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Atlantic Power Q4 Loss Widens; Cuts Annual Dividend

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2/28/2013 9:15 PM ET

Atlantic Power Corp. (AT: Quote, ATP.TO) Thursday reported that its fourth-quarter net loss widened by a substantial margin to $57.9 million or $0.50 per share, from $27.8 million or $0.27 per share in the same quarter last year, echoing a spike in project expenses.

Analysts polled by Thomson Reuters estimated a loss of $0.05 per share for the fourth quarter. Analysts estimates typically exclude special items.

Meanwhile, revenue for the latest quarter rose to $113.95 million from $79.15 million in the prior year.

For the fiscal 2013, the company projects Adjusted EBITDA in a range of $250 million to $275 million.

Also, the company said its Board, under its management's recommendation, has approved a reduction in the annual dividend to C$0.40 per share, or C$0.03333 per share. The new dividend is payable on April 30, to holders of record on March 28, 2013.

In addition, the company said that the dividend for the month of February, comprising C$0.09583, shall be paid on March 28, to shareholders of record on February 28, 2013 .

Further, the company announced that its Board has adopted a Shareholder Rights Plan, in view of any unsolicited take-over bid for the Company's common shares.

The company in a separate statement said that the Rights Plan was designed to provide shareholders and the Board 'adequate' time to consider and evaluate any unsolicited take-over bid and provide the Board with sufficient time to identify, develop and negotiate other alternatives to maximize shareholder value.

The Rights Plan which is conditionally accepted by the Toronto Stock Exchange is subject to ratification by the Company's shareholders within six months of the Rights Plan's effective date, stated Atlantic Power.

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by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

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