Boralex Inc. Sets a New Record.MONTREAL--(BUSINESS WIRE)--May 7, 1998--(ME:BLX BLX Business Line Expert BLX Basic Launch Complex BLX British Legion of Xbox (gaming clan) .A.) Boralex Inc. posted sales of $8.1M for the second quarter ended March 31, 1998 compared with $5.8M for the corresponding quarter in 1997, an increase of 39 percent. For the six-month period ended March 31, 1998, sales also increased by 39 percent to $14.8M compared with $10.6M for the same period last year. This growth comes from the Kingsey Kingsey is a small village in Buckinghamshire, England. It is located near the border with Oxfordshire, about two miles east of Thame, a mile south of Haddenham. The village name is of 12th century origin and means 'king's island', referring to a piece of dry land that Falls cogeneration cogeneration In power systems, use of steam for both power generation and heating. High-temperature, high-pressure steam from a boiler and superheater first passes through a turbine to produce power. plant whose results are now fully consolidated, as a result of the Novergaz transaction concluded last October October: see month. and from the 3 percent average annual indexation of electricity prices. Net earnings for the quarter increased to $793,569 or $0.04 per share compared with $675,009 or $0.04 per share for the corresponding quarter in 1997. These results are excellent considering the difficult market conditions that prevailed in Quebec Quebec, city, Canada Quebec, Fr. Québec, city (1991 pop. 167,517), provincial capital, S Que., Canada, at the confluence of the St. Lawrence and St. Charles rivers. in January January: see month. and February February: see month. during and after the ice storm. For the six-month period ended March 31, 1998, net earnings were $870,560 or $0.04 per share compared with $1,014,416 or $0.06 per share for the same period last year. Unfortunately these excellent results could not offset the effects of the low water availability encountered in the first quarter. Earnings before interest, taxes, depreciation and amortization Earnings before interest, taxes, depreciation and amortization (EBITDA) is a non-GAAP metric that can be used to evaluate a company's profitability.
A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: however decreased from 57.1 percent to 53.6 percent reflecting an increase in the portion of expenses coming from the Kingsey Falls cogeneration plant. For the six-month period ended March 31, 1998, EBITDA was $7.1M compared with $5.8M last year. CASH FLOW AND FINANCIAL POSITION Cash flow from operations Cash flow from operations A firm's net cash inflow resulting directly from its regular operations (disregarding extraordinary items such as the sale of fixed assets or transaction costs associated with issuing securities), calculated as the sum of net income plus noncash expenses rose by 45 percent during the second quarter to $2.9M or $0.14 per share, compared with $2.0M or $0.12 per share for the corresponding period last year. For the period ended March 31, 1998, the increase was 32 percent, the margin totalling $4.2M or $0.19 per share compared with $3.2M or $0.19 per share for the same period last year. It is to be noted however that, as opposed to net earnings, cash flow from operations is not affected by deferred income taxes and amortization, these last two items having increased significantly during this period. During the quarter, Boralex reimbursed $0.7M in long-term debt Long-Term Debt Loans and financial obligations lasting over one year. Notes: For example debts obligations such as bonds and notes which have maturities greater than one year would be considered long-term debt. and invested $1.4M in capital expenditures and other assets other assets Assets of relatively small value. For financial reporting purposes, firms frequently combine small assets into a single category rather than listing each item separately. , mainly to develop new projects as well as expanding the operation centre at Kingsey Falls which now regroups the control centre, Boralex's administration and the cogeneration plant. As at March 31, 1998, Boralex had $16.0M in cash and working capital of $16.8M, for a ratio of 3.6:1. Long-term debt totalled $71.1M (including the liability component of the convertible debentures Convertible Debenture Any type of debenture that can be converted into some other security. Notes: For example, a convertible bond can be converted into stock. and the current portion of the long-term debt), compared with $53.6M a year earlier. Shareholders' equity Shareholders' Equity A firms' total assets minus its total liabilities. Equivalently, it is share capital plus retained earnings minus treasury shares. Shareholders' equity is the amount by which a company is financed through common and preferred shares. was $43.3M compared with $18.2M on March 31, 1997. During the last year, the ratio of long-term debt to shareholders' equity went from 2.95:1 to 1.64:1. OUTLOOK In keeping with its goal to achieve 200 MW by the year 2000, Boralex is continuing its analyses of several projects which are at varying stages of completion depending on the project. During this quarter, Boralex, in particular, announced the start-up Start-up The earliest stage of a new business venture. of the Batiscan Batiscan (or Batisquan) was a chief of the Algonkin people in the area of Trois-Rivières. He met Samuel de Champlain upon his return to Quebec in 1610 and held a feast for him. project, a 10 MW hydroelectric power hydroelectric power: see power, electric; water power. hydroelectric power Electricity produced from generators driven by water turbines that convert the energy in falling or fast-flowing water to mechanical energy. station. In this regard, we have filed an Environmental Certificate of Approval demand. The Corporation is actively pursuing its endeavours that will lead to the realization of the previously announced Thunder Bay Thunder Bay, city (1991 pop. 113,946), SW Ont., Canada, on Thunder Bay inlet of Lake Superior. The city was created in 1970 by the amalgamation of the twin cities of Fort William and Port Arthur and two adjoining townships. project, a 23 MW biomass-fuelled cogeneration plant. Further to a favourable feasibility study The analysis of a problem to determine if it can be solved effectively. The operational (will it work?), economical (costs and benefits) and technical (can it be built?) aspects are part of the study. Results of the study determine whether the solution should be implemented. , Boralex is also working with the Toronto Toronto (tərŏn`tō), city (1998 est pop. 2,400,000), provincial capital, S Ont., Canada, on Lake Ontario. Toronto is the largest city in Canada and since the 1970s has been one of the fastest-changing cities in North America, experiencing Hydro-Electric Hy`dro-e`lec´tric a. 1. Pertaining to, employed in, or produced by, the evolution of electricity by means of a battery in which water or steam is used. Commission to complete the steps needed for the realization of a 45 MW natural gas cogeneration plant on the same site as a boxboard box·board n. A firm cardboard used for making boxes. mill belonging to Paperboard paperboard, material similiar in shape and composition to paper, but generally thicker, stronger, and more rigid. Paper machines, e.g., Fourdrinier machines, are used to make sheets of paperboard. Industries International Inc. (symbol:PI), in downtown Toronto Downtown Toronto is the heart of the City of Toronto, Ontario, Canada. It is approximately bounded by Bloor Street (including areas slightly north of Bloor around Yonge Street) to the north, Lake Ontario to the south, Bayview Avenue - Don Valley Parkway to the east, and Bathurst . Finally, Boralex remains on the outlook for new acquisitions particularly in the deregulated market of the North Eastern United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . -0-
CONSOLIDATED BALANCE SHEETS
(in dollars)
(unaudited) As at March 31
1998 1997
____________________________________________________________
ASSETS
CURRENT ASSETS
Cash and temporary investments 16,017,773 2,254,115
Accounts receivable 7,257,887 5,173,813
____________________________________________________________
23,275,660 7,427,928
CAPITAL ASSETS 94,441,855 67,440,740
OTHER ASSETS 7,182,997 5,975,911
____________________________________________________________
124,900,512 80,844,579
____________________________
____________________________
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Advances from a shareholder - 828,591
Accounts payable and accrued
liabilities 3,519,892 2,383,098
Current portion of long-term debt 2,911,216 1,204,662
____________________________________________________________
6,431,108 4,416,351
LONG-TERM DEBT 68,206,379 52,407,814
DEFERRED INCOME TAXES 3,903,108 1,865,000
NON-CONTROLLING INTERESTS 3,041,573 3,965,470
SHAREHOLDERS' EQUITY
Equity component of the
convertible debentures 10,355,121 -
Capital stock 31,805,721 15,905,721
Retained earnings 1,157,502 2,284,223
____________________________________________________________
43,318,344 18,189,944
____________________________________________________________
124,900,512 80,844,579
____________________________
____________________________
CONSOLIDATED STATEMENTS OF EARNINGS
(in dollars, except per share amount)
(unaudited)
For the 3 month For the 6 months
periods periods
ended March 31 ended March 31
1998 1997 1998 1997
_________________________________________________________________
SALES 8,148,083 5,845,997 14,808,952 10,628,153
_________________________________________________________________
OPERATING EXPENSES
Operating costs 3,067,791 2,011,411 6,451,640 3,871,947
Administration 712,680 496,469 1,276,912 955,530
_________________________________________________________________
3,780,471 2,507,880 7,728,552 4,827,477
_________________________________________________________________
EARNINGS BEFORE
THE FOLLOWING 4,367,612 3,338,117 7,080,400 5,800,676
_________________________________________________________________
Financial expenses 1,559,405 1,230,497 3,061,669 2,445,983
Amortization 946,062 520,116 1,812,292 1,033,206
_________________________________________________________________
2,505,467 1,750,613 4,873,961 3,479,189
EARNINGS BEFORE INCOME
TAXES AND NON-CONTROLLING
INTERESTS 1,862,145 1,587,504 2,206,439 2,321,487
PROVISION FOR
INCOME TAXES 788,597 499,500 913,597 706,000
_________________________________________________________________
1,073,548 1,088,004 1,292,842 1,615,487
NON-CONTROLLING
INTERESTS (333,889) (412,995) (422,282) (601,071)
_________________________________________________________________
NET EARNINGS FOR
THE PERIOD 739,659 675,009 870,560 1,014,416
___________________________________________
___________________________________________
NET EARNINGS PER
CLASS A SHARE $0.04 $0.04 $0.04 $0.06
___________________________________________
___________________________________________
WEIGHTED AVERAGE NUMBER
OF CLASS A SHARES 19,402,018 16,740,431 19,402,018 16,734,404
___________________________________________
___________________________________________
CONSOLIDATED STATEMENTS OF CHANGES IN FINANCIAL POSITION
(in dollars, except per share amount)
(unaudited)
For the 3 month For the 6 months
periods periods
ended March 31 ended March 31
1998 1997 1998 1997
_______________________________________________________________
OPERATING ACTIVITIES
Net earnings for
the period 739,659 675,009 870,560 1,014,416
Items not affecting cash :
Amortization 946,062 520,116 1,812,292 1,033,206
Interest on the liability
component of the
convertible
debentures 183,960 - 372,008 -
Deferred income taxes737,598 468,500 812,598 641,000
Non-controlling
interests 333,889 412,995 422,282 601,071
Others (45,000) (80,054) (45,000) (74,054)
________________________________________________________________
Cash flow from
operations 2,896,168 1,996,566 4,244,740 3,215,639
Net change in non-cash
operating working
capital balances (1,581,821)(2,070,873)(2,837,993)(2,802,478)
________________________________________________________________
1,314,347 (74,307) 1,406,747 413,161
FINANCING ACTIVITIES
Increase in long-term
debt - 700,000 1,350,000 6,200,000
Payments of long-term
debt (746,521) (994,263)(1,673,233)(1,128,885)
Decrease in advances
from a shareholder - - - (407,500)
Proceeds on issue
of shares - 31,000 - 31,000
Payments of interests on
convertible debentures - - (598,325) -
________________________________________________________________
(746,521) (263,263) (921,558) 4,694,615
INVESTING ACTIVITIES
Purchase of capital
assets (779,012) (706,716)(1,676,737)(2,853,098)
Other assets (614,566) 26,198 (1,128,992) (744,643)
Acquisition of
investments - - (11,112,258) -
________________________________________________________________
(1,393,578) (680,518)(13,917,987)(3,597,741)
________________________________________________________________
NET CHANGE IN CASH
DURING THE PERIOD (825,752)(1,018,088)(13,432,798) 1,510,035
________________________________________________________________
CASH - BEGINNING
OF PERIOD 16,843,525 3,272,203 29,450,571 744,080
_____________________________________________
_____________________________________________
CASH - END OF
PERIOD 16,017,773 2,254,115 16,017,773 2,254,115
_____________________________________________
_____________________________________________
CASH FLOW FROM
OPERATIONS PER
CLASS A SHARE $0.14 $0.12 $0.19 $0.19
_____________________________________________
_____________________________________________
CONTACT: Boralex Inc. Mr. Jacques Gauthier Jacques Gauthier is a vertebrate paleontologist and systematist, and one of the founders of the use of cladistics in paleontology. He received a BS in Zoology at San Diego State University in 1973, a Masters of Science at the same institute in 1980, and a PhD in Paleontology , 514/282-2634 Mr. Cyrille Vittecoq, 514/ 282-2647 |
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