Maxim Power Corp. Announces 2013 Second Quarter Financial and Operating Results

CALGARY, ALBERTA -- (Marketwired) -- Aug 08, 2013 -- Maxim Power Corp. ("MAXIM" or the "Corporation") (TSX: MXG) announced today the release of financial and operating results for its second quarter ended June 30, 2013. The unaudited condensed consolidated financial statements, accompanying notes and Management Discussion and Analysis ("MD&A") will be available on SEDAR and on MAXIM's website on August 8, 2013. All figures reported herein are Canadian dollars unless otherwise stated.

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.                                                                                                                                        

 
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