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Pristine Power Inc. Announces Second Quarter Financial Results

^{Published on 2010-08-09 19:20:32 - Market Wire}
 

 Highlights - Net power production increased by 479% to 33,025 MWh in Q2/10, generated by the Company's three operating plants: Savona, 150 Mile House, and the East Windsor Cogeneration Centre (EWCC). - Revenue increased significantly to $6.7 million for Q2/10 due to the commissioning of East Windsor, from $0.6 million for Q2/09 - In April, the Company was awarded a 10.8 MW Feed-in-Tariff ("FIT") contract for its Grand Valley Project, which compliments an existing 9.8 MW RESOP contract. - The Ontario provincial government enacted a regulation that exempts the York Energy Centre project from the Ontario Planning Act, no longer requiring site plan approval for the project and exempting it from the interim control by-law enacted by the Township of King. 

 Financial Summary ------------------------------------------------------------------------- (C$000's except per share For the three month For the six month and production data) period ended period ended June 30, June 30, 2010 2009 2010 2009 ------------------------------------------------------------------------- Net production Power (MWh)(1) 33,025 5,700 51,754 12,187 Steam (mmbtu)(1) 119,378 - 210,091 - Revenue: Power & steam revenues(1) 5,647 423 10,797 972 Gas sales(1) 461 - 1,460 - Project management fees 299 148 589 334 Interest & other income(1) 280 4 481 152 ------------------------------------------------------------------------- Total Revenue 6,687 575 13,327 1,458 Expenses(1) 8,899 3,834 18,276 7,347 Net loss and comprehensive loss (2,436) (3,100) (5,291) (5,641) Net loss per share (basic & diluted) (0.07) (0.10) (0.15) (0.19) Funds used in operations(2) (812) (2,380) (2,164) (4,533) Cash & cash equivalents 4,167 19,111 4,167 19,111 ------------------------------------------------------------------------- ------------------------------------------------------------------------- Notes: (1) Before non-controlling interest share (2) Funds used in operation is a non-GAAP measure For the Three Month Period Ended June 30 ---------------------------------------- 

 Reconciliation of Funds Used in Operations ------------------------------------------------------------------------- C$ (000's) For the three month For the six month period ended period ended June 30, June 30, ------------------------------------------------------------------------- 2010 2009 2010 2009 ------------------------------------------------------------------------- Funds used in operations (812) (2,380) (2,164) (4,533) Change in operating working capital 3,080 (1,025) 1,684 (771) ------------------------------------------------------------------------- Cash used in operations 2,268 (3,405) (480) (5,304) ------------------------------------------------------------------------- ------------------------------------------------------------------------- For the Six Month Period Ended June 30 -------------------------------------- 

 ------------------------------------------------------------------------- For the three month period ended June 30 2010 2009 ------------------------------------------------------------------------- Net production (MWh)(1) 26,405 - Availability factor 82% - Steam production (mmbtu)(1) 119,378 - ------------------------------------------------------------------------- ------------------------------------------------------------------------- (1) before non-controlling interest share 

 ------------------------------------------------------------------------- For the three month period ended June 30 2010 2009 ------------------------------------------------------------------------- Net production (MWh)(1) 6,620 5,700 Combined capacity factor 63% 55% Availability factor 100% 100% ------------------------------------------------------------------------- ------------------------------------------------------------------------- (1) before non-controlling interest share