Algonquin Power & Utilities Corp. Announces Third Quarter 2013 Financial Results

Algonquin Power & Utilities Corp. Announces Third Quarter 2013 Financial 
Results 
OAKVILLE, ON, Nov. 14, 2013 /CNW/ - Algonquin Power & Utilities Corp. (TSX: 
AQN), today announced financial results for the third quarter ended September 
30, 2013. 
Third Quarter Financial Highlights: 


    --  For the third quarter of 2013, revenue was $127.9 million
        compared to $93.0 million in the third quarter of 2012. The
        increase in revenue over the same period in 2012 is primarily
        the result of regulated utility acquisitions including the
        Columbus/Gainsville Gas System, Midwest Gas Systems,
        EnergyNorth Gas System, Pine Bluff Water System, and Granite
        State Electric System, as well as the acquisitions of the U.S.
        Wind Facilities. For the first nine months of 2013, APUC
        generated revenue of $470.0 million compared to $209.9 million
        in the first nine months of 2012.
    --  Adjusted Earnings Before Interest, Taxes, Depreciation &
        Amortization ("Adjusted EBITDA") was $40.5 million in the third
        quarter of 2013 compared to $20.8 million in the third quarter
        of 2012. The increase in Adjusted EBITDA is primarily related
        to additional operating income contributed by the
        aforementioned acquisitions, and increased demand and higher
        rates at the electric distribution utility in California. APUC
        generated adjusted EBITDA of $159.4 million for the first nine
        months of 2013 compared to $63.6 million for the first nine
        months of 2012.
    --  APUC reported adjusted net earnings of $6.9 million or $0.03
        per share in the third quarter of 2013 compared to adjusted net
        earnings of $1.1 million or $0.01 per share in the third
        quarter of 2012. For the first nine months of 2013, APUC
        reported adjusted net earnings of $41.7 million or $0.19 per
        share compared to $12.2 million or $0.08 per share for the
        first nine months of 2012.

Third Quarter Growth Highlights:
    --  During 2013, APUC has completed several acquisitions and has
        announced a number of initiatives that have raised the growth
        profile for APUC's earnings and cash flows. The acquisition of
        several regulated utilities in the U.S. serving over 290,000
        customers together with the acquisition of 509.5 MW of wind
        farms also in the U.S. over the course of the year has resulted
        in increased earnings and cash flows in the business.
    --  During the quarter, APUC's regulated utility subsidiary
        received approval to implement interim rate tariffs at its New
        Hampshire based electric distribution utility, which provide an
        annualized increase in revenues of U.S. $6.5 million and
        accelerated annual storm cost recovery of a $1 million. The
        interim rate increase is reflected in the third quarter results
        with net revenue for the utility increasing 30% compared to
        2012.
    --  During the quarter, APUC continued construction of the Cornwall
        Solar Project, which is a 10 MWac solar project located near
        Cornwall, Ontario.  The project has been granted an Ontario FIT
        contract by the OPA, with a 20 year term and a rate of
        $443/MW-hr, resulting in expected annual generation of 14.4
        GW-hrs. Construction is expected to be completed early in 2014
        with total capital cost targeted at approximately $45 million.

Third Quarter Corporate Highlights:
    --  Subsequent to the end of the quarter, Standard & Poor's Ratings
        Services raised its long-term corporate credit rating on APUC
        and its subsidiaries to 'BBB' from 'BBB-'. According to
        Standard & Poor's, the upgrade reflects a significant increase
        in regulated cash flow owing to a number of acquisitions in the
        past 18 months, as well as an expectation that adjusted funds
        from operations-to-debt levels will continue to increase in the
        near-to-medium term.
    --  On July 31, 2013, APUC's regulated utility subsidiary issued
        U.S. $125 million of debt through a private placement in the
        U.S.  The financing is the third series of notes issued
        pursuant to a master indenture.  The notes are senior unsecured
        with an average life maturity of approximately ten years and a
        weighted average coupon of 3.81%. The proceeds of the private
        placement financing were used to repay the U.S. $100 million
        short term acquisition facility, reduce the drawn amount on
        Liberty's revolving credit facility and for general corporate
        purposes.
    --  On September 30, 2013, APUC's regulated utility subsidiary
        increased the credit available under the senior unsecured
        revolving credit facility to U.S. $200 million from U.S. $100
        million, and the tenor has been increased from three years to
        five years. The larger credit facility provides additional
        liquidity as APUC executes on its near term organic growth
        opportunities including targeted growth in assets for
        regulatory purposes of approximately $100 million in each of
        the next three years representing a growth rate of
        approximately 5% annually.

"APUC's third quarter results continue to reflect the successful integration 
of our growth initiatives over the past year with significant increases in 
revenue, earnings and cash flow", commented Chief Executive Officer Ian 
Robertson. "We are pleased that, over the course of 2013, we will have 
successfully deployed over half a billion dollars of capital in accretive 
investments that will position APUC to deliver strong growth in earnings and 
dividends over the coming years."

APUC's supplemental information is available on the web site at 
www.algonquinpowerandutilities.com.

APUC will hold an earnings conference call at 10:00 a.m. eastern time on 
Friday, November 15, 2013, hosted by Chief Executive Officer, Ian Robertson 
and Chief Financial Officer, David Bronicheski.

Conference call details:
Date: Friday, November 15, 2013
Start Time: 10:00 a.m. eastern
Phone Number: Toll free within North America: 1-800-814-4859 or Local 
416-644-3414.

For those unable to attend the live call, a digital recording will be 
available for replay two hours after the call by dialing 1-877-289-8525 or 
416-640-1917 access code 4644142# from November 15, 2013 until November 29, 
2013.

About Algonquin Power & Utilities Corp.
Algonquin Power & Utilities Corp. owns and operates a diversified$3.2 
billionportfolio of regulated and non-regulated utilities inNorth America. 
The company's regulated utility business is committed to provide water, 
electricity and natural gas utility services to over 470,000 customers through 
a nationwide portfolio of regulated generation, transmission and distribution 
utility systems. The company's non-regulated electric generation subsidiary 
owns or has interests in renewable energy and thermal energy facilities 
representing more than 1,100 MW of installed capacity. Algonquin Power & 
Utilities Corp. delivers continuing growth through an expanding pipeline of 
renewable power and clean energy projects, organic growth within its regulated 
utilities and the pursuit of accretive acquisition opportunities. Common 
shares and preferred shares are traded on the Toronto Stock Exchange under the 
symbols AQN and AQN.PR.A respectively. Visit Algonquin Power and Utilities 
atwww.AlgonquinPowerandUtilities.comand follow us on 
Twitter@AQN_Utilities.

Caution Regarding Forward-Looking Information
Certain statements included in this news release contain information that is 
forward-looking within the meaning of certain securities laws, including 
information and statements regarding prospective results of operations, 
financial position or cash flows. These statements are based on factors or 
assumptions that were applied in drawing a conclusion or making a forecast or 
projection, including assumptions based on historical trends, current 
conditions and expected future developments. Since forward-looking statements 
relate to future events and conditions, by their very nature they require 
making assumptions and involve inherent risks and uncertainties. APUC cautions 
that although it is believed that the assumptions are reasonable in the 
circumstances, these risks and uncertainties give rise to the possibility that 
actual results may differ materially from the expectations set out in the 
forward-looking statements. Material risk factors include those set out in the 
management's discussion and analysis section of APUC's most recent annual 
report, quarterly report, and APUC's Annual Information Form. Given these 
risks, undue reliance should not be placed on these forward-looking 
statements, which apply only as of their dates. Other than as specifically 
required by law, APUC undertakes no obligation to update any forward-looking 
statements or information to reflect new information, subsequent or otherwise. 



SOURCE  Algonquin Power & Utilities Corp. 
Kelly Castledine Algonquin Power & Utilities Corp. 2845 Bristol Circle, 
Oakville, Ontario, L6H 7H7 Telephone: (905) 465-4500 
Website:www.AlgonquinPowerandUtilities.com 
To view this news release in HTML formatting, please use the following URL: 
http://www.newswire.ca/en/releases/archive/November2013/14/c7747.html 
CO: Algonquin Power & Utilities Corp.
ST: Ontario
NI: OIL ERN CONF  
-0- Nov/14/2013 23:23 GMT
 
 
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