MAXIM is pleased to announce the release of financial and operating results for
its second quarter of 2008. The unaudited consolidated financial statements,
accompanying notes and MD&A will be filed August 14, 2008 on SEDAR and the
documents will also be available on MAXIM's website. All figures reported herein
are Canadian dollars unless otherwise stated.




FINANCIAL HIGHLIGHTS

----------------------------------------------------------------------------
                                    Three Months Ended     Six Months Ended
($ in thousands except per share               June 30              June 30
 amounts)                              2008       2007        2008     2007
----------------------------------------------------------------------------
Revenue                         $    14,797  $  18,979  $   62,211 $ 52,963
EBITDA (1)                           (5,109)     2,912      10,254   12,913
Net income (loss)                    (5,993)      (207)        (37)   3,115
 Per share-basic and diluted         ($0.13)    ($0.01) $     0.00 $   0.07
Cash provided by operations          (7,966)     3,038       9,008   24,880
 Per share-basic and diluted         ($0.18) $    0.07  $     0.20 $   0.57

Electricity Deliveries (MWh)         95,567    280,802     391,113  528,498
Net Generation Capacity (MW) (2)        584        482         584      482
Average Alberta Prices
 ($ per MWh)                    $       108  $      52  $       92 $     58

(1) EBITDA is earnings before interest, taxes, depreciation and
    amortization and is not a measure under Canadian Generally Accepted
    Accounting Principles ("GAAP") and may not be comparable to similar
    measures presented by other companies. Refer to Non-GAAP measure
    section of the MD&A for an explanation and reconciliation.
(2) Net generation capacity is manufacturer's nameplate capacity net of
    minority ownership interests of third parties.



OPERATING RESULTS

During the second quarter, MAXIM successfully completed an eight week turnaround
on the HR Milner Facility, on time and on budget. This turnaround was longer
than in recent years and is part of the facility's life-cycle maintenance
program where extended work is required every six to eight years. As a result of
removing HR Milner from service for the turnaround, revenue, EBITDA, cash
provided by operations and net income all decreased compared to the same quarter
in 2007. During the quarter MAXIM also acquired the Forked River generating
facility, which contributed favorably to MAXIM's results and partially offset
impacts of the turnaround.


For the six months ended June 30, 2008, MAXIM's strong first quarter in 2008
offset the lower operating results in the second quarter. Revenues increased
$9.2 million from $53.0 million in 2007 to $62.2 million in 2008, primarily due
to increased power prices and the acquisition of generating facilities in North
America and France. Decreases over the first half of 2008 in EBITDA, net income
and cash provided by operations were primarily due to the extended duration of
the 2008 HR Milner turnaround. Production for HR Milner during the first half of
2008 totaled 289,880 MWh compared to 428,227 MWh in 2007, reflecting the
duration of this turnaround.


GROWTH INITIATIVES

Deerland Peaking Station

As previously announced, MAXIM received regulatory approvals from the Alberta
Utilities Commission and Alberta Environment to construct and operate the
Deerland Peaking Station, a 190 MW natural gas-fired peaking facility. The
station will be located immediately adjacent to the existing Deerland high
voltage substation in Alberta's industrial heartland, an area expected to
experience significant growth in electrical demand. The Deerland Peaking Station
will be constructed in two 95 MW phases with each phase configured with two
General Electric LM6000 combustion turbine generator packages. Commercial
operation for each of the phases is expected to be achieved in 2009 and 2010,
respectively, subject to electricity market conditions and the ability of MAXIM
to conclude all commercial arrangements necessary to support construction.


#14 Mine Project

MAXIM has completed and submitted the necessary application materials for the
development of three Milner coal leases on its HR Milner site, which represent
13 million tonnes of recoverable coal. The Company is currently waiting for
approval of these filings.


Milner Expansion

MAXIM is continuing the preliminary engineering and environmental studies
relating to the Milner expansion project. Once completed, the necessary
regulatory applications will be completed and submitted to the appropriate
regulatory body for approval.


CONFERENCE CALL AND WEBCAST FOR THE SECOND QUARTER 2008 RESULTS

MAXIM will host a conference call for analysts and investors on Thursday,
September 4, 2008 at 9:00 a.m. MT (11:00 a.m. ET). The call will be hosted by
John R. Bobenic, MAXIM's President and Chief Executive Officer and Michael R.
Mayder, MAXIM's Vice President, Finance and Chief Financial Officer.


To participate in this conference call, please dial (866) 542-4265 or (416)
641-6137 in the Toronto area. It is recommended that participants call at least
fifteen minutes prior to start time.


A recording of the conference call will be available from 2:00 p.m. MT (4:00
p.m. ET) on Thursday, September 4, 2008 until Thursday, September 11, 2008 at
9:59 p.m. MT (11:59 p.m. ET). To access this replay, please dial (416) 695-5800
or (800) 408-3053 followed by the passcode 3268786. In addition, the webcast
will be available commencing September 11, 2008 in the Investor Relations
section of MAXIM's web site at www.maximpowercorp.com.


ABOUT MAXIM

Based in Calgary, Alberta, MAXIM is an Independent Power Producer, which
acquires or develops, owns and operates innovative and environmentally
responsible power projects. MAXIM currently owns and operates 34 power plants in
western Canada, United States and France, having 754 MW of electric and 132 MW
of thermal net generating capacity. MAXIM will continue to execute on its
strategy as an independent power producer and is targeting significant growth
through acquisitions and development of power projects which utilize hydrocarbon
based fuels and renewables in the markets of Western Canada, United States and
France. MAXIM trades on the TSX under the symbol "MXG". For more information
about MAXIM, visit our website at www.maximpowercorp.com.


Statements in this release which describe MAXIM's intentions, expectations or
predictions, or which relate to matters that are not historical facts are
forward-looking statements. These forward-looking statements involve known and
unknown risks and uncertainties which may cause the actual results, performances
or achievements of MAXIM to be materially different from any future results,
performances or achievements expressed in or implied by such forward-looking
statements. MAXIM may update or revise any forward-looking statements, whether
as a result of new information, future events or changing market and business
conditions and will update such forward looking statements as required pursuant
to applicable securities laws.
Maxim Power (TSX:MXG)
Historical Stock Chart
From Jun 2024 to Jul 2024 Click Here for more Maxim Power Charts.
Maxim Power (TSX:MXG)
Historical Stock Chart
From Jul 2023 to Jul 2024 Click Here for more Maxim Power Charts.