Three Months Ended March 31 ($ in thousands except per share amounts) 2014 2013 Revenue $ 69,132 $ 55,504 Adjusted EBITDA (1) 16,573 14,067 Adjusted net income (1) 3,815 4,990 Per share - basic and diluted $ 0.07 $ 0.09 Net income attributable to shareholders 3,487 4,586 Per share - basic and diluted $ 0.06 $ 0.08 Funds from operations (2) 15,001 14,114 Per share - basic and diluted $ 0.28 $ 0.26 Electricity Deliveries (MWh) 338,221 302,202 Net Generation Capacity (MW) (3) 785 804 Average Alberta power price - market ($ per MWh) $ 60.59 $ 65.30 Average Alberta power price - Milner realized ($ per MWh) $ 78.93 $ 95.43 Average US power price - Northeast U.S. realized (US$ per MWh) $ 282.28 $ 240.38 (1) Select financial information was derived from the audited consolidated financial statements and is prepared in accordance with IFRS, except adjusted EBITDA and adjusted net income. 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. Adjusted EBITDA and adjusted net income do not have any standardized meaning prescribed by IFRS and may not be comparable to similar measures presented by other companies. (2) Funds from operating activities before changes in working capital ("FFO") 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. (3) Generation capacity is manufacturer's nameplate capacity net of minority ownership interests of third parties.
Revenue, adjusted EBITDA and funds from operations increased in the first quarter of 2014 when compared to the first quarter of 2013. The increase in these financial measures is primarily due to an increase in generation in the Northeast U.S. at Pittsfield and CDECCA in conjunction with higher average realized prices at those two facilities.
Adjusted net income and net income attributable to shareholders decreased in the first quarter of 2014 when compared to the first quarter of 2013 on foreign exchange losses of certain foreign currency denominated loans, which is fully offset by an increase in Other Comprehensive Income.