Welcome!

Microsoft Cloud Authors: Pat Romanski, Lori MacVittie, Andreas Grabner, Jim Kaskade, John Basso

News Feed Item

Western Wind Energy Reports Net Earnings of $0.13 per Share for the Third Quarter Ended September 30, 2012

VANCOUVER, November 29, 2012 /PRNewswire/ --

TSX.V Symbol: "WND"

OTCQX Symbol: "WNDEF"

Issued and Outstanding: 69,449,541

Western Wind Energy Corp. (the "Company") reported today, its unaudited condensed interim consolidated financial results for the three and nine months ended September 30, 2012. For complete details of the third quarter Condensed Interim Consolidated Financial Statements and related Management's Discussion and Analysis, please see the Company's filings on SEDAR (http://www.sedar.com) or on EDGAR (http://www.sec.gov).  All amounts herein are reported in U.S. dollars unless otherwise specified.

RECENT DEVELOPMENTS

  • On July 30, 2012, the Company announced that it would be seeking a buyer for the Company and its assets.  On August 10, 2012, the Company announced that it had engaged Rothschild (Canada) Inc. as its lead financial advisor to manage and structure a comprehensive and efficient auction process, with PI Financial Corp. engaged as a co-advisor. On October 24, 2012, the Company announced that the auction process was progressing as planned, with a limited number of bidders having been invited to conduct a second round of very extensive due diligence, as well as the addition of new participants as the proxy battle caused at least 8 weeks of delay in the auction process due to the uncertainty caused by a proxy battle. On November 23, 2012, Brookfield Renewable Energy Partners L.P. ("Brookfield"), announced Brookfield's intention to make an offer to acquire all of the outstanding common shares of the Company for cash consideration of C$2.50 per share (the "Brookfield Offer"). On November 26, 2012, the Company issued an announcement to highlight that some of the initial expressions received from auction participants that are currently conducting due diligence in the second round of the process, would imply a value significantly greater than the Brookfield Offer. There is no guarantee that any of the initial expressions of interest received by the Company will result in a formal offer being made or a binding agreement being entered into at this time.
  • The Company's generating facilities produced operating revenues of $8,353,723 (2011 - $747,281) and $27,641,941 (2011 - $2,305,843) for the three and nine months ended September 30, 2012, respectively.
  • For the three months ended September 30, 2012, net earnings improved significantly to $8,524,018, or $0.13 per share, compared to a net loss of ($1,581,610) (negative $0.03 per share) for the same period in 2011.  For the nine months, net earnings increased to $10,254,631, or $0.16 per share compared to a net loss of ($3,214,675) (negative $0.06 per share) for the same period in 2011.
  • For the three and nine months ended September 30, 2012, adjusted earnings before interest, income taxes, depreciation and amortization, and other expenses or income ("Adjusted EBITDA"[1]) increased to a loss of $(788,828), or a negative $0.01 per share[1],compared to loss of $(1,282,278) (negative $0.02 per share), and increased to $12,121,114, or a positive $0.19 per share,[1] compared to a loss of $(2,842,028) (negative $0.04 per share) the 2011 comparative periods.
  • On July 16, 2012, the Company received $78,334,713 in tax free cash grant under the U.S. Internal Revenue Code Section 1603 in connection with its 120MW Windstar project.  $68,933,897 was used to repay Windstar bridge financing, $5,248,127 was used to increase the debt service reserve account and $4,710,468 was set aside in restricted cash for the ongoing arbitration between the Company and its deferred financing vendor.  The amount awarded was $12,221,994 less than the $90,556,707 included in the Company's application and the Company has subsequently provided further supporting documentation to the Department of Treasury to support and request this shortfall.  Ongoing communication and numerous discussions with the Department of Treasury have been positive to-date.  While the Company is hopeful that an additional amount will be received, the timing and amount are uncertain and therefore the Company has not accrued this shortfall in its financial statements as at September 30, 2012.
  • On October 31, 2012, the Company was in compliance with its Windstar senior secured notes agreement covenants and received its first distribution of $2,307,622.
  • On November 16, 2012, the Company's subsidiary Western Wind Energy US Corporation closed a $25,000,000 corporate loan.  The corporate loan is structured in two parts, with the first draw of $15,000,000 being available immediately for repayment of the Company's existing corporate bridge financing, and is secured by a lien on future Windstar cash distributions and an equity interest in its direct borrowing subsidiaries.  The term of the loan will be for five (5) years and with an interest rate hedge, the annual interest rate will not exceed 11.5% for the term of the loan. The second commitment of $10,000,000 would be available to partially fund the Company's equity contribution and/or the REC promissory note to the Yabucoa solar project and to facilitate financial close of project financing, and will be secured by a lien on future Yabucoa cash distributions and an equity interest in its direct borrowing subsidiaries.  The Yabucoa commitment under the corporate loan agreement expires May 16, 2013 and a commitment fee of 4% per annum is charged on the undrawn amount.  As partial consideration for advancing the loan, the Company issued to the Lender an aggregate of 400,000 share purchase warrants for a five (5) year term and an exercise price of $2.50 per share for a period of five (5) years after the date the Lender's Warrants are issued.  In addition, the Company will grant the Lender a security interest in and to certain of its projects and assets as security for the facility.
  • On November 16, 2012 the Company received $15,000,000 from its first draw on the corporate loan.  These proceeds were used to pay the arrangement fee, transactions costs and to repay the following corporate bridge financing, extinguishing all terms and conditions of the respective agreements; the $778,287 loan was repaid; the $2,220,000 loan was repaid, the $2,764,395 loan was repaid, and a partial payment of $4,373,498 was paid on the $5,070,840 loan.
                                              SELECTED QUARTERLY INFORMATION
 
                                     Three Months Ended              Nine Months Ended
                                         September 30                   September 30
                                  2012              2011        2012              2011
                                    $                 $           $                 $
    Total operating revenues    8,353,723          747,281    27,641,941        2,305,843
    Adjusted EBITDA[1]           (788,828)      (1,282,278)   12,121,114       (2,842,028)
    Net earnings (loss)         8,524,018       (1,581,610)   10,254,631       (3,214,675)
      Adjusted EBITDA per share
            - Basic              $ (0.01)         $ (0.02)      $ 0.19          $ (0.05)
            - Diluted            $ (0.01)         $ (0.02)      $ 0.19          $ (0.05)
      Earnings (loss) per share
            - Basic               $ 0.13          $ (0.03)      $ 0.16          $ (0.06)
            - Diluted             $ 0.13          $ (0.03)      $ 0.16          $ (0.06)
    Weighted average commons shares outstanding
            - Basic            65,745,516       59,850,396    63,519,756       58,180,213
            - Diluted          67,163,980       59,850,396    64,709,149       58,180,213


RESULTS OF OPERATIONS

Operating Revenues

For the three and nine months ended September 30, 2012, operating revenues increased from $747,281 to $8,353,723,  and from $2,305,843 to $27,641,941, compared to operating revenues for the 2011 comparative periods, respectively.  This increase in operating revenues was driven by a 408% increase in energy production to 63,944MWh (2011 - 12,591MWh) and by a 389% increase in energy production to 234,202MWh (2011 - 47,914MWh) for the three and nine months ended September 30, 2012, respectively, due to the additional energy production and sales from the newly operational Windstar and Kingman generating facilities.

Adjusted EBITDA

For the three and nine months ended September 30, 2012, adjusted earnings before interest, income taxes, depreciation and amortization, and other expenses or income ("Adjusted EBITDA"[1]) increased to a loss of $(788,828), or a negative $0.01 per share,[1] compared to a loss of $(1,282,278) (negative $0.01 per share) and increased to $12,121,114, or a positive $0.19 per share,[1] compared to a loss of $(2,842,028) (negative $0.05 per share) the 2011 comparative periods.

Net Earnings (Loss)

For the three and none months ended September 30, 2012, net earnings increased to $8,524,018, or a positive $0.13 per share, compared to a net loss of $(1,581,610), or a loss of $(0.03) per share, and to $10,254,621, or a positive $0.16 per share, compared to a net loss of $(3,214,675), or a loss of $(0.06) per share.

NON-GAAP PERFORMANCE MEASURES

Adjusted EBITDA, and Adjusted EBITDA per share, are non-GAAP performance measures that management uses to assess the amount of cash generated by the Company, and to measure the operating performance of the Company, excluding the effects of interest, income taxes, depreciation and amortization, and other expenses or income.  Management measures performance, excluding these items, as they may be non-cash, unusual in nature, and/or are not factors used by management for evaluating the operating performance of the Company.  Adjusted EBITDA, and Adjusted EBITDA per share, are not recognized measures under GAAP, and therefore, may not be comparable with those presented by other reporting issuers.  Further, Adjusted EBITDA is not intended to be representative of cash flows from operating activities or the results of operations as determined in accordance with GAAP.  However, the Company believes that these measures are important, as they provide management and the reader with additional information about its operating, and cash generating capabilities, and facilitates the comparison of results over different periods.

ABOUT WESTERN WIND ENERGY CORP.

Western Wind Energy is a vertically integrated renewable energy production company that currently owns wind and solar generation facilities with 165MW of rated capacity in production, in the States of California and Arizona.  Western Wind further owns substantial development assets for both solar and wind energy in the U.S. and Canada.  The Company is headquartered in Vancouver, BC and has branch offices in Scottsdale, Arizona and Tehachapi, California.  Western Wind trades on the Toronto Venture Exchange under the symbol "WND", and in the United States on the OTCQX under the symbol "WNDEF".

The Company owns and operates three wind energy generation facilities in California, and one fully integrated combined wind and solar energy generation facility in Arizona.  The three operating wind generation facilities in California are comprised of the 120MW Windstar, 4.5MW Windridge facilities in Tehachapi, and the 30MW Mesa wind generation facility near Palm Springs.  The facility in Arizona is the Company's 10.5MW Kingman integrated solar and wind facility. The Company is further developing wind and solar energy projects in California, Arizona, and Puerto Rico.

ON BEHALF OF THE BOARD OF DIRECTORS

"SIGNED"

Jeffrey J. Ciachurski
President & Chief Executive Officer

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION

This news release contains certain statements that may be considered "forward-looking statements, such as references to the intended sale of Western Wind Energy Corp. and its assets. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur.  The forward-looking statements in this press release include statements regarding the intention of the Company to complete the sale of the Company or its assets.  The forward-looking statements included in this press release are based on reasonable assumptions, including that the Company will be able to successfully identify a prospective buyer, negotiate the terms of sale and satisfy all conditions required to complete the sale. Factors that may cause results to vary from anticipations include the risk that the proxy dispute with Sativr may disrupt and impede the sale process, the risk that the Company may not be able to successfully identify a buyer, negotiate acceptable terms or obtain all applicable government, regulatory and shareholder consents required to complete the sale, that the terms of those consents may not be acceptable to the Company, or, assuming the Company is able to successfully complete the sale, the Company is not able to achieve expected results following such sale.  Although Western Wind Energy Corp. believes the expectations expressed in the forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those contained in forward looking statements.  Forward looking statements are based on the beliefs, estimates and opinions of Western Wind Energy Corp.'s management on the date the statements are made. Western Wind Energy Corp. undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change, except as required by law.

[1] Refer to "Non-GAAP Performance Measures" 

For further information:
Investor Relations Contact:
Lawrence Casse
AlphaEdge
Tel:  +1(416) 992-7227
Email:  [email protected]


More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

@ThingsExpo Stories
Everyone knows that truly innovative companies learn as they go along, pushing boundaries in response to market changes and demands. What's more of a mystery is how to balance innovation on a fresh platform built from scratch with the legacy tech stack, product suite and customers that continue to serve as the business' foundation. In his General Session at 19th Cloud Expo, Michael Chambliss, Head of Engineering at ReadyTalk, discussed why and how ReadyTalk diverted from healthy revenue and mor...
The many IoT deployments around the world are busy integrating smart devices and sensors into their enterprise IT infrastructures. Yet all of this technology – and there are an amazing number of choices – is of no use without the software to gather, communicate, and analyze the new data flows. Without software, there is no IT. In this power panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, Dave McCarthy, Director of Products at Bsquare Corporation; Alan Williamson, Principal...
The 20th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held June 6-8, 2017, at the Javits Center in New York City, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Containers, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportunity. Submit your speaking proposal ...
You have great SaaS business app ideas. You want to turn your idea quickly into a functional and engaging proof of concept. You need to be able to modify it to meet customers' needs, and you need to deliver a complete and secure SaaS application. How could you achieve all the above and yet avoid unforeseen IT requirements that add unnecessary cost and complexity? You also want your app to be responsive in any device at any time. In his session at 19th Cloud Expo, Mark Allen, General Manager of...
Successful digital transformation requires new organizational competencies and capabilities. Research tells us that the biggest impediment to successful transformation is human; consequently, the biggest enabler is a properly skilled and empowered workforce. In the digital age, new individual and collective competencies are required. In his session at 19th Cloud Expo, Bob Newhouse, CEO and founder of Agilitiv, drew together recent research and lessons learned from emerging and established compa...
"IoT is going to be a huge industry with a lot of value for end users, for industries, for consumers, for manufacturers. How can we use cloud to effectively manage IoT applications," stated Ian Khan, Innovation & Marketing Manager at Solgeniakhela, in this SYS-CON.tv interview at @ThingsExpo, held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA.
Information technology is an industry that has always experienced change, and the dramatic change sweeping across the industry today could not be truthfully described as the first time we've seen such widespread change impacting customer investments. However, the rate of the change, and the potential outcomes from today's digital transformation has the distinct potential to separate the industry into two camps: Organizations that see the change coming, embrace it, and successful leverage it; and...
Bert Loomis was a visionary. This general session will highlight how Bert Loomis and people like him inspire us to build great things with small inventions. In their general session at 19th Cloud Expo, Harold Hannon, Architect at IBM Bluemix, and Michael O'Neill, Strategic Business Development at Nvidia, discussed the accelerating pace of AI development and how IBM Cloud and NVIDIA are partnering to bring AI capabilities to "every day," on-demand. They also reviewed two "free infrastructure" pr...
Financial Technology has become a topic of intense interest throughout the cloud developer and enterprise IT communities. Accordingly, attendees at the upcoming 20th Cloud Expo at the Javits Center in New York, June 6-8, 2017, will find fresh new content in a new track called FinTech.
"Dice has been around for the last 20 years. We have been helping tech professionals find new jobs and career opportunities," explained Manish Dixit, VP of Product and Engineering at Dice, in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
"At ROHA we develop an app called Catcha. It was developed after we spent a year meeting with, talking to, interacting with senior citizens watching them use their smartphones and talking to them about how they use their smartphones so we could get to know their smartphone behavior," explained Dave Woods, Chief Innovation Officer at ROHA, in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
SYS-CON Events has announced today that Roger Strukhoff has been named conference chair of Cloud Expo and @ThingsExpo 2017 New York. The 20th Cloud Expo and 7th @ThingsExpo will take place on June 6-8, 2017, at the Javits Center in New York City, NY. "The Internet of Things brings trillions of dollars of opportunity to developers and enterprise IT, no matter how you measure it," stated Roger Strukhoff. "More importantly, it leverages the power of devices and the Internet to enable us all to im...
Extracting business value from Internet of Things (IoT) data doesn’t happen overnight. There are several requirements that must be satisfied, including IoT device enablement, data analysis, real-time detection of complex events and automated orchestration of actions. Unfortunately, too many companies fall short in achieving their business goals by implementing incomplete solutions or not focusing on tangible use cases. In his general session at @ThingsExpo, Dave McCarthy, Director of Products...
We are always online. We access our data, our finances, work, and various services on the Internet. But we live in a congested world of information in which the roads were built two decades ago. The quest for better, faster Internet routing has been around for a decade, but nobody solved this problem. We’ve seen band-aid approaches like CDNs that attack a niche's slice of static content part of the Internet, but that’s it. It does not address the dynamic services-based Internet of today. It does...
"ReadyTalk is an audio and web video conferencing provider. We've really come to embrace WebRTC as the platform for our future of technology," explained Dan Cunningham, CTO of ReadyTalk, in this SYS-CON.tv interview at WebRTC Summit at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
20th Cloud Expo, taking place June 6-8, 2017, at the Javits Center in New York City, NY, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy.
IoT solutions exploit operational data generated by Internet-connected smart “things” for the purpose of gaining operational insight and producing “better outcomes” (for example, create new business models, eliminate unscheduled maintenance, etc.). The explosive proliferation of IoT solutions will result in an exponential growth in the volume of IoT data, precipitating significant Information Governance issues: who owns the IoT data, what are the rights/duties of IoT solutions adopters towards t...
WebRTC is the future of browser-to-browser communications, and continues to make inroads into the traditional, difficult, plug-in web communications world. The 6th WebRTC Summit continues our tradition of delivering the latest and greatest presentations within the world of WebRTC. Topics include voice calling, video chat, P2P file sharing, and use cases that have already leveraged the power and convenience of WebRTC.
Unsecured IoT devices were used to launch crippling DDOS attacks in October 2016, targeting services such as Twitter, Spotify, and GitHub. Subsequent testimony to Congress about potential attacks on office buildings, schools, and hospitals raised the possibility for the IoT to harm and even kill people. What should be done? Does the government need to intervene? This panel at @ThingExpo New York brings together leading IoT and security experts to discuss this very serious topic.
In his keynote at 18th Cloud Expo, Andrew Keys, Co-Founder of ConsenSys Enterprise, provided an overview of the evolution of the Internet and the Database and the future of their combination – the Blockchain. Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life sett...