November 2, 2007 - Edmonton - EPCOR Utilities Inc. ("EPCOR") today released its quarterly results for the period ended September 30, 2007.
"Our third quarter results reflect the Company's solid investments in water and power assets" said EPCOR President and CEO, Don Lowry. "I am excited by the future prospects for this organization as we construct technologically leading edge facilities like Keephills 3 and upgrades to the E. L. Smith Water Treatment Centre. I am also pleased with the recent announcement that the Government of Canada is partnering with EPCOR, the Alberta Energy Research Institute and the Clean Coal Power Coalition to fund a front-end engineering design study of coal gasification at our Genesee site. This study supports our commitment to be a leader in applying leading technologies to meet customer demands while minimizing our environmental impact."
Highlights of EPCOR's financial performance:
- Cash flows from operating activities for the three months ended September 30, 2007 were $150 million compared with $111 million for the same period in the previous year.
- Cash flows from operating activities for the nine months ended September 30, 2007 were $351 million compared with $443 million for the same period in the previous year.
- Net income was $67 million on revenues of $930 million for the three months ended September 30, 2007 compared with $56 million on revenues of $702 million for the same period in the previous year.
- Net income was $218 million on revenues of $2,694 million for the nine months ended September 30, 2007 compared with $625 million on revenues of $2,203 million for the same period in the previous year.
- Comprehensive income was $43 million for the three months and $191 million for the nine months ended September 30, 2007. This is a new measure under generally accepted accounting principles adopted on January 1, 2007.
- Investment in capital projects for the three months ended September 30, 2007 was $146 million compared with $59 million for the same period in the previous year.
- Investment in capital projects for the nine months ended September 30, 2007 was $331 million compared with $145 million for the same period in the previous year.
For reading convenience, the full news release including the MD&A can be downloaded here:
The MD&A and the interim financial statements are available on EPCOR's web-site ( http://www.epcor.ca/), and will be available at SEDAR ( http://www.sedar.com/).
EPCOR Utilities Inc.
EPCOR Utilities Inc. builds, owns and operates power plants, electrical transmission and distribution networks, water and wastewater treatment facilities and infrastructure in Canada and the United States. EPCOR has been named one of Canada's Top 100 employers for eight consecutive years, and is headquartered in Edmonton, Alberta. EPCOR's web site is http://www.epcor.ca/.
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