The Financial Highlights below include the results from COMAX France S.A.S. ("COMAX") to September 30, 2016, which are recorded as discontinued operations in MAXIM's financial statements. Refer to MAXIM's unaudited condensed consolidated financial statements and MD&A for further details.
FINANCIAL HIGHLIGHTS
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Three Months Ended Nine Months Ended
September 30 September 30
($ in thousands except
per share amounts) 2016 2015 2016 2015
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Revenue $ 23,578 $ 19,705 $ 48,775 $ 65,743
Adjusted EBITDA (1) 2,763 (2,339) 5,110 11,282
Adjusted net loss (1) (11,128) (8,917) (27,716) (15,922)
Per share - basic and
diluted $ (0.20) $ (0.16) $ (0.51) $ (0.29)
Net loss attributable to
shareholders (20,032) (8,917) (36,389) (12,263)
Per share - basic and
diluted $ (0.37) $ (0.16) $ (0.67) $ (0.23)
FFO (2) (4,435) (2,621) (3,140) 5,819
Per share - basic and
diluted $ (0.08) $ (0.05) $ (0.06) $ 0.11
Electricity Deliveries
(MWh) 323,481 173,812 508,720 453,562
Net Generation Capacity
(MW) (3) 778 778 778 778
Average Alberta market
power price($ per MWh) $ 17.94 $ 26.09 $ 17.02 $ 37.43
Average Milner realized
power price($ per MWh) $ 34.47 $ 40.01 $ 27.25 $ 83.52
Average Northeast US
realized power
price(US$ per MWh) $ 41.33 $ 43.86 $ 40.19 $ 70.81
(1) Select financial information was derived from the unaudited condensed
consolidated interim financial statements and is prepared in accordance with
GAAP, except adjusted earnings before interest, taxes, depreciation and
amortization ("EBITDA") and adjusted net loss. Adjusted EBITDA is provided
to assist management and investors in determining the Corporation's
approximate operating cash flows before interest, income taxes, and
depreciation and amortization and certain other income and expenses.
Adjusted net loss is used to compare MAXIM's results among reporting periods
without consideration of unrealized gains and losses and to evaluate MAXIM's
performance attributable to shareholders. Adjusted EBITDA and adjusted net
loss do not have any standardized meaning prescribed by GAAP and may not be
comparable to similar measures presented by other companies.
(2) Funds from operating activities before changes in working capital
("FFO") is an Additional GAAP measure provided to assist management and
investors in determining the Corporation's cash flows generated from
operations before the cash impact of working capital fluctuations.
(3) Generation capacity is manufacturer's nameplate capacity net of minority
ownership interests of third parties and uncontacted capacity on contracted
generating facilities.
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