Run of River Power Reports Second Quarter Results
2012年8月25日 - 8:00AM
PR Newswire (Canada)
VANCOUVER, Aug. 24, 2012 /CNW/ - Run of River Power Inc. ("ROR
Power" or "the Company") today announced financial and operating
results for the quarter ended June 30, 2012. The consolidated
financial statements and management discussion and analysis will be
filed to SEDAR and posted on ROR Power's website
(www.runofriverpower.com). All figures reported herein are in
Canadian dollars unless otherwise stated. Highlights -- Quarterly
production at the Brandywine hydro-electric facility - 11,165 MWh
compared to the comparable quarter in 2011 of 9,202 MWh - an
increase of over 21.3%. -- Recorded a General and Administration
("G&A") reduction of $320,524, or 49.5% lower than G&A
expense during the comparable quarter in 2011. -- The Company
continues to work with its partner, Concord Pacific, to identify
and secure the most favourable debt financing terms for the Skookum
Power Project. -- Advanced finalization of the permits and licences
required to begin construction of the Project. "ROR is very pleased
to report that the Company continues to meet its objectives to
enhance shareholder value through continued plant optimization,
cost reduction efforts and the realization of the 25 MW Skookum
Creek Project," stated Richard Hopp, ROR Power's President and
CEO. "We have made significant progress on Project financing
and advancing the required material permits for the Skookum Creek
Power Project. We are still on target to commission the
Project, as planned, in the first quarter 2014." Financial Summary
($000's except per share and Three Months Ended Six Months Ended
generation amounts) June 30 June 30 2012 2011 2012 2011 Electricity
sales 669 545 810 697 EBITDA 162 (285) (270) (957) Loss (357) (836)
(1,539) (2,027) Basic and diluted loss per share (0.01) (0.01)
(0.02) (0.02) Cash flow used (from) in 361 (420) (113) (649)
operations Total assets 27,097 27,036 27,097 27,036 Long-term debt
13,541 10,112 13,541 10,112 Generation-MWh 11,165 9,202 13,521
11,765 (1) EBITDA is earnings before interest, taxes, depreciation
and amortization and is not a measure under International Financial
Reporting Standards ("IFRS") and may not be comparable to similar
measures presented by other companies. Refer to Non-GAAP measures
section of the MD&A for an explanation and reconciliation.
Operating Results The Brandywine facility over the last year
continues to benefit from improvements in conversion efficiency and
increased generation potential. Q2 2012 electricity sales of
$669,078 increased $123,921 or 22.7% from Q2 2011 sales of $545,157
as a direct result of increased electricity generated to
11,165 MWh from 9,202 MWh. YTD 2012 electricity sales of
$810,234 increased $113,253 or 16.2% from 2011 YTD sales of
$696,981. YTD production increased 14.9% to 13,521 MWh from 11,765
MWh. The increase in electricity generation and sales is
attributable to increased water flows, primarily from a favourable
annual snow pack melt profile, and efficiency improvements at the
Brandywine Creek hydroelectric facility. EBITDA for Q2 2012 was
$161,316 compared to negative $284,668. The increase in
EBITDA is due substantially to reduced General and Administration
("G&A") expense compared to the comparable period in 2011 and
increased production at the Brandywine hydro-electric facility.
G&A expense of $327,296 during Q2 2012 was $320,524, or 49.5%
lower than G&A expense of $647,820 during Q2 2011. The
Corporation recorded a loss for the second quarter of $356,760
compared to a loss of $835,861 for the comparable quarter in 2011.
The decrease in the net loss is a result of a reduction in G&A
expense. YTD loss decreased $487,541 to $1,539,070 compared to 2011
YTD loss of $2,026,611. The loss, before impairment, would have
been $1,342,610 for 2012 YTD, an improvement of $684,001 compared
to the YTD results of 2011. Funds from operations were $361,286 in
the second quarter of 2012 compared to funds used in operations of
$419,780 for the second quarter of 2011. YTD funds used in
operations were $112,642 compared to $648,800 for the comparable
six month period in 2011. The change in funds used in operations
for the 2012 quarter and YTD is due primarily to changes in working
capital. Financial Position At June 30, 2012, the Corporation had
$1.1 million in cash on hand. These cash resources will be used to
carry out further development of the Mamquam watershed and future
run-of-river development projects. The Company recently entered
into agreements with certain subsidiaries in the Concord Pacific
group of companies to provide equity financing for ROR Power's 25
MW Skookum Power Project as more fully described in the 2011 Annual
Financial Statements as filed with ww.sedar.com. Accordingly, the
Company is evaluating alternatives for raising Project debt to
complete this project and is currently negotiating with a lender.
Non-GAAP Measures The Company reports its financial position,
results of operations and cash flows in accordance with
International Financial Reporting Standards ("IFRS"). About Run of
River Power Inc. ROR Power develops renewable, sustainable energy
through its portfolio of clean energy projects. The company helps
diversify BC's energy mix by providing a cleaner way to generate
power and increasing the security of BC's energy supply. ROR
Power operates an Eco Logo© certified hydroelectric power
generation station at Brandywine Creek, near Whistler, BC that
provides green power for about 4,000 homes. The company is well
positioned for profitable growth through power generation
initiatives that include its 25 MW Skookum Power Project, awarded
an Electricity Purchase Agreement by BC Hydro in 2010. ROR Power's
total development potential is approximately 400 MW.
Forward-Looking Statements Statements in this release which
describe Run of River Power Inc.'s intentions, expectations or
predictions, or which relate to matters that are not historical
facts are forward-looking statements. These forward-looking
statements involve unknown risks and uncertainties which may cause
the actual results, performances or achievements of Run of River
Power Inc. to be materially different from any future results,
performances or achievements expressed in or implied by such
forward-looking statements. Run of River Power Inc. may update or
revise any forward-looking statements, whether as a result of new
information, future events or changing market and business
conditions and will update such forward-looking statements as
required pursuant to applicable securities laws. Neither TSX
Venture Exchange nor its Regulation Services Provider (as that term
is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release. Run of
River Power Inc. CONTACT: Information ContactRichard W.
HoppPresident and CEOTel: 604-946-9232rhopp@runofriverpower.com
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