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UPDATE: Alterra Power Corp Up 13% After Releasing FY Results

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Alterra Power Corp. (AXY.TO), which had been trading near a year low 50 cents, late on Friday reported its financial and operating results for the fourth quarter and full year ended June 30, 2011, and provided an update on its operations. For 2011 fiscal year, the company recorded a net loss of $14.2 million ($0.05 per common share), compared to a net loss of $16.4 million ($0.07 per common share) in fiscal 2010. EBITDA for fiscal 2011 totaled $12.7 million, compared to ($6.8) million in fiscal 2010. John Carson, Alterra's Chief Executive Officer, said: "These financial results reflect the accounting complications resulting from our rapid growth in 2011 through our increased interest in HS Orka and our acquisition of Plutonic. We now have exceptional wind, hydro and geothermal power management teams, and all six of our operating plants are running as planned. We expect our share of production for the ensuing fiscal year will be 1,518,000 MWh of clean power, providing over $100 million in revenue and over $50 million in EBITDA. Our healthy cash position and strong asset base plus our outstanding portfolio of growth projects will deliver further production and revenue increases in years ahead."

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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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