November 03, 2006 - Edmonton - EPCOR Utilities Inc. today released its quarterly results for the period ended September 30, 2006.
“EPCOR’s operations and execution of its strategic plan were strong in the third quarter, with net income for the quarter driven largely by good operating performance, fair value changes on financial instruments and reduced estimates on Clover Bar decommissioning,” said President & CEO Don Lowry. “Looking ahead, the most significant long term strategic milestone completed this quarter was the announcement of our investment in a Front End Engineering Design study for a utility-scale coal gasification facility."
Highlights of EPCOR’s financial performance:
- Net income was $55.5 million on revenues of $701.5 million for the three months ended September 30, 2006 compared with $85.3 million on revenues of $582.4 million for the same period in the previous year.
- Net income was $624.6 million on revenues of $2,202.7 million for the nine months ended September 30, 2006 compared with $149.7 million on revenues of $1,773.8 million for the same period in the previous year.
- Cash flow from operating activities for the three months ended September 30, 2006 was $110.9 million compared with $189.2 million for the same period in the previous year.
- Cash flow from operating activities for the nine months ended September 30, 2006 was $443.4 million compared with $378.5 million for the same period in the previous year.
- Investment in capital projects for the three months ended September 30, 2006 was $59.1 million compared with $56.7 million for the same period in the previous year.
- Investment in capital projects for the nine months ended September 30, 2006 was $145.1 million compared to $189.9 million for the same period in the previous year.
EPCOR is currently assessing the potential impact on the business and operations of its subsidiary, EPCOR Power L.P., from the October 31, 2006 government announcement relating to a proposed tax on publicly traded partnerships.
Management’s discussion and analysis (MD&A) of the quarterly results is shown below. The MD&A and the interim financial statements are available on EPCOR's website ( http://www.epcor.ca/), and will be available at SEDAR ( http://www.sedar.com/).
For reading convenience, the full document including the MD&A can be downloaded here:
EPCOR Utilities Inc. builds, owns and operates power plants, electrical transmission and distribution networks, water and wastewater treatment facilities and infrastructure in Alberta, Ontario/U.S Northeast, and British Columbia/U.S. Pacific Northwest. EPCOR has been named one of Canada’s Top 100 employers for seven consecutive years, and is headquartered in Edmonton, Alberta. EPCOR’s website is http://www.epcor.ca/.
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