Algonquin Power & Utilities Corp. Announces 2014 Second Quarter Financial Results and Significant Progress on Development Proje

 Algonquin Power & Utilities Corp. Announces 2014 Second Quarter Financial  Results and Significant Progress on Development Projects  OAKVILLE, ON, August 14, 2014 /CNW/ - Algonquin Power & Utilities Corp. (TSX:  AQN) ("APUC"), today announced financial results for the second quarter ended  June 30, 2014.  Financial Highlights:        --  For the second quarter of 2014, revenue was $189.3 million         compared to $148.8 million in the second quarter of 2013. The         increase in revenue over the same period in 2013 is primarily         the result of regulated utility acquisitions including Peach         State Gas, New England Gas, and Pine Bluff Water, higher         customer demand at EnergyNorth Gas, higher rates at Granite         State Electric, and the impact of the stronger U.S. dollar. For         the first six months of 2014, APUC generated revenue of $532.4         million as compared to $342.1 million in the first six months         of 2013.     --  APUC reported net earnings from continuing operations of $15.3         million or $0.06 per share in the second quarter of 2014         compared to net earnings from continuing operations of $15.8         million or $0.07 per share in the second quarter of 2013. APUC         reported net earnings from continuing operations of $50.9         million or $0.22 per share as compared to $36.1 million or         $0.16 per share for the first six months of 2013.     --  APUC reported adjusted net earnings1) of $16.5 million or $0.07         per share in the second quarter of 2014 compared to adjusted         net earnings1) of $14.9 million or $0.07 per share in the         second quarter of 2013. APUC reported adjusted net earnings1)         of $53.3 million or $0.24 per share as compared to $34.5         million or $0.16 per share for the first six months of 2013.     --  Adjusted Earnings Before Interest, Taxes, Depreciation &         Amortization ("Adjusted EBITDA"1)) was $66.4 million in the         second quarter of 2014 compared to $56.4 million in the second         quarter of 2013. APUC reported Adjusted EBITDA1) of $164.8         million compared to $119.5 million for the first six months of         2013. The increase in Adjusted EBITDA1) is primarily due to         acquisitions completed in 2013, the impact of rate case         settlements in the utilities business, and a stronger U.S.         dollar.  Dividend Increase:     --  On August 14, 2014, APUC's Board of Directors approved a         dividend increase from a total annual dividend of CDN $0.34 to         a total annual dividend of U.S. $0.35, paid quarterly at a rate         of U.S. $0.0875 per common share. Based on the Bank of Canada         noon U.S. dollar exchange rate as of August 14, 2014, the         change in dividend is an equivalent dividend of CDN $0.382         which represents an approximate 12.4% annual increase. The         change in the currency of the dividend better aligns APUC's         dividend policy with the currency profile of its cash flows,         which are predominantly generated in the U.S.  Growth Highlights:     --  During the quarter, significant progress was achieved on the         advancement of several of APUC's power development projects.         o Cornwall Solar, APUC's first solar generating station,           recorded a full quarter of commercial operations, generating           total revenue of $2.4 million.         o Construction of APUC's second solar generating station in           Bakersfield, California began during the quarter. The project           is expected to commence operations in late 2014 or early           2015.         o Construction is well advanced at the 24 MW St. Damase wind           generating station in Quebec. The project is expected to           commence operations early in the first quarter of 2015.         o Development of the 23 MW Morse Wind generating station in           Saskatchewan continued to progress in the second quarter.           Construction has now started with the project expected to           commence operations in the first half of 2015.     --  During the quarter, APUC received approval from the Georgia         Public Service Commission for an annual revenue increase of         U.S. $4.7 million at the Peach State Gas System. Additionally,         an annual rate increase of U.S. $1.8 million was granted by the         Arizona Corporation Commission for the Litchfield Park Service         Company.     --  On May 30, 2014 APUC's regulated utility business acquired the         assets of the White Hall Water System, a regulated water         distribution and wastewater treatment utility located in White         Hall, Arkansas. The system serves a total of approximately         4,300 customers. The total purchase price for the White Hall         Water System assets was approximately U.S. $4.5 million.  Corporate Highlights:     --  On July 31, 2014, Algonquin Power Co. increased the credit         available under the senior unsecured credit facility to $350         million from $200 million. The larger facility will be used to         provide additional liquidity in support of Algonquin Power         Co.'s development project pipeline.  "Successful execution on our growth strategy has contributed to our strong  financial performance in second quarter results, and has allowed our board to  increase our dividend by over 12% beginning this quarter," said Ian Robertson,  Chief Executive Officer. "I am pleased that we have made significant progress  on our St. Damase Wind, Morse Wind and Bakersfield Solar facilities in the  second quarter which are expected to bring nearly 70 MW of new renewable power  generation to our portfolio in early 2015. We are investing half a billion  dollars in our business this year which will allow us to continue to deliver  increasing earnings and cash flow to our shareholders."  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, August 15, 2014, hosted by Chief Executive Officer, Ian Robertson and  Chief Financial Officer, David Bronicheski.  Conference call details: Date: Friday, August 15, 2014 Start Time: 10:00 a.m.  eastern Phone Number: Toll free within North America: 1-866-530-1553 or Local  416-847-6330.  For those unable to attend the live call, a digital recording will be  available for replay two hours after the call by dialing 1-888-203-1112 or  647-436-0148 access code 6907730 from August 15, 2014 until August 29, 2014.  About Algonquin Power & Utilities Corp. Algonquin Power & Utilities owns and  operates a diversified $3.6 billion portfolio of regulated and non-regulated  utilities in North America. The regulated utility business provides water,  electricity and natural gas utility services to 485,000 customers through a  portfolio of regulated generation, transmission and distribution utility  systems. The 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 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, AQN.PR.A and  AQN.PR.D. Visit Algonquin Power & Utilities at  www.AlgonquinPowerandUtilities.com and follow us on Twitter @AQN_Utilities.  Caution Regarding Forward-Looking Information and non-GAAP Financial Measures  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.  (1) Non-GAAP Financial Measures and Use of Non-GAAP Financial Measures The  terms "adjusted net earnings" and Adjusted EBITDA, are used in this press  release. The terms "adjusted net earnings" and Adjusted EBITDA are not  recognized measures under GAAP. There is no standardized measure of "adjusted  net earnings" and Adjusted EBITDA, consequently APUC's method of calculating  these measures may differ from methods used by other companies and therefore  may not be comparable to similar measures presented by other companies. A  calculation and analysis of "adjusted net earnings" and Adjusted EBITDA can be  found in the Management's Discussion & Analysis for the quarter ended June 30,  2014.  Adjusted net earnings Adjusted net earnings is a non-GAAP metric used by many  investors to compare net earnings from operations without the effects of  certain volatile primarily non-cash items that generally have no current  economic impact or items such as acquisition expenses or litigation expenses  and are viewed as not directly related to a company's operating performance.  Net earnings of APUC can be impacted positively or negatively by gains and  losses on derivative financial instruments, including foreign exchange forward  contracts, interest rate swaps and energy forward purchase contracts as well  as to movements in foreign exchange rates on foreign currency denominated debt  and working capital balances. Adjusted weighted average shares outstanding  represents weighted average shares outstanding adjusted to remove the dilution  effect related to shares issued in advance of funding requirements. APUC uses  adjusted net earnings to assess its performance without the effects of (as  applicable): gains or losses on foreign exchange, foreign exchange forward  contracts, interest rate swaps, acquisition costs, litigation expenses and  write down of intangibles and property, plant and equipment, earnings or loss  from discontinued operations and other typically non-recurring items as these  are not reflective of the performance of the underlying business of APUC. APUC  believes that analysis and presentation of net earnings or loss on this basis  will enhance an investor's understanding of the operating performance of its  businesses. It is not intended to be representative of net earnings or loss  determined in accordance with GAAP.  Adjusted EBITDA EBITDA is a non-GAAP metric used by many investors to compare  companies on the basis of ability to generate cash from operations. APUC uses  these calculations to monitor the amount of cash generated by APUC as compared  to the amount of dividends paid by APUC. APUC uses Adjusted EBITDA to assess  the operating performance of APUC without the effects of (as applicable):  depreciation and amortization expense, income tax expense or recoveries,  acquisition costs, litigation expenses, interest expense, gain or loss on  derivative financial instruments, write down of intangibles and property,  plant and equipment, earnings attributable to non-controlling interests and  gain or loss on foreign exchange, earnings or loss from discontinued  operations and other typically non-recurring items.  APUC adjusts for these  factors as they may be non-cash, unusual in nature and are not factors used by  management for evaluating the operating performance of the company. APUC  believes that presentation of this measure will enhance an investor's  understanding of APUC's operating performance. Adjusted EBITDA is not intended  to be representative of cash provided by operating activities or results of  operations determined in accordance with GAAP.    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/August2014/14/c3259.html  CO: Algonquin Power & Utilities Corp. ST: Ontario NI: OIL ERN CONF  
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