“EPCOR's first quarter results show that we are tracking to plan with a good start to the year from our core water, wastewater, and electricity operations,” said EPCOR President and CEO Don Lowry.
“Our water business benefited from the addition of the Gold Bar wastewater and Suncor water/wastewater operations in 2009. Overall, we believe EPCOR is well positioned for further growth along our two lines of business -- water and wires.”
Highlights of EPCOR’s financial performance are as follows and readers should note, as more fully described in management's discussion and analysis (MD&A) shown below, that the prior year comparative numbers include the results of the power generation business that was sold in July 2009:
- Net income was $87 million on revenues of $338 million for the three months ended March 31, 2010 compared with net income of $104 million on revenues of $896 million for the same period in the previous year.
- Cash flow from operating activities for the three months ended March 31, 2010 was $54 million compared with $147 million for the corresponding period in the previous year.
- Other comprehensive income was $3 million for the three months ended March 31, 2010 compared with $22 million for the corresponding period in the previous year.
- Investment in capital projects and business acquisitions for the three months ended March 31, 2010 was $44 million compared with $136 million for the same period in the previous year.
The MD&A and the unaudited interim consolidated financial statements are available on EPCOR’s website and will be available on SEDAR.
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, is an Alberta top 50 employer.
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