Atlantic Power Net Loss Deepens, Dividend Cut


Atlantic Power has reported its Q4 and 2012 results. For the quarter, revenue was nearly $114 million, up from the $79 billion in the same period the previous year. Attributable net loss, on the other hand, deepened considerably to almost $58 million ($0.50 per diluted share) from Q4 2011's red figure of just under $30 million ($0.27).

For the full year, top line was $440 million, or more than four times the 2011 figure of $94 million. But net loss was also much greater, landing at $113 million ($0.97 per diluted share) for the year against 2011's $38 million ($0.50).

The company cut its dividend. It will now pay an annual rate of $0.40 ($0.39) per share of its common stock, or $0.03333 ($0.32) on a monthly basis. The new rate will kick in with the March 2013 dividend, which will be paid on April 30 to stockholders of record as of March 28. Its previously declared monthly disbursement was C$0.09583 ($0.93).

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