FINANCIAL HIGHLIGHTS
Three Months Ended | ||||
($ in thousands except per share amounts) | 2024 | 2023 | ||
Revenue | 34,768 | - | ||
Net income | 10,487 | 7,751 | ||
Earnings per share – basic | 0.21 | 0.15 | ||
Earnings per share – diluted | 0.18 | 0.14 | ||
Adjusted EBITDA (1) | 15,922 | 11,731 | ||
Total generation – (MWh) | 476,531 | - | ||
Total fuel consumption – (GJ) | 3,918,186 | 21,546 | ||
Average | 99.30 | 142.00 | ||
Average realized power price ($ per MWh) | 72.96 | - | ||
Total net debt (net cash)(1) | (4,425 | ) | 30,961 | |
Total assets | 435,438 | 382,622 |
(1) Select financial information was derived from the consolidated financial statements and is prepared in accordance with GAAP, except adjusted Earnings before Interest, Income Taxes, Depreciation and Amortization (“Adjusted EBITDA”), which is a non-GAAP measure (see Non-GAAP Financial Measures below). Net debt is included in the notes to the consolidated financial statements. Nebt debt is calculated to include: loans and borrowings (including the convertible loan facility) less unrestricted cash.
OPERATING RESULTS
During the first quarter of 2024, MAXIM recorded net income and adjusted earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA”(1)) of
M2 CCGT OPERATIONS
M2 is currently experiencing a temporary capability derate due to recently identified fouling of the fill media within the legacy cooling tower system that was reused from the original Milner facility. MAXIM is actively expediting cleaning and, where required, replacement, of the legacy cooling tower fill system. MAXIM anticipates that the capability of M2 will continue to be derated until this work is completed within the next several weeks, at which point M2 is anticipated to resume normal operations.
NORMAL COURSE ISSUER BID UPDATE
MAXIM’s current normal course issuer bid (“NCIB”) program is for the
NON-GAAP FINANCIAL MEASURES
Management evaluates MAXIM’s performance using a variety of measures. The non-GAAP measure discussed below should not be considered as an alternative to or to be more meaningful than net income of the Corporation, as determined in accordance with GAAP, when assessing MAXIM’s financial performance or liquidity. This measure does not have any standardized meaning prescribed by GAAP and may not be comparable to similar measures presented by other companies.
Adjusted EBITDA
Adjusted EBITDA is provided to assist management and investors in determining the Corporation's approximate operating cash flow before interest, income taxes, and depreciation and amortization and certain other non-recurring income and expenses.
Three months ended | 2024 | 2023 | |||||||
GAAP Measures from Condensed Consolidated Interim Statement of Operations | |||||||||
Net income | 10,487 | 7,751 | |||||||
Income tax expense | 3,215 | 2,280 | |||||||
Finance expense, net | 1,344 | 1,356 | |||||||
Depreciation and amortization | 3,629 | 2,009 | |||||||
18,675 | 13,396 | ||||||||
Adjustments: | |||||||||
Other income | (32 | ) | (19,963 | ) | |||||
Unrealized gain on commodity swaps | (2,985 | ) | - | ||||||
Business interruption insurance claim | - | 18,150 | |||||||
Share-based compensation | 264 | 148 | |||||||
Adjusted EBITDA | 15,922 | 11,731 | |||||||
Adjusted EBITDA is calculated as described above from its most directly comparable GAAP measure, net income, and adjusts for specific items that are not reflective of the Corporation’s underlying operations and excludes other non-cash items.
Adjusted EBITDA is provided to assist management and investors in determining the Corporation’s approximate operating cash flows attributable to shareholders before finance expense, income taxes, depreciation and amortization, and certain other non-recurring or non-cash income and expenses. Financing expense, income taxes, depreciation and amortization, loss on write-off of asset and impairment charges are excluded from the Adjusted EBITDA calculation, as they do not represent cash expenditures that are directly affected by operations. Management believes that presentation of this non-GAAP measure provides useful information to investors and shareholders as it assists in the evaluation of performance trends. Management uses Adjusted EBITDA to compare financial results among reporting periods and to evaluate MAXIM’s operating performance and ability to generate funds from operating activities.
In calculating Adjusted EBITDA for the quarter ended
About MAXIM
Based in
Forward-looking statements
This press release contains forward-looking statements and forward-looking information (collectively "forward looking information") within the meaning of applicable securities laws relating to MAXIM's plans and other aspects of MAXIM's anticipated future operations, management focus, objectives, strategies, financial, operating and production results. Forward-looking information typically uses words such as "anticipate", "believe", "project", "expect", "goal", "plan", "intend", "may", "would", "could" or "will" or similar words suggesting future outcomes, events or performance. The forward-looking statements contained in this press release speak only as of the date thereof and are expressly qualified by this cautionary statement. Specifically, this press release contains forward-looking statements concerning, among other things, expected timing of repairs to M2 cooling tower system and related impact to operations.
Forward-looking information is based on certain assumptions and analysis made by MAXIM in light of our experience and MAXIM’s perception of historical trends, current conditions, expected future developments and other factors MAXIM believes appropriate under the circumstances.
MAXIM's actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits that MAXIM will derive there from. Risk factors include that MAXIM may not generate full MW capacity from the CCGT expansion of M2. Readers are cautioned that the foregoing lists of factors are not exhaustive. Additional information on these and other factors that could affect MAXIM’s business, operations or financial results are included in the reports on file with applicable securities regulatory authorities, including but not limited to MAXIM’s Annual Information Form for the year ended
Source:
2024 GlobeNewswire, Inc., source