TRANSALTA CORP - CORRECTION: Third Quarter Earnings In Line With Expectations
Toronto, Ontario, Oct 22, 2001 (Market News Publishing via COMTEX) -- TransAlta Corporation makes the following correction to its news release issued earlier this morning. Diluted earnings per common share from continuing operations for the three months ended Sept. 30, 2000 should read $0.12, and for the nine months ended Sept. 30, 2000 should read $0.54. Diluted earnings per common share from discontinued operations for the three months ended Sept. 30, 2000 should read $0.19, and for the nine months ended Sept. 30, 2000 should read $0.47.
A corrected consolidated statement of earnings and retained earnings follows.
All currency is expressed in Canadian dollars except where noted. TransAlta is Canada's largest non-regulated electric generation and marketing company, with more than $7 billion in assets and 8,000 megawatts of capacity. As one of North America's lowest cost operators, our growth is focused on developing coal and gas-fired generation in Canada, the U.S., and Mexico.
This news release may contain forward-looking statements, including statements regarding the business and anticipated financial performance of TransAlta Corporation. These statements are subject to a number of risks and uncertainties that may cause actual results to differ materially from those contemplated by the forward-looking statements. Some of the factors that could cause such differences include legislative or regulatory developments, competition, global capital markets activity, changes in prevailing interest rates, currency exchange rates, inflation levels and general economic conditions in geographic areas where TransAlta Corporation operates.
TRANSALTA CORPORATION Consolidated Statements of Earnings and Retained Earnings (in millions except earnings per common share)
Unaudited Unaudited
3 months ended 9 months ended
September 30 September 30
2001 2000 2001 2000
Revenues $ 590.7 $ 341.5 $1,959.0 $ 931.8
Fuel and purchased power 263.8 129.2 1,045.9 282.2
Gross margin 326.9 212.3 913.1 649.6
Operating expenses
Operations, maintenance
and administration 147.8 75.0 359.9 238.3
Depreciation and
amortization 109.8 50.9 210.7 147.2
Taxes, other than income
taxes 4.1 4.5 14.1 18.1
261.7 130.4 584.7 403.6
Operating income 65.2 81.9 328.4 246.0
Other income (expense) (1.6) 1.2 (1.8) 0.5
Net interest charges (12.4) (41.7) (75.7) (78.1)
Earnings from continuing
operations before regulatory
decisions, income taxes and
non-controlling interests 51.2 41.4 250.9 168.4
Prior period regulatory
decisions (Note 8) - 17.8 - 44.1
Earnings from continuing
operations before income
taxes and non-controlling
interests 51.2 59.2 250.9 212.5
Income taxes 10.8 30.5 89.4 90.7
Non-controlling interests 3.7 3.3 15.6 15.9
Earnings from continuing
operations 36.7 25.4 145.9 105.9
Earnings from discontinued
operations (Note 3) 8.0 31.6 31.8 78.9
Gain on disposal of
discontinued operations
(Note 3) - 262.4 - 284.7
Net earnings 44.7 319.4 177.7 469.5
Preferred securities
distributions, net of tax 3.3 3.3 9.6 9.6
Net earnings applicable to
common shareholders $ 41.4 $ 316.1 $ 168.1 $ 459.9
Common share dividends 41.8 44.1 126.7 132.3
Adjustment arising from normal
course issuer bid 9.9 4.3 20.7 6.1
Retained earnings
Beginning of period 857.9 777.1 826.9 723.3
End of period $ 847.6 $1,044.8 $ 847.6 $1,044.8
Weighted average common
shares outstanding in the
period 168.8 168.6 168.8 168.8
Basic earnings per common share
Continuing operations $ 0.20 $ 0.13 $ 0.81 $ 0.57
Discontinued operations 0.05 0.19 0.19 0.47
Net earnings from
operations 0.25 0.32 1.00 1.04
Gain on disposal of
discontinued operations - 1.55 - 1.68
Net earnings $ 0.25 $ 1.87 $ 1.00 $ 2.72
Diluted earnings per common
share
Continuing operations $ 0.20 $ 0.12 $ 0.79 $ 0.54
Discontinued operations $ 0.05 $ 0.19 $ 0.19 $ 0.47
Net earnings from
operations $ 0.25 $ 0.31 $ 0.98 $ 1.01
Gain on disposal of
discontinued operations - $ 1.53 - $ 1.66
Net earnings $ 0.25 $ 1.84 $ 0.98 $ 2.67 |
