Capstone Infrastructure Corporation realized year-over-year increases in revenue and operating cash flow in the first quarter of 2011 while earnings were mixed over the period.
CIC’s total revenue increased by $2.8 million, or 6.3 percent, over the first quarter of 2010. The company attributed the increase to improved wind conditions at the Erie Shores wind farm, stable electricity production at two facilities and higher power prices. It said total electricity production increased 1.7 percent from the prior period.
CIC’S adjusted earnings before interest, taxes, depreciation and amortization from core assets increased 8.4 percent over the first quarter of 2010, but its overall EBITDA dropped 10.1 percent over the period. CIC said it won’t begin to offset its sale of Leisureworld, which generated $2.1 million in revenue for the company in the first quarter of 2010, until the second quarter of 2011 when its 33.3 percent interest in Värmevärden will begin generating income. CIC said it used the sale funds to acquire the interest in Värmevärden.
CIC says after giving effect to its investment in the Amherstburg Solar Park, it will have access to over $50 million in cash, available credit and other capital to pursue additional acquisitions.
