Maxim Power Corp. Announces 2015 Financial and Operating Results

CALGARY, ALBERTA -- (Marketwired) -- Mar 28, 2016 -- Maxim Power Corp. (TSX: MXG) ("MAXIM" or the "Corporation") announced today the release of financial and operating results for the fourth quarter ended and year ended December 31, 2015. The audited consolidated financial statements, accompanying notes and Management Discussion and Analysis will be available on SEDAR and on MAXIM's website on March 28, 2016. All figures reported herein are Canadian dollars unless otherwise stated.

                                                                            
FINANCIAL HIGHLIGHTS                                                        
----------------------------------------------------------------------------
                                  Three Months Ended    Twelve Months Ended 
                                     December 31            December 31     
($ in thousands except per                                                  
 share amounts)                      2015       2014       2015        2014 
----------------------------------------------------------------------------
Revenue                         $  32,792  $  30,437  $ 123,045  $  142,915 
Adjusted EBITDA (1)                 8,219     (1,401)    19,501      14,998 
Adjusted net loss (1)              (2,305)    (6,588)   (18,227)     (8,121)
  Per share - basic and diluted $   (0.04) $   (0.12) $   (0.34) $    (0.15)
Net loss attributable to                                                    
 shareholders                     (65,155)    (6,860)   (77,418)     (9,113)
  Per share - basic and diluted $   (1.20) $   (0.13) $   (1.43) $    (0.17)
FFO(2)                              4,444        (90)    10,263      13,600 
  Per share - basic and diluted $    0.08  $       -  $    0.19  $     0.25 
Electricity Deliveries (MWh)      252,595    249,252    788,092   1,010,811 
Net Generation Capacity (MW)                                                
 (3)                                  778        776        778         776 
Average Alberta market power                                                
 price                                                                      
($ per MWh)                     $   21.19  $   30.47  $   33.34  $    49.42 
Average Milner realized power                                               
 price                                                                      
($ per MWh)                     $   22.52  $   36.49  $   64.33  $    64.10 
Average Northeast U.S. realized                                             
 power                                                                      
price (US$ per MWh)             $   41.83  $   81.78  $   61.85  $   139.51 
                                                                            
(1) Select financial information was derived from the audited consolidated  
    financial statements and is prepared in accordance with GAAP, except    
    adjusted 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  uncontracted  capacity  
        on  contracted  generating  facilities.                                                                        

 

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