Boralex Inc., headquartered in Montreal, has announced that for the fourth quarter ended Sept. 30, 2004,
earnings before interest, taxes, depreciation and amortization (EBITDA) rose
$3.1 million to $2.2 million, compared to a loss of $0.9 million for the same
period last year. This increase is largely due to non-recurring charges
reported in 2003, energy marketing optimization in the wood-residue segment
and the contribution from the hydroelectric segment, which grew by
$1.1 million.
The fourth quarter of 2004 ended with a net loss of
$0.3 million, or $0.01 per share, compared to a net loss of $4.2 million or
$0.14 per share in 2003.
For the fourth quarter ended Sept. 30, 2004, revenue from the sale of
energy from continuing operations was $16.0 million, compared to $17.4 million
for the same period in fiscal 2003. This 8 percent decrease is because of the reduction
in volumes in the wood-residue thermal power stations and the stronger
Canadian dollar, partially offset by the contribution from the five US
hydroelectric power plants acquired at the end of fiscal 2003 and the
commercial start-up of a second wind farm in France.
In the 12-month period ended Sept. 30, 2004, revenue from sale of
energy from continuing operations grew 13 percent to $72.4 million, compared to
$64.1 million for the same period last year. This increase is principally due
to the September 2003 acquisitions and higher prices. However, these were
partially offset by the stronger Canadian dollar and the strategy of marketing
energy during peak periods for the wood-residue segment.
As a result, the EBITDA from continuing operations increased 117% in
2004 to $11.7 million vs. $5.4 million in 2003. Finally, the contribution
of Boralex Power Income Fund to earnings was improved by $2.2 million over to
the previous fiscal year. Consequently, for the 12-month period of 2004,
the net loss was $0.1 million, compared to a net loss of $5.7 million, or
$0.19 per share in 2003.
Claude Audet, president and CEO of Boralex, says, "This progress is due to
our greater diversification, proactive management of wood-residue volumes and
generation during peak periods, as well as our leadership in the production of
renewable energy. These initiatives are a few examples of business decisions
made to improve Boralex's performance. Other initiatives will be implemented
to continue the growth and diversification of our asset portfolio; these will
be combined with the restarting of the Ashland power plant in Maine, and
commercial start-up of our third wind farm in France scheduled for December
2004."
Boralex focuses on four types of power generation: hydroelectric power,
thermal or cogeneration power from natural gas or wood residue and wind
power. These are all fields where Boralex has developed proven expertise and
they are all centered on renewable energy. Boralex employs more than
240 workers and owns 16 power stations in Quebec, the United States and
France, with an installed capacity of close to 240.0 MW, as well as an urban
wood processing and recycling centre in Montreal. In addition, the Corporation
holds a 23% interest in Boralex Power Income Fund which owns 10 power stations
in Quebec and the United States with an installed capacity of close to
191.0 MW. Management of the fund's assets is provided by Boralex.