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Latest Headlines
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Nov 6, 2008 3:23:00 PM MST
Fort Chicago Q3 revenue, cash, net income and distributions rise (Fort-Chicago)
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CALGARY _ Fort Chicago Energy Partners LP (TSX:FCE.UN), which owns energy infrastructure businesses in Canada and the United States, said Thursday that its on track to meet its 2008 financial guidance.
The Calgary-based company, which owns a variety of assets for the collection, processing and transportation of oil, gas and natural gas liquids _ as well as power-generation plants _ said Thursday that it expects all its segments to benefit from a stronger U.S. dollar.
Based on its year-to-date performance and current outlook, Fort Chicago said its guidance for 2008 distributable cash is in the range of $1.25 to $1.35 per unit, with the midpoint of $1.30 per Unit essentially unchanged from previous guidance.
The payout ratio for the year is expected to be in the range of 74 per cent to 80 per cent of distributable cash.
Distributable cash is a non-standard measure of the amount of cash that generally refers to the amount of funds available after certain expenses are paid.
In the third quarter, Fort Chicago´s revenue rose to $180.9 million, up from $153.8 million a year earlier.
It also had higher cash from operating activities, which went to $88.2 million from $62.1 million.
Distributions to unitholders rose to 25 cents per unit, from 23.25 cents per unit. For the first nine months of 2008 ended Sept. 30, the payout ratio was 72 per cent of distributable cash.
Net income, which includes non-cash items, rose to $27.3 million or 20 cents per unit, from $24.5 million or 19 cents per unit.
Fort Chicago units closed at $8.77, up nine cents, at the Toronto Stock Exchange prior to the announcement.
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