VANCOUVER, May 29, 2013 /CNW/ - Run of River Power Inc.
("ROR Power" or "the Company") (TSX-V: ROR) today announced
financial and operating results for the three months ended
March 31, 2013. The condensed
consolidated interim 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.
Financial Summary
|
|
Period ended March 31 |
3
months |
($000's except per share & generation
amounts) |
2013 |
|
2012 |
Electricity sales |
125 |
|
141 |
EBITDA1 |
(391) |
|
(431) |
Loss |
(973) |
|
(1,182) |
Basic and diluted loss per share |
(0.01) |
|
(0.01) |
Total assets |
25,751 |
|
27,392 |
Generation (MWh) |
2,080 |
|
2,356 |
(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
For the period ending March 31, 2013 ("Q1 2013") electricity sales of
$125,158 decreased $15,998 or 11.3% from March 31, 2012 ("Q1 2012") sales of $141,156 as a direct result of a decrease in
electricity generated to 2,080 MWh from 2,356 MWh. Electricity
production was down due to reduced output from one of the
generating units at the plant, which is scheduled for refurbishment
in Q2 2013.
The Corporation recorded a loss for Q1 2013 of $972,801 compared to a loss of $1,182,310 for Q1 2012. The decrease in net loss
is due to an impairment charge being recognized in Q1 2012. The
loss in Q1 2012, before the impairment charge recorded would have
been $961,595 compared to a loss in
Q1 2013 of $972,801. The increase of
the loss in the Q1 2013 is the net result of increased financing
charges and reduced G&A costs.
Funds used in operations were $594,533 in Q1 2013 compared to $473,928 for Q1 2012. The increase in funds used
of $120,605 or 25.4% was due to
changes in working capital items related to operations.
Financial Position
At March 31, 2013, the Corporation
had $1.3M in cash on hand. These cash
resources will be used to carry out further development of the
Corporation's future run of river projects.
The Company will need to raise capital to support its
administrative obligations, pursue development of its other early
stage projects, as well as for the redemption of the 10%
convertible debentures should they not be converted into shares of
the Corporation and for the redemption of the secured subordinated
debentures which come due in July
2013.
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 390 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.
SOURCE Run of River Power Inc.