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Share Name | Share Symbol | Market | Type |
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Granville Pacific Capital Corp. | TSXV:GE | TSX Venture | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 0 | - |
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES OR ITS POSSESSIONS. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAW. Northland Power Income Fund (Northland or the Company) (TSX:NPI.UN)(TSX:NPI.DB)(TSX:NPI.DB.A)(TSX:NPP.PR.A) reported its financial results today for the quarter ended June 30, 2010. FINANCIAL AND OPERATING HIGHLIGHTS -------------------------------------------------------------------------- 3 Months Ended 6 Months Ended Jun. 30 Jun. 30 2010 2009 2010 2009 -------------------------------------------------------------------------- -------------------------------------------------------------------------- FINANCIAL (thousands, except per unit amounts) Sales $77,865 $44,686 $140,910 $97,563 Income from operations $25,564 $14,445 $46,373 $36,002 EBITDA $39,200 $21,270 $69,667 $51,194 Net income (loss) $1,952 ($3,097) $11,502 $13,816 Standardized distributable cash ($24,119) $18,935 ($29,290) $41,540 Distributable cash $23,022 $17,113 $41,438 $39,628 Cash distributions declared to Unitholders $19,305 $16,836 $38,577 $33,671 Per Trust Unit - basic Standardized distributable cash ($0.3375) $0.3037 ($0.4101) $0.6662 Distributable cash $0.3221 $0.2745 $0.5802 $0.6355 Cash distributions declared to Unitholders $0.2700 $0.2700 $0.5400 $0.5400 -------------------------------------------------------------------------- -------------------------------------------------------------------------- OPERATIONS Electricity sales volume (megawatthours) 551,879 366,214 1,049,108 737,842 Steam sales volume (thousands of pounds) 480,781 236,313 767,168 603,602 Fuel consumption (thousands of gigajoules) 3,933 2,905 7,247 5,831 -------------------------------------------------------------------------- -------------------------------------------------------------------------- Consolidated sales for the second quarter of 2010 were $77.9 million, while income from operations was $25.6 million. Northland facilities, including the Thorold cogeneration plant, which came on stream April 1, operated well during the quarter, although winds were lighter than expected at both the Canadian and European wind farms. Compared with the second quarter of 2009, operating income benefited from higher electricity sales, including the operating results for the Thorold and Jardin d'Eole facilities, and the one-time fee relating to the prepayment of the loan to Panda Energy Corporation ("PEC"). Net income was $5 million higher than in the same quarter last year, despite an increase in interest expense due to the addition of debt at Thorold CoGen L.P. and Saint-Ulric Saint-Leandre Wind LP and non-cash charges, including: -- a change in the fair value of Northland's interest rate swaps; -- an increase in contract amortization related to the operations of the Thorold facility; and -- the write-down to fair value of Northland's investment in PEC, following the loan prepayment. Distributions Declared cash distributions to Unitholders for the quarter totalled $0.27 per trust unit ("Unit"), representing a payout ratio of 84% of distributable cash. Distributable cash was $23 million for the quarter, $5.9 million higher than the same period in 2009. Development Northland continued to pursue a wide range of clean and renewable energy projects. These efforts produced a number of positive results, both during and subsequent to the quarter: FIT Awards: On April 8, the Ontario Power Authority awarded Northland 18 long-term contracts to build 216 megawatts ("MW") of renewable green energy projects under the Ontario government's feed-in-tariff ("FIT") program. Northland's FIT projects include 13 ground-mounted solar projects totalling 130 MW across the province, the 60 MW Manitoulin Island wind farm, and four run-of-river hydro projects totalling 26 MW on the Kabinakagami River in partnership with Constance Lake First Nation. Northland expects to invest almost $1 billion in these projects over the next four years. Spy Hill Project: Also in April, Northland closed the financing for its wholly-owned 86 MW Spy Hill peaking plant in Saskatchewan. A consortium of the Canadian Imperial Bank of Commerce, the Bank of Montreal and the Bank of Nova Scotia will extend project financing of $111 million. Northland has provided equity for the project, which began construction in June for expected completion in the fall of 2011. The completed facility will supply peak demand power to SaskPower under a 25-year power purchase agreement ("PPA"). North Battleford Project: On June 14, Northland broke ground at the future site of the North Battleford Energy Centre. The 260 MW baseload facility is being built near North Battleford, Saskatchewan, about 150 km north-west of Saskatoon. Completion is scheduled for the second quarter of 2013. All power produced will be sold to SaskPower under a 20-year PPA. Closing of the project debt financing is expected in the third quarter of 2010. The project capital cost is planned at $700 million. Mont Louis Wind Project: Site clearing began in July on the 100 MW wind farm located in Quebec's Gaspe region near the Municipality of Mont Louis, about 150 km east of Matane. Hydro-Quebec has awarded the project a 20-year PPA. GE Canada ("GE") will supply 67 GE 1.5sle 1.5 MW wind turbines for the project. Mont Louis is expected to achieve full commercial operations by the third quarter of 2011, subject to the completion of interconnection facilities by Hydro-Quebec. The total project cost is planned at $176 million or net $146 million after reimbursement of substation and interconnection costs by Hydro- Quebec. On July 30, Northland announced that Investissements Quebec had agreed to lend $15 million to the Mont Louis wind project. Northland expects to raise about $105 million of non-recourse project debt, with financial close expected in September 2010. Other Significant Events Prepayment of Panda Senior Loan: On May 27, PEC prepaid the outstanding balance on Northland's senior loan, together with a prepayment fee of $5.2 million. The loan, initially made in 2003, was scheduled to be fully repaid by November 2021. The prepayment was triggered by a payment in consideration for changes to the 230 MW Panda-Brandywine project's PPA. Northland continues to hold a 19% equity interest in PEC that now includes full voting rights. Corporate Conversion: On June 21, Unitholders at Northland's annual general meeting overwhelmingly approved a plan to convert Northland from an income trust into a corporation. Management expects to complete the conversion on December 31, 2010, with the new corporation continuing to operate as Northland Power Inc. effective January 1, 2011. New Trustees: Unitholders also approved the addition of Gordon F. Cheesbrough, V. Peter Harder and Linda Bertoldi as trustees, joining returning trustees James Temerty (Chairman), the Right Hon. John Turner, Pierre Gloutney and Dr. Marie Bountrogianni. Sadly, Mr. Cheesbrough passed away unexpectedly on June 23 prior to assuming his responsibilities as trustee. $150 Million Preferred Share Offering: On July 6, a wholly-owned subsidiary, Northland Power Preferred Equity Inc., obtained a commitment from a syndicate of underwriters led by CIBC World Markets Inc. to purchase 6 million Cumulative Rate Reset Preferred Shares, Series 1 guaranteed by Northland at a price of $25.00 per share, for aggregate gross proceeds of $150 million. The offering closed on July 28. New Web Site: Northland's new web site went live on July 27 at www.northlandpower.ca. In addition to providing information for investors and other stakeholders, the site illustrates Northland's positive impact on the communities where it operates, the stakeholders with whom it interacts and the environment around its facilities. Overview and Outlook Northland management views second quarter operating results as the natural outcome of decisions made to secure the Company's future and pursue its strategic goals. Northland continues to pursue a disciplined approach to managing both operations and risk. Each of the new projects in development and construction is based on a long-term government-backed PPA and financed with non-recourse project loans on attractive terms. The project pipeline acquired with Northland Power Inc. ("NPI") in 2009 continues to prove its value. The Spy Hill and North Battleford thermal projects in Saskatchewan, the 216 MW in awarded FIT projects, and the 100 MW Mont Louis wind farm were all in NPI's project pipeline. Northland is continuing to grow its development pipeline. Following conversion to a corporation, Northland expects to maintain its current level of distributions of $1.08 per Unit in the form of dividends to its shareholders. ABOUT THE FUND Northland is a Canadian income trust that has ownership or economic interests in 10 power projects totalling over 1,100 MW (net 872 MW). Northland's assets comprise natural-gas-fired plants which efficiently and cleanly produce electricity and steam as well as facilities generating renewable energy from wind and biomass. Sales are made almost entirely under long-term contracts with a current weighted average duration of 13 years. Northland's plants are located in Canada, the United States and Germany. In addition, Northland has the 86 MW Spy Hill project, 260 MW North Battleford project and 100 MW Mont Louis wind farm in construction, and 216 MW of wind, solar and run-of-river hydro projects awarded under the Ontario Power Authority's feed-in-tariff program in advanced stages of development. Northland also has a diverse development portfolio of high-quality 'Clean and Green' energy projects, including wind, solar, natural gas, and hydro assets that supports its strategy of sustainable growth primarily through internally developed opportunities. The Fund's trust units, two series of convertible debentures, and Northland Power Preferred Equity Inc.'s preferred shares, which trade on the Toronto Stock Exchange under the symbols NPI.UN, NPI.DB, NPI.DB.A, and NPP.PR.A respectively, are qualified investments for RRSPs and DPSPs under the Canadian Income Tax Act. The Fund has in place a distribution re- investment plan that allows Unitholders who are residents of Canada to automatically have their monthly cash distributions reinvested in additional units. Participants do not pay any costs associated with the plan, including brokerage commissions. For further information or to join the plan, contact your financial advisor or broker. FORWARD-LOOKING STATEMENTS Certain statements in this news release, other than statements of historical fact, are forward- looking statements based on certain assumptions and reflect Northland's and its subsidiaries' current expectations. Forward-looking statements are provided for the purpose of presenting information about management's current expectations and plans relating to the future and readers are cautioned that such statements may not be appropriate for other purposes. These statements may include, without limitation, statements regarding the operations, business, financial condition, priorities, ongoing objectives, strategies and outlook of Northland's and its subsidiaries' for the current fiscal year and subsequent periods. Forward-looking statements include statements that are predictive in nature, depend upon or refer to future events or conditions, or include words such as "expects", "anticipates", "plans", "believes", "estimates", "intends", "targets", "projects", "forecasts" or negative versions thereof and other similar expressions, or future or conditional verbs such as "may", "will", "should", "would" and "could". This information is based upon certain material factors or assumptions that were applied in drawing a conclusion or making a forecast or projection as reflected in the forward-looking statements, including the perception of historical trends, current conditions and expected future developments, as well as other factors that are believed to be appropriate in the circumstances. Although these forward-looking statements are based upon management's current reasonable expectations and assumptions, they are subject to numerous risks and uncertainties, including those set out in the management's discussion and analysis section of Northland's 2009 annual report, Northland's Annual Information Form dated March 31, 2010, and Northland Power Preferred Equity Inc.'s prospectus dated July 19, 2010, certain of which are beyond management's control. Northland's actual results could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurances can be given that any of the events anticipated by the forward- looking statements will transpire or occur, or what benefits, including the amount of distributions, Northland and Unitholders will derive therefrom. The forward-looking statements contained in this quarterly report are made as of the date hereof for the purpose of providing readers with Northland's expectations for the coming year. The forward-looking statements may not be appropriate for other purposes. Other than as specifically required by law, Northland undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date on which such statement is made, or to reflect the occurrence of unanticipated events, whether as a result of new information, future events or results, or otherwise.
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