October 30, 2014
AltaLink wins Parkland County 2014 Business of the Year Award
CALGARY, ALBERTA (Marketwired - October 30, 2014)
AltaLink and its employees are committed to the communities in which we live and work. This commitment was rewarded by Parkland County which named AltaLink as its 2014 Business of the Year. The award recognizes AltaLink's focus on customer service, environmental leadership and community involvement.
"Being a good neighbour in the communities where we operate is critical to our ability to serve our customers and keep the lights on for Albertans," said Scott Thon, AltaLink's president and CEO. "We're honoured to receive this award from Parkland County. This award is a testament to our great employees in Parkland County and to the entire AltaLink team across Alberta."
AltaLink's north field office in Acheson was the winner of the 2008 Green Award, recognizing the innovative environmental initiatives built into the facility to reduce water and electricity usage.
With more than 60 employees in Parkland County, our Acheson team is responsible for the operations and maintenance of the transmission system in central and northern Alberta.
AltaLink announces third quarter financial results
Today, AltaLink, L.P. announced net income of $54.2-million for the quarter, compared with $38.4-million for the same period in 2013. Revenue for the quarter was $183.6-million compared to $125.5-million in 2013. The growth is primarily due to the increase in our investments to expand and reinforce the reliability of the transmission system.
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.
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 supply available in the province.
Significant Q3 events
- Invested $413.2 million (three months ended September 30, 2013 ? $418.6 million) in capital projects to reinforce the reliability of the transmission system for Albertans and to connect new customers to the transmission system;
- Earned comprehensive income of $54.2 million (three months ended September 30, 2013 ? $38.4 million); and,
- Put into service four substation projects.
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", "intends", "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.
For more information please contact:
Vice President, Treasurer
AltaLink Management Ltd.
Director, External Engagement
AltaLink Management Ltd.