October 28, 2011
AltaLink reports 2011 third quarter results
Calgary, Alberta - Today, AltaLink, L.P. announced net income of $55.1 million for the nine-month period ended September 30, 2011, compared with $50.8 million for the same period in 2010. Net income for the third quarter of 2011 was $20.6 million, compared with $13.4 million for the same period in 2010. Revenue for the third quarter was $82.0 million, compared with $81.4 million in 2010.
As a partnership, AltaLink, L.P. reports its net income before income taxes; therefore its results are not directly comparable with net income reported by corporations that recognize income taxes in their financial statements.
"To meet Alberta's increased demand for electricity, AltaLink has invested more than $410 million into Alberta's grid during the first nine months of 2011," says Scott Thon, AltaLink's President and Chief Executive Officer. "Our investment is focused on ensuring Albertans have power when they need it, access to new renewable electricity and the lowest-priced electricity sources from which to choose."
AltaLink's full financial results and management's discussion and analysis can be found on AltaLink's website at www.altalink.ca or on SEDAR at www.sedar.com.
Headquartered in Calgary, with offices in Edmonton, Red Deer and Lethbridge, AltaLink is Alberta's largest transmission provider. The company is actively working with stakeholders to build new transmission projects in response to the province's growth thus ensuring the transmission system will meet Albertans' energy needs today and in the future. These projects will provide Albertans with access to clean, renewable electric energy and the lowest-priced electricity available in the province.
Construction begins on Cassils-Bowmanton-Whitla projects
During the third quarter of 2001, construction began on the Cassils-Bowmanton-Whitla projects, part of the first stage of the Southern Alberta Transmission Reinforcement. The projects will allow Alberta homes, farms and businesses access to new wind-generated electricity. Approved by the Alberta Utilities Commission earlier in 2011, the projects are expected to be energized in 2014.
This news release does not constitute an offer to sell or the solicitation of an offer to buy AltaLink's securities in any jurisdiction, including but not limited to, the United States. AltaLink's securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws and may not be offered or sold in the United States except in certain transactions exempt from the registration requirements of the U.S. Securities Act and applicable state securities laws.
Except for the historical and present factual information contained herein, the matters set forth in this news release, including words such as "expects", "projects", "plans", "anticipates" and similar expressions, are forward looking information that represents management of AltaLink's Internal projections, expectations or beliefs concerning, among other things, future operating results and various components thereof or the economic performance of AltaLink. The projections, estimates and beliefs contained in such forward looking statements necessarily involve known and unknown risks and uncertainties, which may cause AltaLink's actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward looking statements. These risks and uncertainties include, among other things, those described in AltaLink's filings with the Canadian securities authorities. Accordingly, holders of AltaLink securities and potential investors are cautioned that events or circumstances could cause results to differ materially from those predicted. AltaLink disclaims any responsibility to update these forward looking statements.
To review the 2011 Q3 Financial Statements, click here.
To review the 2011 Q3 Management's Discussion and Analysis, click here.
For more information please contact:
Vice President, Treasurer
AltaLink Management Ltd.
E-mail: Chris [dot] Lomore [at] AltaLink [dot] ca
AltaLink Management Ltd.
E-mail: Leanne [dot] Niblock [at] AltaLink [dot] ca