Maxim Power Corp. Announces 2016 Second Quarter Financial and Operating Results

CALGARY, ALBERTA -- (Marketwired) -- Aug 10, 2016 -- Maxim Power Corp. ("MAXIM" or the "Corporation") (TSX: MXG) announced today the release of financial and operating results for the second quarter ended June 30, 2016. The unaudited condensed consolidated interim financial statements, accompanying notes and Management Discussion and Analysis will be available on SEDAR and on MAXIM's website on August 10, 2016. All figures reported herein are Canadian dollars unless otherwise stated.

FINANCIAL HIGHLIGHTS


                                     Three Months Ended   Six Month Ended   
                                          June 30             June 30       
($ in thousands except per share                                            
 amounts)                                2016      2015      2016      2015 
----------------------------------------------------------------------------
Revenue                              $ 11,613  $ 23,027  $ 49,831  $ 70,548 
Adjusted EBITDA (1)                    (3,199)    7,025     2,347    13,621 
Adjusted net income (loss) (1)         (8,579)       18   (16,588)   (6,135)
  Per share - basic and diluted      $  (0.16) $      -  $  (0.31) $  (0.11)
Net income (loss) attributable to                                           
 shareholders                          (8,348)    2,581   (16,357)   (3,346)
  Per share - basic and diluted      $  (0.15) $   0.05  $  (0.30) $  (0.06)
FFO (2)                                (4,054)    3,455     1,295     8,440 
  Per share - basic and diluted      $  (0.07) $   0.06  $   0.02  $   0.16 
Electricity Deliveries (MWh)           41,264   123,636   265,312   361,685 
Net Generation Capacity (MW) (3)          778       778       778       778 
Average Alberta market power price                                          
($ per MWh)                          $  15.00  $  57.22  $  16.55  $  43.20 
Average Milner realized power price                                         
($ per MWh)                          $  19.95  $ 143.14  $  20.86  $  88.75 
Average Northeast US realized power                                         
 price                                                                      
(US$ per MWh)                        $  32.42  $  50.27  $  43.23  $ 114.22 
(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 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 attributable to shareholders.
    Adjusted EBITDA and adjusted net income (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.                                       

OPERATING RESULTS

During the second quarter of 2016, revenue, adjusted EBITDA, adjusted net income, net income attributable to shareholders and FFO have decreased in the second quarter of 2016 when compared to 2015. The decrease in these financial measures is primarily due to lower Alberta power prices. Aside from revenue and adjusted EBITDA, these financial measures were partially offset by lower costs related to the restructuring of Alberta operations in the prior year.

On a year-to-date basis, revenue, adjusted EBITDA and FFO have decreased and adjusted net loss and net loss attributable to shareholders increased in the first half of 2016 when compared to 2015. The changes in these financial measures are primarily due to the same factor impacting the second quarter and lower realized Northeast U.S. power prices in the first quarter of 2016. In addition, aside from revenue, the unfavourable movement in these financial measures was partially offset by favourable ongoing impacts of cost cutting initiatives implemented in the second quarter of 2015.

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