to common shareholders was $32 million or $0.50 per share\n compared with $14 million or $0.38 per share in the first six months of\n 2011. Funds from operations excluding non-controlling interests in\n CPILP totaled $170 million compared with $147 million in the six-month\n period ending June 30, 2011.\n\n\n\"Second quarter financial performance is typically weaker due to\n seasonally lower power prices and outage scheduling,\" said Brian\n Vaasjo, President & CEO. \"This year, second quarter normalized earnings\n were about $8 million below our expectations due to an unplanned outage\n at the Bridgeport facility and higher maintenance and fuel costs at the\n North Carolina facilities. Operating performance in the quarter\n generally met our expectations, with average plant availability of 82%\n reflecting planned outages at Genesee 2, Rumford and Tiverton, and the\n impact of the unscheduled Bridgeport outage. With first half average\n plant availability of 89%, we are on track to meet the 2012 target of\n 91% or better.\"\n\n\nIn the second quarter of 2012, the net loss attributable to shareholders\n was $32 million or a loss of $0.50 per share, compared to a loss of $25\n million or a loss of $0.67 per share in the comparable period of 2011.\n In the second quarter of 2012, Capital Power recognized a pre-tax\n impairment charge of $74 million with respect to its North East U.S.\n plants, based on reduced expec...