- Sprott Power Corp. Announces 2013 First Quarter ResultsMay 15, 2013
- Sprott Power Corp. Announces 2012 Annual and Fourth Quarter ResultsMar 28, 2013
- Sprott Power Corp. Announces Quarterly DividendMar 20, 2013
- Sprott Power Corp. Finalizes Transition Agreement Feb 11, 2013
- Sprott Power Provides Management Transition UpdateFeb 01, 2013
- Sprott Power Announces Management TransitionJan 28, 2013
- Sprott Power Corp. Announces Loan to Contracted Wind Power ProjectsJan 14, 2013
- Sprott Power Initiates Strategic ReviewJan 10, 2013
- Sprott Power Corp. Announces Quarterly DividendDec 18, 2012
- Sprott Power Corp. to Increase Quarterly Cash DividendNov 26, 2012
- Sprott Power Corp. Completes Acquisition of Shear Wind and Enters into Agreements with New PartnerNov 23, 2012
- Sprott Power Corp. Announces 2012 Third Quarter ResultsNov 12, 2012
- Sprott Power Corp. Provides Update on Ontario Wind Projects Oct 25, 2012
- Shear Wind Shareholders Approve Plan of ArrangementOct 09, 2012
- Sprott Power Corp. Announces Quarterly DividendSep 17, 2012
- Sprott Power Announces Closing of $4.5 Million Over-Allotment OptionAug 30, 2012
- Sprott Power Completes $30 Million Public Offering of Extendible Convertible Unsecured Subordinated DebenturesAug 28, 2012
- Sprott Power, Wind Canada Investments and Shear Wind announce agreement for the acquisition of Shear Wind by Sprott Power and $30 million public offering by Sprott Power of Extendible Convertible Unsecured Subordinated DebenturesAug 08, 2012
- Sprott Power Corp. Announces 2012 Second Quarter ResultsJul 24, 2012
- Sprott Power Corp. Announces 45 Megawatts of Bids for Nova Scotia Renewable Energy Projects and Other UpdatesJun 28, 2012
- Sprott Power Corp. Announces Investments in Contracted Wind Power Projects Jun 26, 2012
- Sprott Power Corp. Hosts Nova Scotia’s Premier Darrell Dexter at Amherst Wind Farm Ribbon Cutting CeremonyJun 25, 2012
- Sprott Power Corp. Announces Increased Quarterly DividendJun 08, 2012
- Sprott Power Corp. Announces 2012 First Quarter ResultsMay 07, 2012
- Sprott Power Corp. to Increase Quarterly Cash DividendApr 17, 2012
- Sprott Power Corp. Announces Substantial Completion of the Amherst ProjectApr 16, 2012
- Sprott Power Corp. to Hold its Annual Shareholders Meeting on May 15, 2012 and Announces Adoption of Shareholder Rights PlanApr 10, 2012
- Sprott Power Corp. Announces 2011 Annual and Fourth Quarter ResultsMar 27, 2012
- Sprott Power Corp. Announces Quarterly DividendMar 26, 2012
- Sprott Power Corp. Completes $22.8 Million Equity FinancingMar 06, 2012
- Sprott Power Corp. Announces $20.0 Million Equity FinancingFeb 22, 2012
- Sprott Power Corp. Announces Equity FinancingFeb 21, 2012
- Sprott Power Corp. Announces the Installation of All the Turbines at its Amherst Wind Power ProjectFeb 13, 2012
- Sprott Power Corp. announces new refinancing agreement to extend through 2016Dec 23, 2011
- Sprott Power Corp. Announces Completion of First Wind Turbine at its Amherst Wind Farm ProjectDec 12, 2011
- Sprott Power Corp. Announces 2011 Third Quarter ResultsNov 11, 2011
- Sprott Power Corp. to Initiate Quarterly Cash DividendNov 07, 2011
- Sprott Power Corp. Announces Acquisition of 100 MW Alberta Development ProjectOct 06, 2011
- Sprott Power Corp. Completes the Sale of Non-Core Hydroelectric AssetsSep 19, 2011
- Sprott Power Corp. Announces Update on the Sale of Non-Core Hydroelectric Assets to Anyox Hydro Electric Corp.Aug 24, 2011
- Sprott Power Corp. Announces Closing of the Long-Term Financing for the Amherst Wind Farm ProjectAug 16, 2011
- Sprott Power Corp. Announces 2011 Second Quarter ResultsAug 11, 2011
- Sprott Power Corp. Appoints Finn Greflund to the Board of DirectorsJul 14, 2011
- Sprott Power Corp. Announces 2011 First Quarter ResultsJun 13, 2011
- Sprott Power Corp. Announces Agreements and Financing to Complete the Amherst Wind Farm ProjectJun 13, 2011
- Sprott Power Corp. Announces the Signing of a Letter of Intent to Sell its Interest in Non-Core Hydroelectric AssetsMay 11, 2011
- Sprott Power Corp. Announces the Signing of a Long-Term Power Purchase Agreement with Hydro-Québec Distribution for the Sale of 24 Megawatts of Wind PowerMar 24, 2011
- Sprott Power Corp. Appoints Glen Estill and David Rounthwaite to the Board of DirectorsMar 21, 2011
- Sprott Power Corp. Reports 2010 Financial ResultsMar 14, 2011
- Sprott Power Corp. to Release 2010 Financial ResultsMar 09, 2011
- Sprott Power Corp. and First Asset PowerGen Fund Announce Completion of MergerFeb 01, 2011
- First Asset PowerGen Fund Unitholders Approve Arrangement With Sprott Power Corp.Jan 24, 2011
- Sprott Power Securityholders Approve Arrangement; First Asset PowerGen Fund Meeting AdjournedJan 13, 2011
- First Asset PowerGen Fund and Sprott Power Corp. Announce Additional Contracted ProjectDec 21, 2010
- First Asset PowerGen Fund and Sprott Power Corp. Agree to MergeDec 13, 2010
- First Asset PowerGen Fund and Sprott Power Corp Announce Proposed MergerOct 26, 2010
- VentureLink Diversified Income Fund Inc. Invests in Sprott Power Corp.Jul 08, 2010
- FOR IMMMEDIATE RELEASE SPROTT POWER CORP. ANNOUNCES ITS FORMATION, COMPLETION OF CAPITAL RAISE AND MERGER WITH RENEWABLE ENERGY DEVELOPERS LPJun 14, 2010
Sprott Power Corp. Announces 2012 Third Quarter Results
TORONTO, ON – November 12, 2012 – Sprott Power Corp. (TSX: SPZ) (“Sprott Power” or “the Company”) an owner, operator and developer of renewable energy projects, today announced its financial and operational results for the three and nine months ended September 30, 2012.
• The Company’s energy production for the third quarter of 2012 more than doubled to 38.2 gigawatt hours (“GWhs”) as compared to 17.9 GWhs in 2011. The increase is due to the commissioning of the Amherst I wind farm in April 2012, which contributed 19.2 GWhs of new production. On a year-to-date basis production was 118.1 GWhs, an increase of 52.3 GWhs or 79% as compared to the same period in 2011. Most of the increase came from the new Amherst I project which contributed 37.8 GWHs.
• Revenue for the three months ended September 30, 2012 was up 119% to $3.5 million as compared to $1.6 in for the same three month period in 2011. For the nine months ended September 30, 2012 revenue was $11.0 million compared to $6.2 million for the same period in 2011 an increase of 77%. The increase includes the Amherst I wind farm which contributed $1.6 million and $3.3 million in revenue for the three and nine months ended September 30, 2012, respectively. On a “same wind farm” basis revenue for the nine months ended September 30, 2012 increased by approximately 4%.
• Earnings before interest, income taxes, depreciation and amortization, and other expenses and income (“EBITDA” ) were $1.5 million and $5.4 million for the three and nine months ended September 30, 2012 respectively. EBITDA for both the three and nine months ended September 30, 2012 has significantly increased compared to 2011.
• At September 30, 2012, the Company had working capital of $22.3 million as compared to working capital of $10.3 million as at December 31, 2011. The working capital at September 30, 2012, includes $50.8 million in cash, of which approximately $33.2 million will be utilized to complete the Shear Wind acquisition, and $6.1 million in restricted cash.
• In September, 2012, the board of directors of the Company (the “Board”) declared a quarterly dividend of $0.01325 per share to be paid to on October 16, 2012 to shareholders of record on September 28, 2012.
• In August, 2012, the Company announced it had entered into an arrangement agreement to acquire 100% of Shear Wind Inc. (TSXV: SWX) (the “Acquisition”). The Company is to acquire all of the issued and outstanding common shares of Shear Wind for total cash consideration of approximately $33.2 million. Shear Wind owns a portfolio of operating and development assets in Canada. The operating assets are located in Nova Scotia and have a combined installed capacity of 63.7 MW. The development assets portfolio is comprised of wind projects in various stages of development having a potential aggregate installed capacity of over 860 MW.
In conjunction with the Acquisition, the Company completed a $34.5 million convertible unsecured subordinated debenture offering. The debentures have an interest rate of 6.75%, a conversion price of $1.30 and the maturity of the debentures will automatically be extended to December 31, 2017 upon completion of the Acquisition.
As at November 12, 2012, the completion of the Acquisition remains subject to the receipt of one final third party consent. The effective date of the Acquisition is expected to occur as soon as possible following the receipt of the outstanding third party consent which management expects before the end of November.
• During the third quarter the Company advanced the construction of its 2.3MW turbine located near its existing Lingan Nova Scotia facility. The construction was completed in October, 2012 and the turbine has begun commercial operation.
“The Company continues to execute on its strategy to rapidly grow its operating and development assets with the completion of the Shear Wind negotiations and the convertible debt financing,” said Jeff Jenner, Chief Executive Officer of Sprott Power. “We expect the Shear Wind acquisition to close before the end of November. It will immediately increase our operating assets under management by nearly 80% and enhance the Company’s cash flow. Our existing operating assets continued to perform as expected providing improved financial results compared to the third quarter in 2011. We expect revenues and production in the fourth quarter of 2012 to be the best in our short history, with the expectation of good wind resources, the additional revenue from the new turbine at our Lingan, Nova Scotia, facility, and the impact of the completion of the Shear Wind transaction.”
The Company’s full financial statements and Management’s Discussion and Analysis for the nine months ended September 30, 2012, can be found at www.sedar.com or the Company’s website at www.sprottpower.com.
Non-IFRS Financial Measures
This press release includes financial terms (including EBITDA) that the Company utilizes to assess the financial performance of its business that are not measures recognized under International Financial Reporting Standards ("IFRS"). These non-IFRS measures should not be considered alternatives to performance measures determined in accordance with IFRS and may not be comparable to similar measures presented by other issuers.
About Sprott Power Corp.
Sprott Power is a publicly-traded (TSX: SPZ) Canadian-based company dedicated to the development, ownership and operation of renewable energy projects. Through project development efforts, acquisitions, partnerships and joint ventures, Sprott Power provides its shareholders with income and growth from the renewable power generation sector of the energy industry.
Certain information contained in this press release may constitute “forward-looking information” which reflects the current expectations of Sprott Power with respect to possible events, conditions or financial performance including future electricity production levels and the Company’s ability to effectively develop and construct renewable energy projects and obtain required approvals and cooperation from stakeholders. This information reflects Sprott Power’s current beliefs with respect to future events and are based on information currently available to management. Forward-looking information involves significant known and unknown risks, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking information including, without limitation, the risks listed under the heading “Risk Factors” in the Company’s Annual Information Form dated March 26, 2012. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking information prove incorrect, actual results, performance or achievements could vary materially from those expressed or implied by the forward-looking information contained in this release. Although forward-looking information contained in this release is based upon what Sprott Power believes to be reasonable assumptions, management cannot assure investors that actual results, performance or achievements will be consistent with this forward-looking information. The forward-looking information is made as of the date of this release and Sprott Power does not assume any obligation to update or revise it to reflect new events or circumstances, except as required by law.
For more information, please contact:
Jeff Jenner, CA, CBV
President and Chief Executive Officer
Sprott Power Corp.
416-815-0700 ext. 264
(1) This MD&A includes financial terms (including EBITDA) that the Company utilizes to assess the financial performance of its business that are not measures recognized under International Financial Reporting Standards ("IFRS"). These non-IFRS measures should not be considered alternatives to performance measures determined in accordance with IFRS and may not be comparable to similar measures presented by other issuers. EBITDA is calculated as follows from interim condensed consolidated financial statements:
|Three months ended September 30, 2012||Three months ended September 30, 2011||Nine months ended September 30, 2012||Nine months ended September 30, 2011|
|Profit (loss) from operating activities||
|$ (834,541)||$ 1,479,310||$ (136,229)|
|Add depreciation and amortization:|
|EBITDA||$ 1,499,797||$ 45,385||$5,397,574||$2,075,630|