News / Capstone Infrastructure reports strong Q2 2013

Capstone Infrastructure reports strong Q2 2013

🕔 August 16, 2013
US$3 billion final close for Macquarie Super Core Infrastucture Fund Series 1

On 12 August 2013,  Capstone Infrastructure Corporation reported unaudited results for the second quarter of fiscal 2013 ended June 30, 2013. 

The revenue increased by 9.0%, or $7.7 million, over the same quarter in 2012, and by 5.5%, or $9.8 million, on a year-to-date basis. The increase was mostly due to higher power generation at Cardinal and Erie Shores and to increased revenue at Bristol Water arising from a higher regulated water rate, which increases annually.

Adjusted EBITDA increased by 15.7%, or $4.3 million, in the quarter, reflecting higher power production and a higher dividend from Värmevärden.  Adjusted EBITDA for the first six months of the year declined by 0.9%, or $0.6 million, primarily reflecting the Corporation's lower interest in Bristol Water effective May 10, 2012 and lower electricity production in the first quarter of 2013.

Adjusted funds from operations (AFFO) increased by 143.2%, or $5.3 million, in the quarter and by 21.7%, or $4.0 million, in the year-to-date period, reflecting lower maintenance expenses at Cardinal, the higher dividend from Värmevärden, lower administrative expenses and the repayment of the Corporation's senior credit facility in the second quarter of 2012.

Source: Capstone Infrastructure

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