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ATCO Reports 13% Increase in First Quarter Earnings

by NationTalk on April 29, 2008386 Views

CALGARY, ALBERTA–(April 29, 2008) – Earnings of $92.3 million ($1.60 per share) for the three months ended March 31, 2008, compared to earnings of $81.6 million ($1.40 per share) for the same three months in 2007, were reported today by ATCO Ltd.”ATCO is reporting strong first quarter earnings as our Utilities and Global Enterprises divisions continue to build on their 2007 performance,” said Nancy Southern, President and Chief Executive Officer, ATCO Group. “We experienced good performance in our space rentals business, the growing regulated utilities, increased margins and prices from natural gas liquids extraction, and we restored full production at two large power generating facilities where unplanned outages occurred.”

ATCO also reported an increase in “adjusted earnings” for the first quarter, which excludes certain items not in the normal course of business or a result of day-to-day operations. Adjusted earnings for the three months ended March 31, 2008 were $92.1 million ($1.59 per share) compared to adjusted earnings of $79.3 million ($1.36 per share) for the same three months in 2007.

RECENT DEVELOPMENTS

- On April 28, 2008, ATCO Frontec and their partner, the Fort McKay First Nation, announced that they have been selected by Suncor Energy to create and operate a 1,148-room accommodation complex to support oil sands development north of Fort McMurray, Alberta. ATCO Structures will supply the rooms in modular units. The complex is expected to open on May 25, 2008, and remain in place for a one-year period.

- On April 14, 2008, ATCO Frontec announced the opening of the first phase of their new Creeburn Lake Lodge near Fort McMurray, Alberta. ATCO Frontec also announced that evaluation is underway to consider doubling the capacity in the Lodge to 1,000 rooms.

- On April 21, 2008, ATCO Structures announced they have been contracted to build a 600-person workforce housing and a permanent core facility for workers at the Koniambo Nickel mine in New Caledonia, off the east coast of Australia. When fully operational, the camp facility will provide accommodation for 3,500 people.

- On March 6, 2008, ATCO Power announced that its 1,000 megawatt Barking Power Station in East London, England, of which ATCO Power owns 25.5%, resumed full operations. An unplanned outage had reduced the plant’s capacity to approximately 400 megawatts. Insurance proceeds, which covered losses incurred during the first quarter of 2008 (ATCO earnings of $4.5 million) and a portion of the losses incurred in 2007 (ATCO earnings of $1.7 million), were recorded in the first quarter of 2008. The final insurance settlement is pending.

- Alberta Power (2000)’s Battle River Unit #4 Generating Station (approximately 150 megawatts) resumed full operations on March 27, 2008. An unplanned outage was originally reported on February 6, 2008.

>>Download full press release.

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