CALGARY, ALBERTA -- (Marketwired) -- 05/13/13 -- Maxim Power Corp. (TSX: MXG) ("MAXIM" or the "Corporation") announced today the release of financial and operating results for the first quarter ended March 31, 2013. The unaudited condensed consolidated financial statements, accompanying notes and Management Discussion and Analysis will be available on SEDAR and on MAXIM's website on May 13, 2013. All figures reported herein are Canadian dollars unless otherwise stated.
Three Months Ended($ in thousands except per share amounts) March 31Net revenue (1) $ 55,504 $ 45,873Adjusted EBITDA (1) 14,067 9,960Adjusted net income (1) 4,990 3,839 Per share - basic and diluted $ 0.09 $ 0.07Net income attributable to shareholders 4,586 2,901 Per share - basic and diluted $ 0.08 $ 0.05Funds from operations (2) 14,114 10,178 Per share - basic and diluted $ 0.26 $ 0.19Electricity Deliveries (MWh) 312,031 326,644Net Generation Capacity (MW) (3) 804 809Average Alberta Power Prices ($ per MWh) $ 65.30 $ 60.12Average Milner Realized Electricity Price ($ per MWh) $ 95.43 $ 57.44(1) Select financial information was derived from the unaudited condensed 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 before the cash impact of working capital fluctuations.(3) Generation capacity is manufacturer's nameplate capacity net of minority ownership interests of third parties.
Net revenue, adjusted EBITDA, adjusted net income, net income attributable to shareholders and funds from operations increased in the first quarter of 2013 when compared to the first quarter of 2012. The increase in these financial measures is primarily due to an increase in Alberta power prices which impacted Milner results as well as increased dispatches in the Northeast U.S. at Pittsfield and CDECCA.