Montréal, November 7, 2003- For the
third quarter ended September 30, 2003, Boralex
Power Income Fund (the "Fund") announced
that revenue from energy sales totalled $15.0
million compared to $13.2 million for the same
period in 2002. Earnings before depreciation,
amortization and financial expenses ("EBITDA")
amounted to $6.4 million compared to $6.2 million
for the same period in 2002. Net earnings for
the quarter ended September 30, 2003 were $3.6
million, or $0.09 per trust unit, versus $3.1
million or $0.08 per trust unit for the same period
in 2002.
For the nine months ended September 30, 2003,
revenue from energy sales totalled $50.3 million,
compared to $35.8 million for the period from
February 20 to September 30, 2002, while EBITDA
amounted to $23.9 million compared to $18.9 million
for the period from February 20 to September 30,
2002. Net earnings stood at $14.6 million or $0.36
per trust unit, versus $11.7 million or $0.29
per trust unit for the period from February 20
to September 30, 2002.
Distributions to unitholders for the third quarter
of 2003 amounted to $8.9 million, which was in
line with distributions for the same period of
2002. On October 22, 2003, the Fund has announced
an increase of approximately 3%, compared to the
previous monthly distributions, taking into account
the recent acquisition of the two hydroelectric
power stations in the United States. As at September
30, 2003, the reserve accounts held a total of
$42.5 million, including approximately $7.5 million
of non recurring items, related to the acquisition
and the financing of the two new power stations
in the U.S., to be paid in the fourth quarter,
Note that on September 30, 2003, the Fund completed
the acquisition of two hydroelectric power stations
in New York State, U.S.A., with a total installed
capacity of close to 60 MW. These two power stations
have long-term power purchase contracts ending
in 2035 and 2034. Furthermore, the 18,500,000
subscription receipts issued by the Fund on July
28, 2003, were exchanged for Fund trust units
at a one-to-one ratio on September 30, 2003.
Boralex Power Income Fund is an unincorporated
open-ended trust that indirectly owns ten power
generating stations located in the province of
Québec and the United States producing
energy from different sources including wood-residue
or natural gas-fired thermal and cogenerating
facilities as well as hydroelectric power stations.
In total, these power stations have an installed
capacity of close to 191.0 MW. The Fund’s
units are listed for trading on The Toronto Stock
Exchange under the symbol BPT.UN.
Click
here to read the third quarter results
|
