Atlantic Power Corporation Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014; Provides Earnings Guidance for the Full Year 2015
Feb 26 15
Atlantic Power Corporation announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2014. For the quarter, the company reported project revenue of $142.4 million against $130.7 million a year ago. Project income was $2.8 million against $7.3 million a year ago. Loss from continuing operations before income taxes was $16.5 million against $9.3 million a year ago. Loss from continuing operations was $12 million or $0.09 per basic and diluted share against profit of $8.3 million or $0.04 per basic and diluted share a year ago. Net loss attributable to the parent company was $10.2 million or $0.09 per basic and diluted share against net profit of $4.9 million or $0.04 per basic and diluted share a year ago. Project adjusted EBITDA increased by $19.8 million to $77.9 million for the three months ended December 31, 2014 from $58.1 million for the year-ago period.
For the year, the company reported project revenue of $569.2 million against $544.1 million a year ago. Project loss was $50.5 million against project income of $63.7 million a year ago. Loss from continuing operations before income taxes was $194 million against $37.7 million a year ago. Loss from continuing operations was $182.1 million or $1.47 per basic and diluted share against $18.2 million or $0.23 per basic and diluted share a year ago. Net loss attributable to the parent company was $177.4 million or $1.47 per basic and diluted share against $33 million or $0.28 per basic and diluted share a year ago. Cash provided by operating activities was $65 million against $152.4 million a year ago. Purchase of property, plant and equipment was $13.4 million against $5.5 million a year ago. Project adjusted EBITDA was $299.3 million against $268.9 million a year ago. Negative free cash flow was $55.6 million against free cash flow of $108.8 million a year ago. The decrease is primarily due to an $87.4 million decrease in operating cash flows as described previously, $58.4 million of term loan facility repayments by APLP and a $10.6 million increase in project-level debt repayment. Adjusted free cash flow was $29.9 million against $37.6 million a year ago. The reduction in project income was primarily due to non-cash impairment charges in 2014 of $106.6 million, an increase of $71.7 million from the 2013 period; decreased asset sale gains of $21.8 million; net year-over-year non-cash changes in the fair value of gas purchase agreements and interest rate swap agreements accounted for as derivatives totaling $(58.2) million; and decreased project income of $11.9 million at Selkirk, due to lower energy revenues and accelerated depreciation. These negative factors were partially offset by improvements at several projects in the East and West segments due to favorable outage comparisons; increased margins at Morris and Orlando; lower interest expense at Curtis Palmer; improved generation at Meadow Creek; an additional quarter of Piedmont operation; and a $7.1 million reduction in loss in the Un-allocated Corporate segment, primarily attributable to $3.5 million in development and administrative expense reductions at Ridgeline as well as administrative reduction initiatives undertaken during the year. Adjusted Cash Flows from Operating Activities increased by $66.7 million to $142.4 million for the year ended December 31, 2014 compared to $75.7 million for the same period in 2013.
For 2015, the company expects adjusted cash flows from operating activities of $120 million to $140 million as compared to $142 million in 2014. The primary driver of the decrease is lower Project Adjusted EBITDA, partially offset by lower cash interest of approximately $8 million and a reduction of the corporate portion of total G&A expense of about $8 million. Adjusted free cash flow after this planned capital expenditures is expected to be $10 million to $30 million. This would be available for other potential uses, including the payment of common dividends, additional growth investments or optimization projects and discretionary repurchases of debt. Compared to the 2014 adjusted free cash flow of $30 million, the company expects 2015 to show a decline, primarily because of lower Project Adjusted EBITDA, partially offset by lower corporate G&A, lower cash interest and modestly lower debt repayment.
Atlantic Power Corporation Announces Quarterly Common Share Dividend for the Quarter Ending March 31, 2015, Payable on March 31, 2015
Feb 13 15
Atlantic Power Corporation announced its distribution for the quarter ending March 31, 2015. A dividend of CAD 0.03 per common share will be payable on March 31, 2015 to holders of record at the close of business on February 27, 2015.
Atlantic Power Corporation Announces Departure of Ned Hall as Executive Vice President - Chief Operating Officer
Feb 9 15
Atlantic Power Corporation and Edward C. Hall reached a mutual agreement for Mr. Hall to immediately step down as Executive Vice President - Chief Operating Officer of the company.