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Q3 Quartlery Results Announced

November 07, 2014
Published In: Corporate Information

During the quarter Standard and Poor's upgraded EPCOR's corporate credit and senior unsecured debt ratings from 'BBB+' to 'A-'. "The upgrade is recognition of EPCOR's progress in executing our long-term plan that is focused on making sound investments in low risk electricity distribution and transmission, and water and wastewater utility infrastructure."

Highlights of EPCOR's financial performance

  • Net income was $23 million on revenues of $506 million for the three months ended September 30, 2014 compared with $50 million on revenues of $515 million for the corresponding period in the previous year. The difference is due to lower Capital Power net income and EPCOR's reduced economic interest in Capital Power.
  • Net income was $116 million on revenues of $1,405 million for the nine months ended September 30, 2014 compared with $152 million on revenues of $1,437 million for the corresponding period in the previous year. The difference is due to lower Capital Power net income and EPCOR's reduced economic interest in Capital Power.
  • Net cash flows from operating activities were $237 million for the nine months ended September 30, 2014 compared with $150 million for the corresponding period in the previous year.
  • Investment in capital projects was $111 million for the three months ended September 30, 2014 compared with $130 million for the corresponding period in the previous year.
  • Investment in capital projects was $265 million for the nine months ended September 30, 2014 compared with $309 million for the corresponding period in the previous year. The decrease of $44 million was primarily due to lower expenditure on the Heartland Transmission Project which was substantially completed in December 2013.
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Management's discussion and analysis (MD&A) of the quarterly results are shown below. The MD&A and the unaudited condensed consolidated interim financial statements are available on EPCOR's website, and SEDAR.

"EPCOR's core operations continued to perform well in the third quarter of 2014 due to the diligence of our employees."

- David Stevens, EPCOR President & CEO

EPCOR's wholly owned subsidiaries build, own and operate electrical transmission and distribution networks, water and wastewater treatment facilities and infrastructure in Canada and the United States. The Company's subsidiaries also provide electricity and water services and products to residential and commercial customers. EPCOR, headquartered in Edmonton, is an Alberta top 65 employer.

EPCOR's website address is www.epcor.com.

Contact

For more information, please contact:

Tim​ LeRiche
Media Relations
Phone: (780) 969-8238


Claudio Pucc​i
Investor/Corporate Relations
Phone: (780) 969-8245
Toll Free: 1-877-969-8280