Primary Energy Recycling Corporation, a clean energy company that generates revenue from capturing and recycling recoverable heat and byproduct fuels from industrial processes, has announced its third quarter financial results.
Primary Energy implemented a new dividend policy to pay a US$0.20 per share annual dividend, payable quarterly. A quarterly dividend payment of US$0.05 was declared with a record date of November 15, 2012 and a payment date of November 30, 2012.
"The announcement of our new dividend policy improved the liquidity of the company's shares," said Primary Energy President and CEO John Prunkl in a November 2012 statement to media. "The transition to self-management has gone smoothly, and the corporate costs are about the same as the costs experienced under the prior third party manager arrangement. For the short term, the renewal of the Cokenergy contract remains our primary focus."
| Financial Results |
|
|
|
|
|
|
|
|
|
|
|
|
| (in 000's of US$) |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
| |
|
2012 |
|
2011 |
|
2012 |
|
2011 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Revenues |
|
$ |
13,660 |
|
$ |
13,808 |
|
$ |
40,447 |
|
$ |
39,903 |
| Operations and maintenance expense |
|
|
4,422 |
|
|
3,159 |
|
|
12,798 |
|
|
10,025 |
| Operating income (loss) |
|
|
1,193 |
|
|
3,479 |
|
|
(1,883) |
|
|
4,974 |
| Net (loss) income and comprehensive (loss) income |
|
|
(213) |
|
|
428 |
|
|
(5,114) |
|
|
(2,512) |
| EBITDA (1) |
|
|
7,498 |
|
|
9,738 |
|
|
17,022 |
|
|
27,444 |
| Adjusted EBITDA (2) |
|
|
9,149 |
|
|
10,138 |
|
|
27,377 |
|
|
28,544 |
| Net cash provided by operating activities |
|
|
5,409 |
|
|
7,012 |
|
|
12,054 |
|
|
23,610 |
| Free Cash Flow (3) |
|
|
1,255 |
|
|
6,716 |
|
|
332 |
|
|
19,186 |
| Cash and cash equivalents |
|
|
30,281 |
|
|
21,605 |
|
|
- |
|
|
- |
| Credit facility debt balance |
|
|
83,156 |
|
|
50,626 |
|
|
- |
|
|
-
|