Three Months Ended Nine Months Ended September 30 September 30 ($ in thousands except per share amounts) 2014 2013 2014 2013 Revenue $ 24,208 $ 45,046 $ 112,478 $ 136,933 Adjusted EBITDA (1) 3,430 14,828 16,399 43,232 Adjusted net income (loss) (1) (1,186) 9,685 (1,937) 20,395 Per share - basic and diluted $ (0.02) $ 0.18 $ (0.04) $ 0.38 Net income (loss) attributable to shareholders (1,415) 7,640 (2,253) 18,672 Per share - basic and diluted $ (0.03) $ 0.14 $ (0.04) $ 0.34 FFO (2) 2,611 13,998 13,690 41,133 Per share - basic and diluted $ 0.05 $ 0.26 $ 0.25 $ 0.76 Electricity Deliveries (MWh) 192,272 340,144 750,136 834,029 Net Generation Capacity (MW) (3) 777 802 777 802 Average Alberta power price - market ($ per MWh) $ 64.34 $ 83.62 $ 55.80 $ 90.84 Average Alberta power price - Milner realized ($ per MWh) $ 92.49 $ 108.94 $ 72.52 $ 125.13 Average US power price - Northeast U.S. realized (US$ per MWh) $ 66.14 $ 116.35 $ 165.34 $ 133.47 (1) Select financial information was derived from the unaudited condensed consolidated interim financial statements and is prepared in accordance with IFRS, except adjusted EBITDA and adjusted net income (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 income (loss) is used to compare MAXIM's results among reporting periods without consideration of unrealized gains and losses and to evaluate MAXIM's performance. Adjusted EBITDA and adjusted net income (loss) do not have any standardized meaning prescribed by IFRS 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 by 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.OPERATING RESULTS
Revenue, adjusted EBITDA, adjusted net income (loss), net income (loss) attributable to shareholders and FFO decreased in the third quarter of 2014 when compared to the third quarter of 2013. The decrease in these financial measures is primarily due to lower realized power prices and generation in both Alberta and the Northeast U.S.
On a year to date basis, revenue, adjusted EBITDA, adjusted net income (loss), net income (loss) attributable to shareholders and FFO decreased in 2014 when compared to 2013. The decrease in these financial measures is primarily due to lower Alberta power prices throughout each quarter of 2014 in addition to lower realized power prices and generation in the Northeast U.S. in the third quarter.
ALBERTA UTILITIES COMMISSION ("AUC") LOSS FACTOR DECISION
As previously reported, the AUC has upheld the complaint made by the Corporation that the current ISO Line Loss Rules contravene the Transmission Regulation and are unjust, unreasonable, unduly preferential, arbitrarily or unjustly discriminatory and inconsistent with or in contravention of the 2003 Electric Utilities Act (AUC Decision 2014-110). The AUC is proceeding with the second phase of its consideration of Milner's complaint to determine the relief or remedy to be given and has issued a process letter which indicates the second phase will likely conclude in the second half of 2015.
FEDERAL ENERGY REGULATORY COMMISSION ("FERC") INQUIRY
FERC has continued its non-public inquiry related to MAXIM's supply of electricity to the ISO-NE market. As previously reported, FERC's Office of Enforcement communicated its preliminary findings, MAXIM and its external legal counsel strongly disagree with and have formally refuted the allegations made in the preliminary findings, and the Office of Enforcement issued a Notice of Alleged Violations ("Notice") to MAXIM. The preliminary findings and the Notice issued by the Office of Enforcement do not constitute findings or orders of the Commission. MAXIM continues to cooperate with the Office of Enforcement to resolve this matter.