August 6, 2010 - EDMONTON - EPCOR Utilities Inc. (EPCOR) today filed its quarterly results for the period ended June 30, 2010.
“EPCOR’s operations performed well in the second quarter without any significant issues or disruptions to customers with operating results for the quarter coming in on plan,” said President and CEO Don Lowry. “We are beginning to see the benefits of the many changes brought in over the past 18 months. Despite an $8 million net loss for the second quarter due to our equity share in the net loss of Capital Power, net income from our core operations grew by $12 million for the quarter and $19 million for the six-month period over the same periods last year. In particular, our water business is showing gains and is poised for further growth.”
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 loss was $8 million on revenues of $363 million for the three months ended June 30, 2010 compared with net income of $50 million on revenues of $735 million for the corresponding period in the previous year.
- Net income was $79 million on revenues of $701 million for the six months ended June 30, 2010 compared with $154 million on revenues of $1,631 million for the corresponding period in the previous year.
- Cash flow from operating activities for the three months ended June 30, 2010 was $14 million compared with $104 million for the corresponding period in the previous year.
- Cash flow from operating activities for the six months ended June 30, 2010 was $68 million compared with $251 million for the corresponding period in the previous year.
- Other comprehensive loss was $9 million for the three months ended June 30, 2010 compared with a loss of $18 million for the corresponding period in the previous year.
- Other comprehensive loss was $6 million for the six months ended June 30, 2010 compared with income of $4 million for the corresponding period in the previous year.
- Investment in capital projects for the three months ended June 30, 2010 was $37 million compared with $168 million for the same period in the previous year.
- Investment in capital projects for the six months ended June 30, 2010 was $81 million compared with $304 million for the same period in the previous year.
The Management’s discussion and analysis (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.
For more information, contact:
Media Relations:
Tim le Riche (780) 969-8238
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Claudio Pucci (780) 969-8245 or toll free (877) 969-8280