Content
Selected Quarterly Financial Information 1
|
(millions of dollars, except per unit amounts) |
2008 |
2007 |
||||||
|
Q4 |
Q3 |
Q2 |
Q1 |
Q4 |
Q3 |
Q2 |
Q1 |
|
|
Revenue |
83.7 |
72.2 |
72.4 |
68.7 |
73.0 |
65.0 |
67.8 |
65.0 |
|
Earnings |
4.8 |
4.9 |
4.6 |
7.6 |
10.8 |
3.8 |
3.0 |
3.5 |
|
Earnings Per Unit (basic and diluted) |
0.14 |
0.14 |
0.13 |
0.22 |
0.31 |
0.11 |
0.09 |
0.10 |
|
Cash Distributions Declared 2 |
18.7 |
18.7 |
20.1 |
17.4 |
17.3 |
17.4 |
17.4 |
17.4 |
- Selected Quarterly Financial Information has been extracted from financial statements prepared in accordance with GAAP.
- Cash distributions declared on Trust units and ECT preferred units.
Significant items that have impacted quarterly financial information are as follows:
- Fourth quarter revenue in 2008 reflected higher cost recoveries within the Saskatchewan System, particularly on the Saskatchewan Gathering and Westspur Systems, as well as higher cost recoveries in Alliance Canada related to the change in accounting treatment of certain expenditures.
- The Board of Trustees approved a 7.5% increase in distributions on the Fund’s trust units and the ECT preferred units, effective with the distributions payable to holders of record on May 31, 2008. The Board of Trustees also approved a special distribution of $0.024 per unit payable to holders of record on May 31, 2008.
- Second and third quarter revenue in 2008 reflected higher revenues on Alliance Canada due to higher cost-of-service recoveries in Alliance Canada as well as higher allowance oil sales on the Saskatchewan System.
- First quarter earnings in 2008 reflected a $6.1-million increase from the CESCA bankruptcy settlement in Alliance Canada offset by increased current taxes in the Corporate segment and unrealized derivative losses in Green Power.
- Revenue in the fourth quarter of 2007 was higher due to increased cost recoveries on the Saskatchewan Gathering System and Westspur System reflecting higher operating costs driven by increased labour costs. Seasonality resulting from higher wind volumes in the winter months also contributed to increased revenues.
- Fourth quarter earnings in 2007 reflected future income tax recoveries of $7.6 million due to the substantive enactment of reductions in future tax rates during the quarter.
- Second quarter earnings in 2007 reflected future income tax expense of $1.9 million due to the substantive enactment of the Tax Fairness Plan.