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UPDATE: Algonquin Power & Utilities Corp Up 3% as Reports Q2 Results, Dividend Increase

Algonquin Power & Utilities Corp. (AQN.TO) announced financial results for the second quarter ended June 30, 2011, with results showing increased revenue, EBITDA and earnings compared to the previous year. In addition, its board of directors approved an annual dividend increase of $0.02 per common share for a total annual dividend of $0.28, paid quarterly at a rate of $0.07 per common share. APUC also declared a dividend on its shares. The dividend is $0.07 per share payable on October 17, 2011 to the shareholders of record on September 30, 2011 for the period from July 1, 2011 to September 30, 2011.

Financial Highlights included: for the second quarter of 2011, revenue was $66.8 million as compared to $42.0 million in the second quarter of 2010. Adjusted EBITDA was $28.2 million in the second quarter of 2011 as compared to $18.7 million in the second quarter of 2010. APUC reported net earnings in the second quarter of 2011 of $7.3 million or $0.07 per share as compared to net loss of $2.5 million or net loss of $0.03 per share for the second quarter of 2010. APUC reported adjusted net earnings of $8.3 million or $0.07 per share in Q2 2011 as compared to adjusted net earnings of $0.2 million or $0.00 per share in Q2 2010.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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