Schneider Power Inc.

Schneider Power Inc.

April 30, 2009 17:18 ET

Schneider Power Announces Year End Results

TORONTO, ONTARIO--(Marketwire - April 30, 2009) - Schneider Power Inc. (TSX VENTURE:SNE), an independent power producer and developer of renewable energy facilities, today announced its 2008 year end results.

"2008 was a year of transition for Schneider Power," said Jonathan Lundy, Schneider Power's Chief Executive Officer. "While the Company successfully made its public market debut in Q3, it was immediately challenged with the impact of a worldwide economic decline and subsequent tightening of credit markets. In the face of these macro events, in the fourth quarter, we took steps to reduce our exposure to the impact of market factors by better aligning our cost structure and development expenditures with our revenue."

For the year ended December 31, 2008, the Company incurred a net loss of $2.6 million ($0.04 per share), compared to a net loss of $2.0 million ($0.03 per share) for the prior year. Salaries, general and administrative expenses rose to $3.0 million for 2008, compared to $1.4 million in 2007. Included in the salaries, general and administrative expenses for the year is approximately $1.0 million of non-recurring items related to the Company's qualifying transaction, CRCE penalty provisions and one-time compensation arrangements. As at December 31, 2008 the Company had $1.85 million in cash and cash equivalents, compared to $1.98 million at the end of 2007.

"Despite the continued volatility and uncertainty of the markets, we believe we are well positioned to take advantage of increased governmental and societal support for renewable power worldwide, particularly here in Ontario," added Lundy. "Not only have we reduced our costs entering the year, but we are starting to realize additional revenue and value from our portfolio of renewable energy projects. Accordingly we have set the following financial goals for the year: to generate positive EBITDA and to reduce salaries, general and administrative expenses by 30%. Aside from expected top and bottom line improvements in 2009, our primary focus will be to continue to create value in our project pipeline, by finding new equity partners to bring our advanced stage projects online in 2010, and by further developing our promising early-stage projects, so that they are ready to be constructed in 2011 and beyond."

The Company's complete Annual 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 portfolio in excess of 1,000 MW 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.

Contact Information