CALGARY, ALBERTA -- (Marketwire) -- 03/21/13 -- Maxim Power Corp. (TSX: MXG) ("MAXIM" or the "Corporation") announced today the release of financial and operating results for its fourth quarter and year ended December 31, 2012. The audited financial statements, accompanying notes and Management Discussion and Analysis will be available on SEDAR and on MAXIM's website on March 22, 2013. All figures reported herein are Canadian dollars unless otherwise stated.
Three Months Ended Twelve Months Ended December 31, December 31,($ in thousands except per share amounts) 2012 2011 2012 2011Net revenue (1) $ 51,155 $ 44,816 $ 156,609 $ 155,290Adjusted EBITDA (1) 9,642 11,304 34,901 38,826Adjusted net income (1) 566 4,191 10,513 10,164 Per share - basic and diluted $ 0.01 $ 0.08 $ 0.19 $ 0.19Net income attributable to shareholders 1,372 (1,555) 3,625 15,316 Per share - basic and diluted $ 0.03 $ (0.03) $ 0.07 $ 0.28Funds from operations (2) 8,270 11,489 33,936 38,801 Per share - basic and diluted $ 0.15 $ 0.21 $ 0.63 $ 0.72Electricity Deliveries (MWh) 321,530 295,420 1,156,522 1,203,227Net Generation Capacity (MW) (3) 804 815 804 815Average Alberta Power Prices ($ per MWh) $ 78.70 $ 76.07 $ 64.31 $ 76.21Average Milner Realized Electricity Price ($ per MWh) $ 98.21 $ 89.12 $ 90.78 $ 80.12(1) Select financial information was derived from the audited consolidated financial statements and is prepared in accordance with Part 1 of the Canadian Institute of Chartered Accountants Handbook ("GAAP"), except net revenue, adjusted EBITDA, and adjusted net income. Net revenue is provided to highlight revenue net of any gains or losses realized on commodity swaps. Adjusted EBITDA is provided to assist management and investors in determining the Corporation's approximate operating cash flows before interest, income taxes, and depreciation and amortization and certain other income and expenses. Adjusted net income is used to compare MAXIM's results among reporting periods without consideration of unrealized gains and losses and to evaluate MAXIM's performance. Net revenue, adjusted EBITDA, and adjusted net income do not have any standardized meaning prescribed by GAAP and may not be comparable to similar measures presented by other companies.(2) Funds from operations is an Additional GAAP measure provided to assist management and investors in determining the Corporation's cash flows generated by operations before the cash impact of working capital fluctuations.(3) Generation capacity is manufacturer's nameplate capacity net of minority ownership interests of third parties.
During the fourth quarter of 2012, net revenue increased primarily due to increased demand in the Northeast US as well as continued growth in France. Net income attributable to shareholders further increased primarily due to recognizing an unrealized gain on the derivative coal contract in 2012 as opposed to a loss in 2011.