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Pristine Power Inc. Announces Third Quarter Results

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  Published in Business and Finance on Tuesday, November 10th 2009 at 3:47 GMT by Market Wire
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 Q3 2009 Summary --------------- - Net production increased to 2,943 MWh from 821 MWh in Q3 2008; - Revenue increased 21.4% to $624,000 from $514,000 in Q3 2008; - Net loss of $2.8 million ($0.09 per share, basic and diluted) compared to net loss of $2.3 million in Q3 2008; - Cash used in operations totaled $1.9 million compared to $3.5 million in Q3 2008; - The Company had cash and cash equivalents of $16.1 million as at September 30, 2009, compared to $19.1 million as at June 30, 2009; - Commissioning of the East Windsor Cogeneration Centre (EWCC) continued. Subsequent to the quarter's end, EWCC declared commencement of commercial operations on November 9, 2009. - Statement of Completion for the York Energy Centre (YEC) project was filed on August 19, 2009, enabling the facility to apply for the necessary environmental permits; - Finalized purchase agreement for two Siemens combustion turbine generator packages for the YEC project with delivery scheduled for early 2011; - Signed a term sheet for non-recourse debt financing for the YEC project with a syndicate of financial institutions. Subsequent Events ----------------- - In October 2009, the Company increased its interest in the 600 MW run-of-river Kleana Power project from 10% to 57%; - The Company executed the Partnership agreement with Harbert York Canada Company effective November 1, 2009, reducing its investment in York Energy Centre LP from 100% to 50%, as previously anticipated; - On November 9, 2009, the EWCC declared commencement of commercial operations. 

 Financial Summary ------------------------------------------------------------------------- For the three month For the nine month period ended period ended September 30, September 30, 2009 2008 2009 2008 ------------------------------------------------------------------------- Net production (MWh)(1) 2,943 821 15,130 821 C$ (000's) C$ (000's) C$ (000's) C$ (000's) ------------------------------------------------------------------------- Revenue 624 514 2,082 1,209 Expenses 3,659 2,897 11,069 7,144 Net loss and comprehensive loss (2,845) (2,323) (8,486) (6,107) Net loss per share (basic & diluted) (0.09) (0.07) (0.28) (0.23) Cash used in operations (1,869) (3,463) (6,678) (6,705) Funds used in operations(2) (2,072) (2,159) (6,605) (5,108) ------------------------------------------------------------------------- ------------------------------------------------------------------------- Notes: (1) Before non-controlling interest share (2) Funds used in operations is a non-GAAP measure. Refer to the paragraph titled "Cash Flow from Operations" for an explanation of its use and reconciliation with the Company's GAAP measures For the Three Month Period Ended September 30 --------------------------------------------- 

 Reconciliation of Funds Used in Operations ------------------------------------------------------------------------- For the three month For the nine month period ended period ended September 30, September 30, ------------------------------------------------------------------------- 2009 2008 2009 2008 C$ (000's) C$ (000's) C$ (000's) C$ (000's) ------------------------------------------------------------------------- Funds used in operations (2,072) (2,159) (6,605) (5,108) Change in operating working capital 203 (1,304) (73) (1,597) ------------------------------------------------------------------------- Cash used in operations (1,869) (3,463) (6,678) (6,705) ------------------------------------------------------------------------- For the Nine Month Period Ended September 30 -------------------------------------------- 

 Project Highlights East Windsor Cogeneration Centre (EWCC) --------------------------------------- 

 York Energy Centre (YEC) ------------------------ 

 Mackenzie Green Energy Centre (MGEC) ------------------------------------ 

 Other Development Activities ----------------------------