Run of River Power Reports Results For 2011
23 Abril 2012 - 2:49AM
PR Newswire (Canada)
VANCOUVER, April 26, 2012 /CNW/ - Run of River Power Inc. ("ROR
Power" or "the Company") today announced financial and operating
results for the year ended December 31, 2011. The consolidated
financial statements and management discussion and analysis will be
filed to SEDAR and posted on ROR Power's website
(www.runofriverpower.com). All figures reported herein are in
Canadian dollars unless otherwise stated. Highlights Coming into
2011, Management's objectives were threefold: to reduce General and
Administration ("G&A") costs of the Company, to optimize
revenues from existing facilities, and maximize shareholder value
through the Skookum Power Project. The Company is pleased to
provide the following highlights: -- Exceeded General and
Administration ("G&A") target reduction of $500,000 per year -
G&A in 2011 was $685,312 lower, or 24.2% lower than the total
during 2010. -- Set quarterly production record at the Brandywine
hydro-electric facility - 16,206 MWh compared to previous best
quarter of 12,134 MWh set in 2007 - an increase of over 33% --
Development Plan for the 25 MW Skookum Power Project was deemed
complete by the Ministry of Forests, Lands and Natural Resource
Operations and formally referred out to the relevant Federal and
Provincial agencies and First Nations for review -- Signed an
Impacts and Benefits Agreement with the Squamish First Nation for
the Skookum Power Project -- Subsequent to Quarter end, entered
into agreements with certain subsidiaries in the Concord Pacific
group of companies to provide equity financing for the 25 MW
Skookum Power Project "Our Brandywine facility demonstrated
considerable efficiency and reliability improvements allowing us to
deliver our best production year since 2007" stated Richard Hopp,
ROR Power's President and CEO. "We are very pleased to have secured
a strong partner with Concord enabling us to build the Skookum
Power Project without having to issue any additional equity."
Financial Summary
____________________________________________________________________
| Period ended December 31 | 3months | 12 months |
|_____________________________________|______________|_______________|
|($000's except per share & generation| | | | | | amounts) |
2011 | 2010 | 2011 | 2010 |
|_____________________________________|______|_______|_______|_______|
| | | | | | |Electricity sales | 433| 481| 2,090| 1,952| |EBITDA1 |
(209)| (425)| (744)|(1,645)| |Loss | (591)|(4,853)|(2,717)|(7,138)|
|Basic and diluted loss per share |(0.01)| (0.06)| (0.03)| (0.08)|
|Cash flow used in operations | 255| (739)|(1,584)|(2,499)| |Total
assets |28,497| 26,751| 28,497| 26,751| |Generation (MWh) | 7,398|
7,310| 35,281| 32,518|
|_____________________________________|______|_______|_______|_______|
(1) EBITDA is earnings before interest, taxes, depreciation and
amortization and is not a measure under International Financial
Reporting Standards ("IFRS") and may not be comparable to similar
measures presented by other companies. Refer to Non-GAAP measures
section of the MD&A for an explanation and reconciliation.
Operating Results 2011 electricity sales of $2,090,225 increased
$137,743 or 7.1% from 2010 sales of $1,952,482 (including $48,349
from business interruption insurance) as a direct result of an
increase in electricity generated to 35,281 MWh from 32,518 MWh.
The increase in electricity generation and sales is attributable to
increased production at the Brandywine Creek facility due to
available water and increased plant reliability. The Corporation
recorded a net loss for 2011 of $2,717,177 compared to a net loss
of $7,137,720 for 2010. Year over year, the net loss improved by
$4,420,543, substantially due to the write-down of biomass project
development costs of $3,996,493 that occurred in 2010. The loss in
2010, before write-down, would have been $3,141,227. The
improved net loss, before write down, of $424,050, or 13.5%, is
primarily attributable to reduced Corporate G&A and improved
operating results at the Brandywine facility offset by increased
finance costs. Funds used in operations were $1,584,520 in 2011
compared to $2,499,424 for 2010. This improvement of $914,904
was due principally to reduced Corporate G&A and improved
operating results at the Brandywine facility in 2011. In addition,
funding insurance repairs in advance of receiving the insurance
proceeds at the Brandywine facility of approximately $400,000 in
2010 contributed to this favourable variance. Financial Position At
December 31, 2011, the Company had $1.1 million in cash on hand.
These cash resources will be used to carry out further development
of the Mamquam watershed and future run-of-river development
prospects. The Company recently entered into agreements with
certain subsidiaries in the Concord Pacific group of companies to
provide equity financing for ROR Power's 25 MW Skookum Power
Project as more fully described in the Financial Statements issued
concurrently with this news release. Accordingly, the Company is
evaluating alternatives for raising project debt to complete this
project and is currently negotiating with a lender. Non-GAAP
Measures The Company reports its financial position, results of
operations and cash flows in accordance with International
Financial Reporting Standards ("IFRS"). About Run of River Power
Inc. ROR Power develops renewable, sustainable energy through its
portfolio of clean energy projects. The company helps diversify
BC's energy mix by providing a cleaner way to generate power and
increasing the security of BC's energy supply. ROR Power
operates an Eco Logo© certified hydroelectric power generation
station at Brandywine Creek, near Whistler, BC that provides green
power for about 4,000 homes. The company is well positioned for
profitable growth through power generation initiatives that include
its 25 MW Skookum Power Project, awarded an Electricity Purchase
Agreement by BC Hydro in 2010. ROR Power's total development
potential is approximately 600 MW. Forward-Looking Statements
Statements in this release which describe Run of River Power Inc.'s
intentions, expectations or predictions, or which relate to matters
that are not historical facts are forward-looking statements. These
forward-looking statements involve unknown risks and uncertainties
which may cause the actual results, performances or achievements of
Run of River Power Inc. to be materially different from any future
results, performances or achievements expressed in or implied by
such forward-looking statements. Run of River Power Inc. may update
or revise any forward-looking statements, whether as a result of
new information, future events or changing market and business
conditions and will update such forward-looking statements as
required pursuant to applicable securities laws. Neither TSX
Venture Exchange nor its Regulation Services Provider (as that term
is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
Run of River Power Inc. CONTACT: Information ContactRichard
W. HoppPresident and CEOTel: 604-946-9232rhopp@runofriverpower.com
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