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

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

The Financial Highlights below include the results from COMAX France S.A.S. ("COMAX") to September 30, 2016, which are recorded as discontinued operations in MAXIM's financial statements. Refer to MAXIM's unaudited condensed consolidated financial statements and MD&A for further details.

FINANCIAL HIGHLIGHTS


                                                                            
----------------------------------------------------------------------------
                            Three Months Ended        Nine Months Ended     
                               September 30              September 30       
($ in thousands except                                                      
 per share amounts)             2016         2015         2016         2015 
----------------------------------------------------------------------------
Revenue                  $    23,578  $    19,705  $    48,775  $    65,743 
Adjusted EBITDA (1)            2,763       (2,339)       5,110       11,282 
Adjusted net loss (1)        (11,128)      (8,917)     (27,716)     (15,922)
  Per share - basic and                                                     
   diluted               $     (0.20) $     (0.16) $     (0.51) $     (0.29)
Net loss attributable to                                                    
 shareholders                (20,032)      (8,917)     (36,389)     (12,263)
  Per share - basic and                                                     
   diluted               $     (0.37) $     (0.16) $     (0.67) $     (0.23)
FFO (2)                       (4,435)      (2,621)      (3,140)       5,819 
  Per share - basic and                                                     
   diluted               $     (0.08) $     (0.05) $     (0.06) $      0.11 
Electricity Deliveries                                                      
 (MWh)                       323,481      173,812      508,720      453,562 
Net Generation Capacity                                                     
 (MW) (3)                        778          778          778          778 
Average Alberta market                                                      
 power price($ per MWh)  $     17.94  $     26.09  $     17.02  $     37.43 
Average Milner realized                                                     
 power price($ per MWh)  $     34.47  $     40.01  $     27.25  $     83.52 
Average Northeast US                                                        
 realized power                                                             
 price(US$ per MWh)      $     41.33  $     43.86  $     40.19  $     70.81 
                                                                                                                                               
(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  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  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    
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.                                                                                                            

 

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