AltaGas Income Trust reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2009. For the quarter, the company reported net income of $34.7 million or $0.43 per unit-diluted compared to $53.5 million or $0.75 per unit-diluted for the same period of 2008, which included a one-time tax recovery of $13.8 million as a result of legal entity ownership changes within the trust structure. Excluding the one-time tax recovery, net income was $39.7 million in third quarter 2008 or $0.56 per unit-basic. Earnings before interest, taxes, depreciation and amortization (EBITDA) were $63.6 million or $0.80 per unit compared to $68.0 million or $0.96 per unit for the same quarter in 2008. Funds from operations were $50.5 million or $0.64 per unit compared to $56.2 million or $0.79 per unit for the same period in 2008. Total net debt was $668.9 million, compared to $592.8 million at June 30, 2009 and $582.0 million at December 31, 2008. Net revenue was $114.7 million against $122.7 million a year ago. Operating income was $45.4 million against $50.6 million a year ago. Net income before tax was $36.5 million against $44.7 million a year ago. Cash from operations were $43.7 million or $0.55 per unit compared to $50.3 million or $0.71 per unit for the same period in 2008. Capital expenditures were $69.7 million against $26.6 million a year ago. Comprehensive income was $41.4 million against $73.9 million a year ago. Third quarter earnings reflect AltaGas' stable operations, diversified gas and power assets and disciplined risk management. For the nine months, the company's net income was $109.1 million or $1.39 per unit-diluted, compared to $124.0 million or $1.81 per unit-diluted for the same period in 2008. Net revenue was $314.1 million against $350.7 million a year ago. Earnings before interest, taxes, depreciation and amortization (EBITDA) were $189.2 million or $2.43 per unit compared to $185.3 million or $2.73 per unit for the same quarter in 2008. Funds from operations were $153.6 million or $1.97 per unit compared to $163.0 million or $2.40 per unit for the same period in 2008. Operating income was $135.4 million against $13 million a year ago. Net income before tax was $113.2 million against $116.0 million a year ago. Cash from operations were $141.1 million or $1.81 per unit compared to $167.5 million or $2.47 per unit for the same period in 2008. Capital expenditures were $158.3 million against $110.9 million a year ago. Comprehensive income was $105.1 million against $109.3 million a year ago. The company declared a distribution of $0.18 per trust unit and exchangeable unit payable on December 15, 2009 to unit holders of record on November 25, 2009. The Trust declared total cash distributions of $0.54 per unit in third quarter 2009.

AltaGas Income Trust announced that its Bear Mountain Wind Park is now fully commissioned and connected to the British Columbia power grid. The Park has satisfied the conditions of Commercial Operation Date (COD) and will now receive the firm price under the 25-year energy purchase agreement with BC Hydro. AltaGas met conditions of COD by satisfying the British Columbia Transmission Corporation (BCTC) certification and grid compatibility requirements, and by successfully completing a 72-hour test which ended October 24, 2009. During the test period, the turbines performed well and the Park produced approximately 2,000 megawatt-hours of energy. The $200 million project was completed on budget and ahead of schedule. With a total capacity of 102 MW, the Park will produce enough energy to power most of B.C.'s South Peace region.

AltaGas Income Trust, Q3 2009 Earnings Call, Nov-05 2009