EPCOR Announces Quarterly Results 

“EPCOR’s earnings from operations met expectations in the second quarter, even as market conditions continued to change, and as we prepared for the closing of the Capital Power Initial Public Offering in early July,” said EPCOR Utilities Inc. President and CEO, Don Lowry. “Overall, our Genesee plants continued to perform well and our water portfolio showed gains, in part driven by the Gold Bar Wastewater Treatment operation which was transferred to EPCOR on March 31, 2009.
 
“EPCOR’s second quarter results were impacted by the Capital Power transaction, primarily by expenses incurred to reorganize our people and systems into two separate entities. The sale was effective in early July, the beginning of the third quarter.”
 

Highlights of EPCOR’s financial performance:

• Cash flow from operating activities for the three months ended June 30, 2009 was $104 million compared with $41 million for the corresponding period in the previous year.
• Cash flow from operating activities for the six months ended June 30, 2009 was $251 million compared with $139 million for the corresponding period in the previous year.
• Net income was $50 million on revenues of $740 million for the three months ended June 30, 2009 compared with $16 million on revenues of $865 million for the corresponding period in the previous year.
• Net income was $154 million on revenues of $1,630 million for the six months ended June 30, 2009 compared with $84 million on revenues of $1,664 million for the corresponding period in the previous year.
• Other comprehensive loss was $18 million for the three months ended June 30, 2009 compared with other comprehensive income of $1 million for the corresponding period in the previous year.
• Other comprehensive income was $4 million for the six months ended June 30, 2009 compared with $24 million for the corresponding period in the previous year.
• Investment in capital projects for the three months ended June 30, 2009 was $168 million compared with $186 million for the corresponding period in the previous year.
• Investment in capital projects for the six months ended June 30, 2009 was $304 million compared with $294 million for the corresponding period in the previous year.

 
Management’s discussion and analysis (MD&A) of the quarterly results are shown below. The MD&A and the unaudited interim financial statements are available on EPCOR’s website (http://www.epcor.ca/) and will be available on SEDAR (http://www.sedar.com/).
 
EPCOR’s wholly-owned subsidiaries build, own and operate electrical transmission and distribution networks, water and wastewater treatment facilities and infrastructure in Canada. EPCOR, headquartered in Edmonton, Alberta, has been named one of Canada’s Top 100 employers for nine consecutive years, and was selected one of Canada’s 10 Most Earth-Friendly Employers.

For more information, contact:

 
Media inquiries:
Tim le Riche (780) 969-8238

Shareholder and analyst inquiries:
Claudio Pucci (780) 969-8245 or toll free (866) 896-4636
 
The full news release with interim management’s discussion and analysis is available as a pdf document (500KB)