Atlantic Power (TSX:T.ATP, StockForum), owner/operator of a diverse fleet of power generation assets in the US and Canada, announced third quarter results with year-to-date project income increasing to $81 million from $57.3 million reported during the same period in 2012, but quarterly project income dropped from $14.9 million listed in the matching 2012 quarter to $4.8 million. Operating activity cash flows increased both for the quarter and year-to-date totaling $46.4 million and $143.3 million respectively.
According to the company's news release, "Cash Available for Distribution increased $9.6 million from Q3 2012 to $37.9 million, mostly due to higher operating cash flows partly offset by higher project capex.”
Barry Welch, president and CEO of Atlantic Power, commented on Atlantic's performance, “Our operating and financial results this year have been strong, with contributions from our new projects such as Canadian Hills and Meadow Creek as well as increased contributions from several of our existing projects in the Northeast segment and elsewhere. “
Welch went on to add, “We are considering various potential initiatives and options aimed at addressing our near-term debt maturities, reducing debt levels, improving our financial flexibility, optimizing our assets, and reducing expenses. These are our highest priority objectives."
Atlantic made headlines recently with their October 2013 dividend announcement.
Share value dropped 10.79% on the news to $4.05 per share.
There are presently 120,000,896 shares outstanding with a $486 million market cap.