Primary Energy Reports Fourth Quarter and Fiscal 2011 Results
OAK BROOK, IL, March 7, 2012 /PRNewswire/ - Primary Energy Recycling Corporation (the "Company" or "Primary Energy") (TSX: PRI), a clean energy company that generates revenue from capturing and recycling recoverable heat and byproduct fuels from industrial processes, today announced its financial and operational results for the fourth quarter and year ended December 31, 2011.
| Financial Results | |||||||||||||
| (in 000's of US$) | |||||||||||||
| 12-Months | 12-Months | ||||||||||||
| Q4 2011 | Q4 2010 | 2011 | 2010 | ||||||||||
| Revenues | $ | 13,841 | $ | 13,535 | $ | 53,744 | $ | 52,783 | |||||
| Operations and maintenance expense | 5,291 | 2,702 | 15,316 | 11,712 | |||||||||
| Operating income | 1,292 | 1,418 | 6,266 | 412 | |||||||||
| Net income (loss) and comprehensive income (loss) | 22 | 19,402 | (2,490) | 9,040 | |||||||||
| EBITDA (1) | 7,528 | 9,986 | 34,972 | 34,717 | |||||||||
| Adjusted EBITDA (2) | 10,228 | 10,040 | 38,772 | 40,155 | |||||||||
| Net cash provided by operating activities | 8,719 | 7,565 | 32,329 | 32,352 | |||||||||
| Free Cash Flow (3) | 6,647 | 7,513 | 25,833 | 31,624 | |||||||||
| Cash and cash equivalents | 20,567 | 22,405 | - | - | |||||||||
| Credit facility debt balance | 42,773 | 71,366 | - | - | |||||||||
Fourth Quarter Highlights
- Finalized a long-term contract for energy services for the Company's Portside Energy facility. Primary Energy built, owns, and operates the highly efficient 63 MW combined heat and power (CHP) facility that supplies thermal and electrical energy required by its host;
- Paid down the Company's outstanding secured term loan to a balance of $42.8 million which represents a $28.6 million reduction for the year;
- Subsequent to quarter end, announced that the Company entered into an agreement with Atlantic Power Corporation (TSX: ATP, NYSE: AT) to purchase the common membership interests in Primary Energy Recycling Holdings LLC not currently held by the Company. The two companies also announced their intention to terminate their management agreement. The combined price for purchasing the minority interest and paying the management agreement termination fee is US$30.1 million. The transaction remains subject to pricing adjustment or termination under certain circumstances. The agreement is contingent on Primary Energy securing acceptable financing;
- Subsequent to year end, engaged in preliminary contract renegotiation discussions with the site host for Cokenergy. The current contract expires in 2013.
"We had a strong 2011 and are off to a solid start in 2012," said John Prunkl, President and Chief Executive Officer of Primary Energy. "Signing the North Lake and Portside contract extensions, and then signing the Atlantic Power agreement, moves us significantly closer to completing our long-standing objectives. We recognize that past accomplishments are only important if we can build on them going forward. Looking ahead, we are optimistic about the opportunity to renew our Cokenergy contract and continue to fully evaluate our growth strategies."
| Operational Highlights | |||||||||||||
| 12-Months | 12-Months | ||||||||||||
| Q4 2011 | Q4 2010 | 2011 | 2010 | ||||||||||
| Total Gross Electric Production Megawatt Hours (MWh) (4) | 348,029 | 318,780 | 1,298,867 | 1,179,259 | |||||||||
| Total Thermal Energy Delivered (MMBtu) (5) | 1,351,913 | 1,319,925 | 4,909,966 | 5,069,081 | |||||||||
| Harbor Coal Utilization (%) | 87.9% | 81.4% | 90.4% | 85.7% | |||||||||
Fourth Quarter and 2011 Financial Results
The Company's revenue of $13.8 million in the fourth quarter of 2011 increased $0.3 million, or 2.3%, compared with revenue of $13.5 million for the fourth quarter of 2010. Energy Service revenue was positively impacted by increased host operating levels at Ironside and renewable energy credit revenue generated at Cokenergy.
The Company's revenue of $53.7 million in 2011 increased $0.9 million, or 1.8%, compared with revenue of $52.8 million in 2010. Energy Service revenue was positively impacted by overall increased host operating levels over the course of the year.
Operations and maintenance expense for the fourth quarter of 2011 was $5.3 million compared to $2.7 million for the fourth quarter of 2010, an increase of $2.6 million or 95.5%. During the fourth quarter of 2011, the Company incurred periodic costs comprised of a one time charge of $1.2 million related to a claim from a site host for maintenance services it performed during 2005 through 2010, $0.9 million for boiler retubing work, $0.5 million for repairs to the induction fan motor and $0.1 million for ductwork repairs. Costs associated with boiler retubing work are specific to individual boilers, and the Company views these as periodic costs for both the quarter and year as unique expenditures that are not anticipated to recur for the retubed boiler.
Operations and maintenance expense in 2011 was $15.3 million compared to $11.7 million in 2010, an increase of $3.6 million or 30.7%. Boiler repair work and contractor labor costs as well as additional periodic costs accounted for the majority of the increase.
Interest expense for the fourth quarter of 2011 was $1.2 million compared to $2.0 million for the fourth quarter of 2010. Interest expense in 2011 was $6.3 million compared to $9.8 million in 2010, a decrease of $3.5 million. This decrease for the quarter and year are due to the reduced level of debt outstanding under the Company's Credit Facility.
Operating income for the fourth quarter of 2011 was $1.3 million compared to $1.4 million for the fourth quarter of 2010, a decrease of $0.1 million. Operating income in 2011 was $6.3 million compared to $0.4 million in 2010, an increase of $5.9 million.
Net income and comprehensive income for the fourth quarter of 2011 was $0.02 million compared to $19.4 million for the fourth quarter of 2010, a decrease of $19.4 million. Net loss and comprehensive loss in 2011 was $2.5 million compared to net income and comprehensive income of $9.0 million in 2010, a decrease of $11.5 million.
The Company's full financial statements and Management's Discussion and Analysis for the quarter and year ended December 31, 2011 are available at www.sedar.com or the Company's website at www.primaryenergyrecycling.com.
2012 Outlook
Operations
We expect a strong performance from our facilities through 2012, with revenue in line with 2011 totals. We anticipate modest increases in the United States steel production with continued solid performance from the mills we serve.
As part of our contract renewals we are spending time, money and effort to upgrade and enhance our assets. During this upgrading period we will be spending more money on periodic maintenance expenditures and capital expenditures than our historic averages would otherwise indicate. The combined 2012 budget for such expenditures is estimated to $20.6 million to $23.9 million
Cokenergy
For 2012, we intend to retube two boilers and purchase materials for boiler work in 2013. Each retubing is estimated to cost approximately $1.3 million. In total, we expect to spend about $3.0 million on boiler retubings in 2012. We plan on performing major repairs to the cold tunnel ductwork in 2012 and these expenses are estimated to total $2.5 to $2.8 million. All of these costs will be treated as operating expenses under International Financial Reporting Standards ("IFRS").
In preparation for Cokenergy's upcoming major steam turbine overhaul in 2013, we may in 2012 purchase new turbine blades at an expected cost of approximately $1.2 million depending on the spring outage inspection results. Additionally, we anticipate that Cokenergy will likely see other smaller capital project expenses in 2012 totaling $1.0 million.
The Cokenergy contract expires in September of 2013. It consists of bilateral agreements between Cokenergy and the site host, and between Cokenergy and the operator of an adjoining coke plant. The coke plant operator has contracts with the site host that are of equal duration to Cokenergy's contracts. Cokenergy's renewal negotiations will either be conducted in parallel or following completion of the site host/coke plant operator negotiations to allow Cokenergy's obligations to be coordinated with the coke plant obligations.
Northlake
Work on Phase II of the North Lake plant upgrade is scheduled for May 2012. As previously disclosed, the North Lake facility will be upgraded from its current rating of 75 MW to 90 MW. The capital investment associated with this project is projected to be $11.0 to $12.0 million and the work, started in early 2011. $2.0 million was expended on the project in the fourth quarter of 2011 for a total of $5.3 million for the year. An additional $5.7 to $6.7 million in expenditures is anticipated in 2012.
Portside
We completed the long term 15-year contract renewal for the Portside facility in December of 2011. The Portside upgrade of the boiler turndown project, the condensing economizer and controls upgrade are proceeding in accordance with the contract renewal. We expect the capital cost of the entire upgrade to be $6.5 to $8.5 million. The cost of the upgrade will be spent during 2012 and early 2013.
Other Activities
The Company continues to evaluate reinstating a regular dividend, a share buyback and the potential implementation of a growth strategy, taking into account factors including market needs, expected returns on capital deployed, execution risks, management expertise, and expected impact on shareholder value.
Conference Call and Webcast
Management will host a conference call to discuss the fourth quarter and 2011 results on Thursday, March 8, 2012 at 10 am (ET). Following management's presentation, there will be a question and answer session. To participate in the conference call, please dial (888) 231-8191 or (647) 427-7450.
A digital conference call replay will be available until midnight on March 15, 2012 (ET) by calling (855) 859-2056 or (416) 849-0833. Please enter the passcode 55532540 when instructed. A webcast replay will be available for 90 days by accessing a link through the Events section at www.primaryenergyrecycling.com.
Forward-Looking Statements
When used in this news release, the words "intend", "likely", "anticipate", "expect", "project", "believe", "estimate", "forecast", "outlook" and similar expressions, are intended to identify forward-looking statements, including statements regarding maintenance and capital expenditures and the acquisition of the minority interest in PERH and the termination of Primary Energy's management agreement. Such statements are subject to certain risks, uncertainties and assumptions pertaining, but not limited, to recovery in the steel industry, continued strong performance from the mills we serve consistent with historical patterns, timely renewal of contracts at the Company's facilities, no protracted outages (planned or unplanned) for any of our facilities, operating and maintenance costs and general and administrative costs being similar to recent years except as described in this press release, regulatory parameters, weather and economic conditions and other factors discussed in the Company's public filings available on SEDAR at www.sedar.com. Additional risks and uncertainties not currently known or that are currently deemed to be immaterial may also materially and adversely affect the Company's business operations and outlook. Any of the matters highlighted in the Company's risk factor disclosure could have a material adverse effect on the Company's results of operations, business prospects and outlook, financial condition or cash flow, in which case, the market price or value of the Company's Common Shares could be adversely affected. These forward-looking statements are made as of the date of this press release and the Company assumes no obligation to update or revise them to reflect new events or circumstances, except as required by applicable securities laws.
About Primary Energy Recycling Corporation
Primary Energy Recycling Corporation owns a majority interest in Primary Energy Recycling Holdings LLC ("PERH"). PERH, headquartered in Oak Brook, Illinois, indirectly owns and operates four recycled energy projects and a 50 per cent interest in a pulverized coal facility (collectively, the "Projects"). The Projects have a combined electrical generating capacity of 283 megawatts and a combined steam generating capacity of 1.8M lbs/hour. PERH creates value for its customers by recycling recoverable heat and byproduct fuels from industrial and electric generation processes and converting it into reliable and economical electricity and thermal energy for resale back to its customers. For more information, please see www.primaryenergyrecycling.com.
| |
1As used herein, EBITDA means earnings before interest, taxes, depreciation and amortization and certain other adjustments. EBITDA is reconciled to net income (loss) and comprehensive income (loss) in the table below. EBITDA is not a recognized measure under IFRS and does not have a standardized meaning prescribed by IFRS. Therefore, EBITDA may not be comparable to similar measures presented by other companies.
2As used herein, references to Adjusted EBITDA are to EBITDA as adjusted for certain non-recurring adjustments for major maintenance/outage work expenses, maintenance services settlement and non-cash stock based compensation that represent recorded expenses based on specific circumstances and are not expected to be part of the Company's ongoing business activity. Adjusted EBITDA is not a recognized measure under IFRS and does not have a standardized meaning prescribed by IFRS. Therefore, Adjusted EBITDA may not be comparable to similar measures presented by other companies.
3As used herein, Free Cash Flow means net cash provided by operating activities as adjusted for capital expenditures. Free Cash Flow is not a recognized measure under IFRS and does not have a standardized meaning prescribed by IFRS. Therefore, Free Cash Flow may not be comparable to similar measures presented by other companies.
4Total Gross Electric Production means the aggregate amount of electricity produced by all of the Company's facilities during the period. The amount is gross generation and is not reduced by internal electric usage of the facilities' auxiliary equipment. The unit of measure is megawatt hours (MWh). Due to the fixed and variable nature of customer contracts, MWh production cannot be directly tied to financial performance.
5Total Thermal Energy Delivered means the aggregate amount of heat energy contained in the steam and heated water delivered to customers by all of the Company's facilities during the period. The unit of measure is million of British Thermal Units (MMBTU). Due to the fixed and variable nature of customer contracts, MMBTU production cannot be directly tied to financial performance.
6Harbor Coal Utilization is a factor that incorporates the production level of a blast furnace and the amount of coal utilization per unit of blast furnace production as compared to a reference blast furnace production level and coal utilization rate per unit of blast furnace production. The measurement unit is a ratio expressed as a percentage.
Management believes that EBITDA, Adjusted EBITDA, Free Cash Flow, Total Gross Electric Production, Total Thermal Energy Delivered and Harbor Coal Utilization provide useful supplemental information regarding the performance of the Company, facilitate comparisons of historical periods and are indicative of the Company's operating results. Note however, that these items are performance measures only, and do not provide any measure of the Company's cash flow or liquidity, and are not a substitute for IFRS financial measures.
Non-IFRS Measures
The Company reports its financial results in accordance with IFRS. The Company's management also evaluates and makes operating decisions using various other measures. Three such measures are EBITDA, Adjusted EBITDA and Free Cash Flow, which are non-IFRS financial measures. We believe these measures provide useful supplemental information regarding the performance of Company's business.
| Reconcilation of Net Income (Loss) and Comprehensive Income (Loss) to Adjusted EBITDA (in 000's of US$) |
Three Months Ended December 31, | For the Years Ended December 31, | ||||||||||||||||||
| 2011 | 2010 | 2011 | 2010 | |||||||||||||||||
| Net income (loss) and comprehensive income (loss) | $ | 22 | $ | 19,402 | $ | (2,490) | $ | 9,040 | ||||||||||||
| Adjustment to net income (loss) and comprehensive income (loss) : | ||||||||||||||||||||
| Depreciation and amortization | 5,227 | 7,559 | 24,170 | 30,269 | ||||||||||||||||
| Depreciation and amortization included in equity in | ||||||||||||||||||||
| earnings of Harbor Coal joint venture | 1,009 | 1,009 | 4,036 | 4,036 | ||||||||||||||||
| Interest expense | 1,241 | 2,024 | 6,294 | 9,796 | ||||||||||||||||
| Realized and unrealized loss on derivative contracts | - | (2) | 4 | 182 | ||||||||||||||||
| Loss on derecognition | - | - | 500 | - | ||||||||||||||||
| Income tax expense (benefit) | 29 | (20,006) | 2,458 | (18,606) | ||||||||||||||||
| EBITDA | $ | 7,528 | $ | 9,986 | $ | 34,972 | $ | 34,717 | ||||||||||||
| Adjustments to EBITDA: | ||||||||||||||||||||
| Major maintenance (1) | 1,500 | - | 2,600 | 2,122 | ||||||||||||||||
| Maintenance services settlement | 1,200 | - | 1,200 | - | ||||||||||||||||
| Non-cash stock based compensation | - | 54 | - | 3,316 | ||||||||||||||||
| Adjusted EBITDA | $ | 10,228 | $ | 10,040 | $ | 38,772 | $ | 40,155 | ||||||||||||
| (1) Represents major maintenance expenditures for boiler retubing work, ductwork repairs and other maintenance expenditures that are not anticipated to recur. | ||||||||||||||||||||
| Reconcilation of Net Cash Provided By Operating Activities to Free Cash Flow (in 000's of US$) |
Three Months Ended December 31, | For the Years Ended December 31, | ||||||||||||||||||
| 2011 | 2010 | 2011 | 2010 | |||||||||||||||||
| Net cash provided by operating activities | $ | 8,719 | $ | 7,565 | $ | 32,329 | $ | 32,352 | ||||||||||||
| Less: capital expenditures | (2,072) | (52) | (6,496) | (728) | ||||||||||||||||
| Free Cash Flow | $ | 6,647 | $ | 7,513 | $ | 25,833 | $ | 31,624 | ||||||||||||
.
| Primary Energy Recycling Corporation | |||||||||||||||
| CONSOLIDATED STATEMENTS OF FINANCIAL POSITION | |||||||||||||||
| (In thousands of U.S. dollars) | |||||||||||||||
| ASSETS | December 31, 2011 | December 31, 2010 | January 1, 2010 | ||||||||||||
| Current assets: | |||||||||||||||
| Cash and cash equivalents | $ | 20,567 | $ | 22,405 | $ | $ 24,290 | |||||||||
| Accounts receivable | 8,115 | 7,836 | 7,604 | ||||||||||||
| Inventory, net | 987 | 1,005 | 991 | ||||||||||||
| Tax receivable | 565 | 378 | 91 | ||||||||||||
| Prepaid expenses | 632 | 865 | 742 | ||||||||||||
| Total current assets | 30,866 | 32,489 | 33,718 | ||||||||||||
| Non-current assets: | |||||||||||||||
| Property, plant and equipment, net | 180,844 | 180,503 | 188,286 | ||||||||||||
| Intangible assets, net | 24,632 | 40,166 | 61,881 | ||||||||||||
| Restricted cash | 1,930 | 2,991 | 3,729 | ||||||||||||
| Deferred tax asset, net | 2,519 | 4,941 | - | ||||||||||||
| Investment in Harbor Coal joint venture | 63,190 | 66,721 | 71,329 | ||||||||||||
| Other non-current assets | 159 | 4 | 220 | ||||||||||||
| Total assets | $ | 304,140 | $ | 327,815 | $ | 359,163 | |||||||||
| LIABILITIES AND EQUITY | |||||||||||||||
| Current liabilities: | |||||||||||||||
| Accounts payable | $ | 1,115 | $ | 361 | $ | 253 | |||||||||
| Short-term debt | 27,304 | 30,343 | 24,451 | ||||||||||||
| Due to affiliates | 333 | 639 | 478 | ||||||||||||
| Accrued property taxes | 1,963 | 1,965 | 2,356 | ||||||||||||
| Accrued expenses | 5,503 | 2,068 | 2,232 | ||||||||||||
| Total current liabilities | 36,218 | 35,376 | 29,770 | ||||||||||||
| Non-current liabilities: | |||||||||||||||
| Long-term debt | 14,134 | 37,796 | 73,777 | ||||||||||||
| Deferred income tax liability, net | - | - | 13,507 | ||||||||||||
| Asset retirement obligations | 4,239 | 2,604 | 2,426 | ||||||||||||
| Total liabilities | 54,591 | 75,776 | 119,480 | ||||||||||||
| Equity | |||||||||||||||
| Equity attributable to equity owners of the Company | |||||||||||||||
| Common stock: no par value, unlimited shares authorized; | |||||||||||||||
| 44,706,186 issued and outstanding at December 31, 2011, | |||||||||||||||
| 134,118,561 outstanding at December 31, 2010 | |||||||||||||||
| and 134,118,561 outstanding at January 1, 2010 | 274,479 | 274,479 | 274,479 | ||||||||||||
| Contributed surplus | 3,316 | 3,316 | - | ||||||||||||
| Accumulated shareholders' deficit | (107,748) | (107,784) | (120,656) | ||||||||||||
| Total equity attributable to equity owners of the Company | 170,047 | 170,011 | 153,823 | ||||||||||||
| Non-controlling interest | 79,502 | 82,028 | 85,860 | ||||||||||||
| Total equity | 249,549 | 252,039 | 239,683 | ||||||||||||
| Total liabilities and equity | $ | 304,140 | $ | 327,815 | $ | 359,163 | |||||||||
| Primary Energy Recycling Corporation | |||||||||||
| CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | |||||||||||
| (In thousands of U.S. dollars, except share and per share amounts) | |||||||||||
| For the Years Ended December 31, | |||||||||||
| 2011 | 2010 | ||||||||||
| Revenue: | |||||||||||
| Capacity | $ | 36,071 | $ | 36,071 | |||||||
| Energy service | 17,673 | 16,712 | |||||||||
| 53,744 | 52,783 | ||||||||||
| Expenses: | |||||||||||
| Operations and maintenance | 15,316 | 11,712 | |||||||||
| General and administrative | 9,299 | 8,868 | |||||||||
| Employee benefits | 2,289 | 5,421 | |||||||||
| Depreciation and amortization | 24,170 | 30,269 | |||||||||
| Loss on derecognition | 500 | - | |||||||||
| Total operating expenses | 51,574 | 56,270 | |||||||||
| Equity in earnings of Harbor Coal joint venture | 4,096 | 3,899 | |||||||||
| Operating income | 6,266 | 412 | |||||||||
| Other expense | |||||||||||
| Interest expense | (6,294) | (9,796) | |||||||||
| Realized and unrealized loss on derivative | |||||||||||
| contracts | (4) | (182) | |||||||||
| Loss before income taxes | (32) | (9,566) | |||||||||
| Income tax (expense) benefit | (2,458) | 18,606 | |||||||||
| Net (loss) income and comprehensive (loss) income | $ | (2,490) | $ | 9,040 | |||||||
| Net (loss) income and comprehensive (loss) income attributable to: | |||||||||||
| Owners of the Company | $ | 36 | $ | 12,872 | |||||||
| Non-controlling interest | (2,526) | (3,832) | |||||||||
| $ | (2,490) | $ | 9,040 | ||||||||
| Net income per share attributable | |||||||||||
| to owners of the Company: | |||||||||||
| Weighted average number of shares outstanding - basic | 44,706,186 | 44,706,186 | |||||||||
| Weighted average number of shares outstanding - diluted | 45,156,680 | 44,763,304 | |||||||||
| Basic and diluted net income per share attributable to owners of the Company | $ | 0.00 | $ | 0.29 | |||||||
| Primary Energy Recycling Corporation | |||||||||||||||||||||
| CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY | |||||||||||||||||||||
| (In thousands of U.S. dollars) | |||||||||||||||||||||
| Attributable to equity owners of the Company | |||||||||||||||||||||
| Common | Contributed | Accumulated | Non-controlling | Total | |||||||||||||||||
| stock | surplus | deficit | Total | interest | equity | ||||||||||||||||
| Balance - January 1, 2010 | $ | 274,479 | $ | - | $ (120,656) | $ | 153,823 | $ | 85,860 | $ | 239,683 | ||||||||||
| Net income (loss) and comprehensive income (loss) | |||||||||||||||||||||
| for the year ended December 31, 2010 | - | - | 12,872 | 12,872 | (3,832) | 9,040 | |||||||||||||||
| Stock based compensation expense | - | 3,316 | - | 3,316 | - | 3,316 | |||||||||||||||
| Balance - December 31, 2010 | $ | 274,479 | $ | 3,316 | $ | (107,784) | $ | 170,011 | $ | 82,028 | $ | 252,039 | |||||||||
| Balance - January 1, 2011 | $ | 274,479 | $ | 3,316 | $ | (107,784) | $ | 170,011 | $ | 82,028 | $ | 252,039 | |||||||||
| Net income (loss) and comprehensive income (loss) | |||||||||||||||||||||
| for the year ended December 31, 2011 | - | - | 36 | 36 | (2,526) | (2,490) | |||||||||||||||
| Balance - December 31, 2011 | $ | 274,479 | $ | 3,316 | $ | (107,748) | $ | 170,047 | $ | 79,502 | $ | 249,549 | |||||||||
| Primary Energy Recycling Corporation | |||||||||||
| CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||||
| (In thousands of U.S. dollars) | |||||||||||
| For the Years Ended December 31, | |||||||||||
| 2011 | 2010 | ||||||||||
| CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||
| Net (loss) income and comprehensive (loss) income for the period | $ | (2,490) | $ | 9,040 | |||||||
| Adjustments for: | |||||||||||
| Depreciation and amortization | 24,170 | 30,269 | |||||||||
| Loss on derecognition | 500 | - | |||||||||
| Realized and unrealized loss on derivative contracts | 4 | 182 | |||||||||
| Equity in earnings of Harbor Coal joint venture | (4,096) | (3,899) | |||||||||
| Distributions from investment in Harbor Coal joint venture | 7,627 | 8,507 | |||||||||
| Non-cash interest expense | 2,284 | 3,779 | |||||||||
| Non-cash stock based compensation | - | 3,316 | |||||||||
| Income tax | 2,422 | (18,448) | |||||||||
| 30,421 | 32,746 | ||||||||||
| Net change in non-cash working capital balances | 1,908 | (394) | |||||||||
| Net cash provided by operating activities | 32,329 | 32,352 | |||||||||
| CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||
| Change in restricted cash | 1,061 | 738 | |||||||||
| Capital expenditures | (6,496) | (728) | |||||||||
| Net cash (used in) provided by investing activities | (5,435) | 10 | |||||||||
| CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||
| Payments of deferred financing costs | (139) | (319) | |||||||||
| Payments for stock issuance costs associated with the Rights Offering | - | (285) | |||||||||
| Payments of fees associated with the Recapitalization | - | (9) | |||||||||
| Repayment of debt | (28,593) | (33,634) | |||||||||
| Net cash used in financing activities | (28,732) | (34,247) | |||||||||
| Net decrease in cash | (1,838) | (1,885) | |||||||||
| Cash and cash equivalents - beginning of period | 22,405 | 24,290 | |||||||||
| Cash and cash equivalents - end of period | $ | 20,567 | $ | 22,405 | |||||||
| Supplemental disclosure of cash flow information: | |||||||||||
| Cash paid during the period for interest | $ | 4,015 | $ | 6,045 | |||||||
| Cash paid during the period for income taxes | $ | 268 | $ | 84 | |||||||
SOURCE Primary Energy Recycling Corporation
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