Schneider Power Inc.

Schneider Power Inc.

November 20, 2009 16:37 ET

Schneider Power Announces Third Quarter Results

TORONTO, ONTARIO--(Marketwire - Nov. 20, 2009) - Schneider Power Inc. (TSX VENTURE:SNE), a global developer of renewable energy facilities, today announced its 2009 third quarter results.

Highlights for the third quarter ended September 30, 2009:

- Another sequential quarter of increasing positive EBITDA

- Majority-controlled subsidiary 2204926 Ontario Limited closed the sale of Grand Valley Wind Farms Inc. to Greta Energy Inc. for staged development fees aggregating $5.2 million while retaining a 10% carried interest in Grand Valley 1 LP and a 20% carried interest in Grand Valley 2 LP

- Earned $1,566,964 in development fees from JV partners

- Secured easement agreements to develop two additional Ontario projects, the 10MW Dymond solar farm in New Liskeard and the 10MW Teviotdale wind farm

"We are pleased to report more steady progress, both financially and operationally, in the third quarter, providing further evidence that our business model as a small-to-medium scale renewable energy developer is working" stated Lewis Reford, Schneider Power's Chief Executive Officer. "Our development team has never been as busy as during the current period, making meaningful achievements by advancing projects from un-contracted to contracted PPA status and from pre-construction to the construction-ready stage. The receipt of significant staged development fees in the third quarter relating to our advanced projects demonstrates that important project milestones are being met and means that shareholders are benefiting from our strategic partnerships."

During the quarter ended September 30, 2009, the Company earned net income of $521,911, or $0.01 per share, compared to a net loss of $832,637 (-$0.01 per share) for the prior year period. Revenues rose to $1,609,153 for the quarter, from $39,805 in the comparable period. Continued focus on containing salaries, general and administrative expenses resulted in SG&A of $661,408 in the quarter, compared to $770,778 in the prior year period. The Company generated EBITDA of $619,558 in the second quarter compared to an EBITDA loss of $717,878 in the prior year period. "Through a combination of healthy development fee payments and ongoing cost reduction efforts, we are now starting to see our profitability emerge on a recurring basis," added Reford, "and this keeps Schneider on track to meet our 2009 targets and bodes well for our future performance."

The Company's complete Third Quarter Financial Statements and Management's Discussion and Analysis are available at or on the Company's website at

About Schneider Power:

Schneider Power Inc. is one of Canada's premier renewable energy companies, with a large portfolio of clean electricity generation development projects and advanced exploration projects located across two continents, and large land positions on the most promising and prospective wind and solar power areas in North America.

Schneider Power is listed on the TSX Venture Exchange under the symbol SNE.


Earnings before interest, taxes, depreciation and amortization (EBITDA) is a standard used in the energy industry to assist in understanding and comparing operating results. The Company believes that this measure is important in assessing its profitability before the impact of depreciation and amortization and non-operating factors, including gain or loss on derivatives. EBITDA is also a useful measure of the Company's ability to service debt, invest in capital equipment or distribute dividends to its shareholders. EBITDA is not defined by GAAP and should be used as a supplement and not a substitute for the Company's results of operations.

Certain statements included in this news release constitute "forward-looking information" within the meaning of applicable securities legislation. Such forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Schneider Power to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.

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