During the second quarter of 2013, it became highly probable that the Corporation would sell its interest in Maxim Power (USA), Inc. ("MUSA"), the holding company that owns MAXIM's investments in the United States. The Financial Highlights includes the results from MUSA to June 30, 2013, unless otherwise noted. Refer to MAXIM's unaudited condensed consolidated financial statements and MD&A for further details.
FINANCIAL HIGHLIGHTS Three Months Ended Six Months Ended June 30, June 30, ($ in thousands except per share amounts) 2013 2012 2013 2012 Net revenue (1) $ 36,383 $ 17,961 $ 91,887 $ 63,834 Adjusted EBITDA (1) 14,337 (1,313) 28,404 8,647 Adjusted net income (loss) (1) 5,720 (3,658) 10,710 181 Net income (loss) attributable to shareholders 6,446 (8,991) 11,032 (6,090) Per share - basic and diluted $ 0.12 $ (0.17) $ 0.20 $ (0.11) Funds from operations (2) 11,485 (5,390) 21,072 1,245 Per share - basic and diluted $ 0.21 $ (0.10) $ 0.39 $ 0.02 Electricity Deliveries (MWh) 159,444 98,388 437,366 407,387 Net Generation Capacity (MW) (3) 804 788 804 788 Average Alberta Power Prices ($ per MWh) $ 123.41 $ 40.03 $ 94.52 $ 50.07 Average Milner Realized Electricity Price ($ per MWh) $ 178.59 $ 66.60 $ 134.87 $ 60.37 (1) Select financial information was derived from the unaudited condensed consolidated financial statements and is prepared in accordance with Part 1 of the Canadian Institute of Chartered Accountants Handbook ("GAAP"), except net revenue, adjusted EBITDA, and adjusted net income. Net revenue, adjusted EBTIDA and adjusted net income are calculated based on the total of continuing and discontinued operations. Net revenue is provided to highlight revenue net of any gains or losses realized on commodity swaps. Adjusted EBITDA is provided to assist management and investors in determining the Corporation's approximate operating cash flows before interest, income taxes, and depreciation and amortization and certain other income and expenses. Adjusted net income is used to compare MAXIM's results among reporting periods without consideration of unrealized gains and losses and to evaluate MAXIM's performance. Net revenue, adjusted EBITDA, and adjusted net income do not have any standardized meaning prescribed by GAAP and may not be comparable to similar measures presented by other companies. (2) Funds from operations is an Additional GAAP measure provided to assist management and investors in determining the Corporation's cash flows generated by operations before the cash impact of working capital fluctuations. Funds from operations is calculated based on continuing operations. (3)Generation capacity is manufacturer's nameplate capacity and includes discontinued operations, net of minority ownership interests of third parties.OPERATING RESULTS