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CALGARY, ALBERTA -- (Marketwire) -- 02/28/13 -- AltaGas Ltd. (AltaGas) (TSX: ALA) (TSX: ALA.PR.A) (TSX: ALA.PR.U) today reported a 51 percent increase in normalized net income for fourth quarter 2012 compared to fourth quarter 2011, and a 21 percent increase for full year 2012 compared to full year 2011. Normalized net income for full year 2012 was $109.5 million ($1.15 per share) compared to $90.2 million ($1.07 per share) for full year 2011. Normalized net income for fourth quarter 2012 was $46.6 million ($0.44 per share) compared to $30.8 million ($0.36 per share) for fourth quarter 2011.

"We have positioned AltaGas to deliver growth in earnings and cash flow for the next several years," said David Cornhill, Chairman and CEO of AltaGas. "We completed the largest corporate acquisition and commissioned two of the largest natural gas processing projects in our history. We also made considerable progress on our three Northwest run-of-river hydro projects, which are expected to be in service starting in 2014."

Normalized EBITDA increased by 66 percent to $129.4 million for fourth quarter 2012 compared to $78.1 million in fourth quarter 2011. Normalized funds from operations increased by 78 percent to $112.0 million ($1.07 per share) for fourth quarter 2012 compared to $63.0 million ($0.73 per share) in 2011.

Results in the fourth quarter were primarily driven by the August 30, 2012 acquisition of Semco Holding Corporation (SEMCO), natural gas utilities in Alaska and Michigan, which performed as expected. Fourth quarter results reflect the seasonality of the natural gas distribution business. In the fourth quarter, AltaGas recorded a one-time charge due to the force majeure arbitration decision related to the Sundance B Power Purchase Arrangement.

Normalized EBITDA increased by 27 percent to $336.9 million for 2012 compared to $265.8 million in 2011. Normalized funds from operations increased by 28 percent to $281.0 million ($2.96 per share) for 2012 compared to $219.0 million ($2.61 per share) in 2011.

Reported net income applicable to common shares for fourth quarter 2012 was $26.7 million ($0.25 per share) compared to $31.6 million ($0.36 per share) for fourth quarter 2011. Reported net income applicable to common shares for full year 2012 was $101.8 million ($1.07 per share) compared to $82.7 million ($0.98 per share) for full year 2011.

On January 28, 2013, AltaGas and Idemitsu Kosan Co., Ltd. (Idemitsu) signed an agreement to form the AltaGas Idemitsu Joint Venture Limited Partnership (AltaGas Idemitsu LP). AltaGas Idemitsu LP plans to pursue opportunities to develop long-term natural gas supply and sales arrangements to meet the growing demand for natural gas in Asia. AltaGas Idemitsu LP will undertake feasibility studies for the development and construction of liquefaction facilities as part of the proposed project to export liquefied natural gas (LNG) to markets in Asia. AltaGas Idemitsu LP also plans to pursue opportunities to develop a liquefied petroleum gas (LPG or propane) export business including logistics, plant refrigeration and storage facilities.

"The renaissance of natural gas is providing AltaGas with many opportunities across all of our businesses. We are pleased to announce our partnership with Idemitsu to pursue opportunities to export energy from Canada to Asian markets. With the only natural gas pipeline from eastern B.C. to Canada's west coast, AltaGas is well positioned to deliver natural gas for export from Canada ahead of any other project."