Maxim Power Corp. Announces 2014 Third Quarter Financial and Operating Results

CALGARY, ALBERTA -- (Marketwired) -- Nov 14, 2014 -- Maxim Power Corp. (TSX: MXG) ("MAXIM" or the "Corporation") announced today the release of financial and operating results for the third quarter ended September 30, 2014. 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 November 14, 2014. All figures reported herein are Canadian dollars unless otherwise stated.


                                  Three Months Ended     Nine Months Ended  
                                     September 30          September 30     
($ in thousands except per share                                            
 amounts)                             2014        2013      2014        2013
Revenue                          $  24,208  $   45,046 $ 112,478  $  136,933
Adjusted EBITDA (1)                  3,430      14,828    16,399      43,232
Adjusted net income (loss) (1)      (1,186)      9,685    (1,937)     20,395
  Per share - basic and diluted  $   (0.02) $     0.18 $   (0.04) $     0.38
Net income (loss) attributable                                              
 to shareholders                    (1,415)      7,640    (2,253)     18,672
  Per share - basic and diluted  $   (0.03) $     0.14 $   (0.04) $     0.34
FFO (2)                              2,611      13,998    13,690      41,133
  Per share - basic and diluted  $    0.05  $     0.26 $    0.25  $     0.76
Electricity Deliveries (MWh)       192,272     340,144   750,136     834,029
Net Generation Capacity (MW) (3)       777         802       777         802
Average Alberta power price -                                               
 market ($ per MWh)              $   64.34  $    83.62 $   55.80  $    90.84
Average Alberta power price -                                               
 Milner realized ($ per MWh)     $   92.49  $   108.94 $   72.52  $   125.13
Average US power price -                                                    
 Northeast U.S. realized (US$                                               
 per MWh)                        $   66.14  $   116.35 $  165.34  $   133.47
(1)  Select financial information was derived from the unaudited condensed  
consolidated interim financial statements and is prepared in accordance with
IFRS, except adjusted 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.  Adjusted EBITDA and adjusted net      
income (loss) do not have any standardized meaning prescribed by IFRS 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 by          
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.                                       


Revenue, adjusted EBITDA, adjusted net income (loss), net income (loss) attributable to shareholders and FFO decreased in the third quarter of 2014 when compared to the third quarter of 2013. The decrease in these financial measures is primarily due to lower realized power prices and generation in both Alberta and the Northeast U.S.

On a year to date basis, revenue, adjusted EBITDA, adjusted net income (loss), net income (loss) attributable to shareholders and FFO decreased in 2014 when compared to 2013. The decrease in these financial measures is primarily due to lower Alberta power prices throughout each quarter of 2014 in addition to lower realized power prices and generation in the Northeast U.S. in the third quarter.


As previously reported, the AUC has upheld the complaint made by the Corporation that the current ISO Line Loss Rules contravene the Transmission Regulation and are unjust, unreasonable, unduly preferential, arbitrarily or unjustly discriminatory and inconsistent with or in contravention of the 2003 Electric Utilities Act (AUC Decision 2014-110). The AUC is proceeding with the second phase of its consideration of Milner's complaint to determine the relief or remedy to be given and has issued a process letter which indicates the second phase will likely conclude in the second half of 2015.


FERC has continued its non-public inquiry related to MAXIM's supply of electricity to the ISO-NE market. As previously reported, FERC's Office of Enforcement communicated its preliminary findings, MAXIM and its external legal counsel strongly disagree with and have formally refuted the allegations made in the preliminary findings, and the Office of Enforcement issued a Notice of Alleged Violations ("Notice") to MAXIM. The preliminary findings and the Notice issued by the Office of Enforcement do not constitute findings or orders of the Commission. MAXIM continues to cooperate with the Office of Enforcement to resolve this matter.

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