AltaLink, L.P.

AltaLink, L.P.

May 25, 2005 07:00 ET

AltaLink, L.P. Reports Net Income of CDN $11.8 Million for the First Quarter

CALGARY, ALBERTA--(CCNMatthews - May 25, 2005) -


AltaLink, L.P., Alberta's largest electricity transmission provider, today reported its financial results for the first quarter ended March 31, 2005. The company recorded net income of $11.8 million before tax on total revenue of $53.7 million for the quarter, compared to net income of $7.4 million before tax and total revenue of $42.1 million for the three months ended April 30, 2004.

The increase in both net income and total revenue can be attributed to a higher tariff approved by the Alberta Energy and Utilities Board (EUB) in Decision 2005-019, compared to the previous approved tariff from EUB Decision 2003-061. The estimated effects of Decision 2005-019, as interpreted by management for the eight month year ended December 31, 2004, and three months ended March 31, 2005, have been reflected in the financial statements for the three months ended March 31, 2005.

In 2004, AltaLink changed its fiscal year-end in response to a direction provided by the EUB in Decision 2003-061 to maintain its regulatory records on a calendar year-end basis. With the change, AltaLink has aligned its fiscal year with its regulatory year. Therefore, comparatives for the calendar year 2005 will be compared to the closest fiscal quarter of the prior year.

As a Limited Partnership, AltaLink, L.P. does not pay income taxes, but instead the tax consequences of its operations are borne by its partners on a pro rata basis based on their interest in the Partnership. Similarly, the individual partners are responsible for federal large corporation tax applicable to their respective interest in AltaLink. Accordingly, the net income reported above is pre-tax, and is not directly comparable with net income reported by companies that recognize tax expense in their financial statements.

AltaLink's full financial results and management's discussion and analysis can be found on AltaLink's website at or on SEDAR at

AltaLink, Canada's only fully independent transmission provider, is responsible for the maintenance and operation of more than 11,600 kilometres of transmission lines and approximately 260 substations in Alberta. As Alberta's largest supplier of safe and reliable transmission, AltaLink is moving forward to provide a transmission system that will continue to meet the growing needs of Albertans.

This news release does not constitute an offer to sell or the solicitation of an offer to buy AltaLink's securities in any jurisdiction, including but not limited to, the United States. AltaLink's securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws and may not be offered or sold in the United States except in certain transactions exempt from the registration requirements of the U.S. Securities Act and applicable state securities laws.

Except for the historical and present factual information contained herein, the matters set forth in this news release, including words such as "expects", "projects", "plans", "anticipates" and similar expressions, are forward-looking information that represents management of AltaLink's internal projections, expectations or beliefs concerning, among other things, future operating results and various components thereof or the economic performance of AltaLink. The projections, estimates and beliefs contained in such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause AltaLink's actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. These risks and uncertainties include, among other things, those described in AltaLink's filings with the Canadian securities authorities. Accordingly, holders of AltaLink securities and potential investors are cautioned that events or circumstances could cause results to differ materially from those predicted. AltaLink disclaims any responsibility to update these forward-looking statements.

AltaLink Management Ltd. is the general partner of AltaLink, L.P., a limited partnership organized under the laws of Alberta.

Contact Information

  • Investor Relations
    Dimitrios (Jim) Leonidas
    Executive Vice President and Chief Financial Officer
    AltaLink Management Ltd.
    (403) 267-3413
    Media Relations
    Scott Schreiner
    Manager, Communications
    AltaLink Management Ltd.
    (403) 267-2176