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Executives

Aaron Boles - Vice President, Communications and IR

Michael Bernstein -President & CEO

Michael Smerdon -Executive Vice President & CFO

Analysts

Jeremy Mersereau - National Bank Financial

Sean Steuart - TD Securities

Nelson Ng - RBC Capital Markets

Eric Tang - BMO Capital Market

Cindy Marks - Edison Investment Research

Matthew Akman - Scotia Capital

Capstone Infrastructure Corporation (OTCPK:MCQPF) Q2 2014 Earnings Conference Call August 13, 2014 8:30 AM ET

Operator

Thank you for Standing by. This is the Chorus call conference operator. Welcome to the Capstone Infrastructure Corporation Second Quarter 2014 Results Conference Call and Webcast. As a reminder, all participants are in a listen only mode and the conference is being recorded. (Operator Instructions) At this time, I would like to turn the conference over to Aaron Boles, Vice President, Communications and Investor Relations. Please go ahead.

Aaron Boles

Good morning, everyone. Thank you for joining us to discuss Capstone Infrastructure Corporation's financial results for the second quarter ended June 30, 2014.

Today's call will be hosted by Michael Bernstein, Chief Executive Officer. Also on the call is Michael Smerdon, Chief Financial Officer. Our News Release was issued after market closed yesterday and is available on our website at www.capstoneinfrastructure.com. Today's conference call is also being webcast live, with accompanying slides and will be archived on our website, along with a transcript of the event. Following Management's remarks, we will hold the Q&A session. During the Q&A, I'd like to ask that you limit your questions to two before re-entering the queue, so that we can ensure everyone has the chance to participate.

Before we begin, I would like to remind everyone that during the course of this conference call, we may make various forward-looking statements that involve known and unknown risks and uncertainties that may cause actual results to differ materially. For information about such risks and uncertainties, I refer you to the MD&A and our Quarterly Report, and to our most recent Annual Information Form dated March 26, 2014.

With that, I'll turn the call over to Mike Bernstein.

Michael Bernstein

Thanks, Aaron. Good morning, everyone. Thank you for joining us. Capstone Infrastructure had a strong second quarter. Our results are the product of sound financial management and the healthy state of our business with a diversified portfolio of high quality assets generating consistent cash flows, a solid balance sheet and a pipeline at near and mid-term development projects that are moving towards completion. The sturdy foundation provides support for organic growth as well as the opportunity to identify and access strategic acquisitions and partnerships to create lasting value for our shareholders. In the second quarter of 2014 adjusted EBITDA grew by 24.1% to $39.5 million as a result of continuing factors that we first identified in the first quarter of this year which are: the expansion of our operating power portfolio following the acquisition of renewal energy developers or ReD on October 1, 2013. Lower operating cost at Cardinal and at Bristol Water, a 6.4% rate increase effective as of April 1st of this year coupled with the positive foreign currency impact. Adjusted funds from operation grew by 33.5% to $12 million, reflecting a growth in adjusted EBITDA, came to a partially offset by higher debt service cost and maintenance capital expenditures related to our larger power portfolio. During the quarter, we made significant progress in building out our three near-term wind development projects. We arranged project level construction and long-term financing for the 24 MW Saint-Philémon project in May. To build this proceeding as planned and commissioning is slated for early 2015. Construction began on the 25 MW Goulais site in June. And we expect to arrange financing for the project in the early fall. Skyway 8 was commissioned on August 7 and will have declared commercial operation date of August 14 bringing an additional 9.5 MW of generating capacity to Capstone. The mid-term wind development projects on Ontario are now proceeding through the relevant permitting stages. We anticipate arranging approximately $250 million in financing for these projects over the next two years and estimate they will enter commercial operations in sequence through 2016 and early 2017. The advances we are making on our wind developments reflect project execution skills we established at Capstone following the acquisition of the ReD last year. The expanded wind portfolio is a part of larger set of organic growth initiatives for our company. At Bristol Water, we are on target to complete $550 million in capital expenditure for the current and five regulatory periods which ends next March. We've been actively involved with Bristol Water management on a complex PR 14 process which regulator Ofwat will use to determine customer pricing and our capital plan for the AMP6 period commencing in April 2015. Bristol Water submitted a revised a plan on June 27 and are now working to address outstanding concerns from Ofwat related to wholesale cost that should be settled before the regulator announces the outcome of PR 14 in December. Resolving points of difference between Bristol Water and Ofwat is part of the review process and should be expected, given the potential $640 million size of the AMP6 budget. Subsequent to the 20 year non utility generator contract we signed with Ontario Power Authority in March, we are moving forward with a $30 million capital deployment at Cardinal power. This expenditure is being put towards major maintenance, life extension, and retrofitting to prepare Cardinal to operate as a dispatchable facility. These organic growth projects comprising near-term and mid-term wind development, the PR 14 process at Bristol and the refit of Cardinal carry a potential cumulative tally of up to $1.1 billion. Capstone's propositional share of this would be more than $500 million. These are important investments that will drive internal momentum, generate additional cash flows for the company and enhance the value of our assets. All while requiring no external equity. Capstone is in a strong position because of our diligent work over the past several years to diversify, derisk and repositioned our portfolio toward long life, perpetual businesses like operate and generate growing cash flow for decades to come. With the core of our business secured, we have the opportunity to make smart choices and selecting acquisitions and partners to fuel external growth.

I'll return to the topic of growth in a moment, but first I would like to invite Mike to give us a financial review. Mike?

Michael Smerdon

Thank you, Mike. Mike covered us for adjusted EBITDA and AFFO performance in his remarks. So my comments will focus on revenue expenses, capital structure and outlook. Revenue in the quarter increased by 13.8% to $106.4 million. This is due to three factors including a 15.6% increase in power production, mostly as a result of our expanded operating wind power portfolio. Revenue growth at Bristol Water arriving from higher regulated water rate which increase annually and increased water consumption, and finally favorable foreign currency translation at Bristol Water. Total expenses increased by 3.8% to $56.3 million mostly because of three factors. Higher operating expenses at Bristol Water relating to the impact of foreign exchange and more activity in repairs and maintenance. Our larger power portfolio which was partially offset by lower gas transportation and fuel cost at Cardinal. And increased corporate admin cost arising from growth in staffing levels corresponding to our larger company which was partially offset by the absence of transaction cost that were incurred during the ReD acquisition in the second quarter of 2013. At quarter end, we had unrestricted cash and cash equivalent of $68.6 million, including $28 million from the power segment and $9.5 million from Bristol Water. About $41.9 million of our total cash and equivalents is available for general corporate purposes.

We expect Bristol Water to fully fund its capital investment program with its internally generated cash flow and existing credit capacity while continuing to pay dividends to its shareholders. In the second quarter, Bristol Water finally eliminated its capital expenditure shortfall for AMP5 and is projected to meet its target for this regulatory period which ends on March 31, 2015.

Our long-term debt at quarter end was approximately $770 million. This comprises debt at corporate and our proportionate share of debt at power assets as well as at Bristol. As it is our practice, the outstanding debt is primarily fixed rate or linked to inflation and is largely secured at the operating business level. And therefore is non recourse to Capstone. Approximately 97% of the long-term debt at our power facilities is scheduled to amortize over our PPA terms. At Bristol Water, approximately 76% of the long-term debt has a maturity longer than (inaudible) with that level represents a debt to capitalization ratio of about 63.7%. Overall, our capital structure aligned to the cash flow profile and duration of our businesses, giving us the flexibility to pursue new investments.

As Mike mentioned, we are hitting our milestones at the wind power developments. Skyway 8 has a declared commercial operations date of August 14. We closed $60.6 million in financing for Saint-Philémon in May and the project is on schedule, costs are consistent with what we anticipated and we expected to be commissioned in early 2015. And lastly, construction of the Goulais wind farm began in June and we expect to establish around $75 million in debt financing for this project in the coming months.

As of June 30, our equity into Skyway 8 and Saint-Philémon has been fully deployed. And we've invested almost half of the ultimate equity into Goulais, leaving approximately $40 million in equity financing for Capstone's propositional share of the remaining projects. We have the ability to fund this largely through our internally generated cash as well as our corporate credit facility.

In the second quarter, we increased our credit facility to $90 million which adds liquidity and flexibility to financing our CapEx and new growth initiatives. Capstone's diversified business portfolio and development pipeline is positioned to generate sufficient cash flow to sustain our dividend over the long term. In terms of outlook, we are maintaining our 2014 adjusted EBITDA target of between $150 million and $160 million. We revised this figure upwards from $140 million to $150 million in the first quarter, mostly because of higher than expected foreign exchange rates through our Bristol Water business as well as better than anticipated financial performance from Cardinal. And both of these factors continued in the second quarter.

Capstone's fundamentals remain strong. And we are well positioned for the future. Our existing businesses provide diversified and stable cash flow that meet our business and financial expectations. We have demonstrated our ability to execute projects and have an advanced development pipeline that will contribute additional cash flow in the near term. And our capital structure and financial position enables us to be selective in considering opportunities for future growth.

With that, I'll turn it back to Mike.

Michael Bernstein

Thanks Mike. The first half of 2014 at Capstone was notable for the significant corporate objectives we met. Securing a new agreement for Cardinal, integrating the team from ReD, advancing our wind development projects and submitting our revised plan for Ofwat, were essential priorities that we succeeded and settling to our general advantage. We still have some work to do on several of these initiatives, but we made good progress in the first half of this year. As a result, Capstone is on a solid ground from strategic, operational and financial perspective. Working from this position of strength enables us to plan carefully when setting up priorities for the balance of the year. Our first priority is always to be good towards the businesses we already own. We have a program to enhance the operational performance of our asset to systematic, preventative and productive maintenance, detailed planning for capital expenditures and finding new ways to increase cash flow. As part of this, we are preparing Cardinal to become dispatchable facility with one month outage schedule for spring 2015 to install a new rotor and exhaust cylinder, along with advanced electronics.

Our second priority for the second half of the year to foster growth at our utilities assets. We are continuing making headway on the PR 14 process at Bristol Water for AMP6 where there is a tremendous growth potential for the next five year period. During AMP5, Bristol Water's real regulated capital value has increased by 26% compared with an industry average of 8% and our customers have endorsed Bristol Water's plan for similar growth in the AMP6 period. The revised customer pricing and capital plan we submitted to Ofwat in June is founded on extensive customer consultation, regulator's forecasting and meticulous analysis. Our management team is committed to working with the regulator to reach an agreement on the AMP6 plan by December.

Capstone's Swedish district heating business from Aberdeen operates in a largely unregulated market, many see as right for consolidation. We are using our direct knowledge of the industry there to assess the potential to follow other smaller operators into our footprint. On the power development side as mentioned, Skyway 8 is now complete. We are making steady progress on Saint-Philémon and Goulais is now under construction. And we are getting through permitting with our other projects. Our goal is to carry this momentum forward and continue to execute well.

Finally, we come to the subject of acquisitions and new development. Infrastructures are highly sought after asset class in today's market. The reasons for this are familiar to many. Core infrastructure forms the backbone of economies around the world, offers steady long-term income and its potential for capital growth in a prevailing climate where investors are seeking reliable yield, infrastructure delivers predictable income and hard to replicate assets with high barriers to entry. These factors make infrastructure a compelling investment. The same factors have also driven up the value of asset to near record level. Magnifying this trend are the hyper acquisitive companies in U.S. which have enormous appetite for clean energy assets in particular. In this environment prudent is key. Capstone's criterion for acquisitions is a 10% targeted return on a portfolio basis and attractive risk return profile. Our track record is evidence of our success at making accretive deals based on that target, and we will continue adhere to this standard as we assess opportunities in the current market. The risk for some companies maybe to over pay for the sake of making a deal. We are not in that group. Fortunately, we benefit from the established relationships across a broad network. Our management team has recently held a series of productive meeting with various parties to consider potential acquisitions and partnerships across our targeted core infrastructure pillars. The latest focus for Capstone has concentrated on power assets and public private partnership. With quite intense competition in the infrastructure space, opportunities remain for those who are patient, diligent and experienced. Three characteristics that Capstone embodies in good measure. In the meantime, we have a diversified portfolio for the businesses that deliver strong performance in the second quarter and year-to-date period. Compelling long -term growth potential at Bristol Water, a solid balance sheet, demonstrated executions skills confirmed by progress in our wind development pipeline and a dedicated experienced management team committed to making accretive acquisitions that are in the best long-term interest of our shareholders, our employees and our company.

Thank you for joining us today and for your ongoing support. We would now be pleased to take your questions.

Question-and-Answer Session

Operator

(Operator Instructions) The first question is from Jeremy Mersereau of National Bank Financial. Please go ahead.

Jeremy Mersereau - National Bank Financial

Good morning, everyone. For the PR 14, what do you imagine what were the biggest changes compared to the plan you gave to Ofwat last December? Was it involved more leverage for instance?

Michael Smerdon

Unlikely it would include more leverage. But the dialogue has been more recently including feedback from Ofwat has been regardless of the CapEx that Bristol Water want to spend and seeking validation or compensation from Bristol Water, that certain scheme that they are proposing or required. For example, one of the biggest expenditure is Cheddar Two reservoir and Ofwat is looking for confirmation through the forecast that Bristol Water has use in Cheddar that the additional supply from the new reservoir is actually going to be required in the timeframe that Bristol is forecasting. So it's that sort of things they are looking at.

Jeremy Mersereau - National Bank Financial

Great. And as far as the status on the permitting of the later stage wind projects. Are you seeing any pushback from municipalities or has the Indies abetted there somewhat?

Michael Bernstein

I won't say Indies has abetted. There are still certain areas that have quite a lot of opposition. But we are working through the process and responding as best as we can to any local concerns. That being said, we received a completeness check on one of the projects last week. And I think we are expecting to get another one over the next couple of days. So as you know from the Green Energy Act, you need to respond to the community but they don't directly have any approval rights if you meet all the proper criteria.

Operator

Next question is from Sean Steuart of TD Securities. Please go ahead

Sean Steuart - TD Securities

Thanks, good morning, everyone. Couple of questions. I want to follow up on the AMP6 submission. I guess the question is that Ofwat identified a fairly large gap in your submitted budget and what they think reasonable and you touched on the Cheddar Two reservoir is a big part of it. I guess I am just wondering so bit of clarity on how the process works from here and if the final submission is less than you envisioned, can you talk a bit about I guess the potential to pull dividends out of it little bit faster going forward?

Michael Bernstein

Yes, good question. So the process will continue with us responding to any questions and clarification until they come up at the end of August. I think it is 29th of August, I am looking at Mike here, so Mike nod, on the 29th of August we will get the draft determination. So that will be the official feedback on our updated business plan. At that stage there is probably another month or two to respond to provide additional analysis to roll up your sleeves with Ofwat. And then they will go back and then kind of conclude their analysis with the final determination in December. I am not sure if there is a date that we are aware of.

Michael Smerdon

I think we are but it's not confirmed.

Michael Bernstein

Okay. So sometime in December the final determination. At that stage, we either accept it or if we are not comfortable with what is proposed then we have essential an appeal process which we used to be call the competition commission which is now called the CMA and again I am looking at Mike to see if he remember what the CMA?

Michael Smerdon

Competition and Market Authority

Michael Bernstein

Which is essentially is an arbitrator to see if we have differences on what Ofwat proposed to have the final say. That is the process that Bristol Water went through in 2009. And was successful in putting forward that some of the decisions and capital that Ofwat was providing in their plan was not sufficient. So that's from process perspective what happened. Our intention is to work hard with the regulator to show the analysis and back up that our plan is not only well supported by customers but it is efficient and cost effective. There maybe as Mike identified certain areas where we will disagree that some big ticket items can be deferred. Cheddar Two is potential one of them. The need is in 2020s but our customers and we think it's better to start the work earlier. But if that's a project that gets pushed off into AMP7 then something that we may just end up accepting. Overall, if there are projects like that, they require less capital and therefore we don't get the exact business fund that we put forward. I guess that impedes short-term growth because we won't be building up the rate basis much. But from a financial perspective, it actually provide the company with more flexibility because there will be less capital going into the ground that would be less financing requirement. So from a dividend perspective we'll have to see what ends up happening. But with less capital being put in then there should be a similar type if not potentially even eases your ability to pull out dividend.

Sean Steuart - TD Securities

Does Ofwat have any say on the dividend policy at all?

Michael Smerdon

No, I don't know, they don't, I mean the way the company is finance itself Ofwat has a very light handed approach. And as I think you know we are one of the lower levered companies, many companies levered in the 80% range and we are at what 71% -72% and our business plan anticipate same low to mid 70s. So how the company decide to finance itself and capital structure, with the requirement of making sure you trying seeing investment grade and finance is the key item.

Sean Steuart - TD Securities

Okay. Just one other quick question. I mean it sounds like there are M&A opportunities maybe in the near to mid term in the second half of the year. And you guys gave us a sense of the asset class, can you just speak to scale and I guess ownership structure you are looking at partners to facilitate growth?

Michael Bernstein

It depends. I mean in certain asset classes and depending on the opportunity you often have particular in P3 state some operators who want to recycle capital or contractors but may want to for strategic reasons keep an ownership interest in the asset. And therefore you have scenarios where depending on the size maybe they are 100% owner or remain or join our consortium or partnership. As you know for international investments, we like to make sure we have partner with boots on the ground, since we are not the largest company in the world. So when we do look at the larger opportunities or particularly international opportunities then we are much more open to having a partner. But it is very specific depending on the opportunity.

Operator

The next question is from Nelson Ng of RBC Capital Markets. Please go ahead.

Nelson Ng - RBC Capital Markets

Great, thanks, good morning, everyone. Quick question on Cardinal. So I think the utilization was a bit lower in the past quarter. Did you end up selling gas rather than generating power again this quarter for another time?

Michael Bernstein

Yes. So this is something that way back when with her fixed priced contract, they want their fix prices as their escalator then it but with her agreement with OPA to provide more flexibility to the system and therefore not to produce power when they didn't need it. We used that opportunity to monetize the excess gas at pretty favorable rate. So that's why from a output perspective it is much lower than normal since we were running base load, but from a financial perspective we were ahead of plan.

Nelson Ng - RBC Capital Markets

Okay, got it. And then in terms of the $30 million of costs expected for Cardinal, how much of that has been spent or incurred? I presume you needed to make some deposits and things like that.

Michael Smerdon

Not much of it has been spent yet. I am going to memory but it is close single digit million has been spent so far. Most of it gets spent in the balance of this year and in the first quarter of next year. So by the first quarter of next year leaking into April, all of that will then deploy. My recollection it might be $2 million to $5 million may be through deposit in that range.

Nelson Ng - RBC Capital Markets

Okay. And then the next question is in terms of you mentioned that you are progressing on the permitting side for the rest of the Ontario projects. And you also mentioned that you -- I think one or two projects have or one project has received the completion check list. Does that imply that the REA is can do -- to be received like about six months from now?

Michael Bernstein

That's right. Yes, that's right. So next stage is getting the REA and you may have picked up that from -- we are now assuming that pretty much every project will go through the appeal process.

Nelson Ng - RBC Capital Markets

That's another six months.

Michael Bernstein

And that's another six months. So that may not be the case because at one point or rather what point do people to say once you pass through the REA you met all the requirements but right now the history and I think other some of our colleagues in the industry are running into the same situation. So it is prudent to assume that all those projects will go through the appeal obviously rather they didn't but that's what we are assuming.

Nelson Ng - RBC Capital Markets

Okay. So you might start construction like roughly a year from now and on the 1st of April and then temptation would be 2016 and 2017?

Michael Bernstein

Yes. We may even be able to have a couple of them completed by the end of 2015. I am looking at Mike for the last schedule. I think there is potentially this one because of the timing might be able to come in line at the end of 2015, but most of it in 2016 and maybe one or so trickles into 2017.

Michael Smerdon

Yes, 2016 and 2017 is where the book that will be now other than as we get the tough end of construction.

Nelson Ng - RBC Capital Markets

Okay, got it. And then just one last question. In terms of the wind RFPs in Quebec and wind and solar RFPs in Ontario. Are you directly participating or partnering up with anyone on those projects?

Michael Bernstein

We will be looking at a resource to see if we can expand that. We didn't bid into the FIT program a couple of years ago. And missed out by a couple of megawatts because of transmission capacity. So over the next week or we will finalize our decision on putting something forward. In Quebec, we've had a couple discussions so there may well be an opportunity there but I won't say that one is as concrete as what we are looking at in Ontario.

Operator

Next question is from Eric Tang of BMO Capital Market. Please go ahead.

Eric Tang - BMO Capital Market

Good morning, everyone. Ben is away so I'll be asking some questions. It's more of modeling question. In your district heating outlook, you mentioned that you expect 2014 dividends to be higher than 2013. Does that mean that we should be expecting another dividend payment this year in Q4?

Michael Smerdon

Yes. That's right. It will be a little bit smaller than what we received in Q2. But we do expect another dividend in Q4.

Operator

(Operator Instructions). The next question is from Cindy Marks of Edison Investment Research. Please go ahead.

Cindy Marks - Edison Investment Research

Hi, guys, good morning. Thanks for taking the call. And just the following up on some of the partnering questions from earlier. Can you give us any further color just on potential water projects like particularly parts of the world that you might be interested? And then just you mentioned that you have seen some of the competition heating up amongst the yieldcos getting certain business opportunities. Can you talk a little bit about maybe particular areas you might be seeing more competition in wind, solar and then just how that's maintaining the process, just a little more color there. Thanks.

Michael Bernstein

Okay. So let me tackle the second one first. I think with the valuation that we are seeing particularly in the U.S. market for solar, wind driven by the yieldcos and not making that a very attractive market. Historically, you make investment in U.S. and get higher returns than you could in Canada, now partly you would be taking FX risks and right now we are seeing the opposite that the similar assets in U.S. are being bid at what we think are not very sustainable level. So we are not spending a lot of time looking at operating projects. And even I would dare say some of the construction or development projects U.S. as in solar and wind are being impacted by the takeout assumption if you will of yieldcos. So we are looking from a power perspective more at the gas and kind of early stage development that we think we can get better value. On the water side, we think there will be more opportunities in Canada but that will be a longer term or maybe some P3 opportunities that continued to evolve but we want them to be of certain scale to make it of interest. But where we are probably most likely to make another investment in the water sector is working with potentially one of our -- with [Edgar] one of our partners. So we continue to evaluate opportunities that may emerge in probably the European market regarding the water sector.

Operator

The next question is from Matthew Akman of Scotia Capital. Please go ahead.

Matthew Akman - Scotia Capital

Thank you, good morning. Following on those questions. In power area, Mike, where -- what jurisdiction would you be looking at -- you said early development, is that go back to your Canadian operations or beyond that scope?

Michael Bernstein

Yes. At Canada as well as U.S. Our guys in Canada now with-- I mean they have work to do but now getting one project under our belt is good. So as we chatted about looking to see if we will put or try succeeding in the latest round of the program at LRP in Ontario more on the wind not on the solar. And then having some discussions on the upcoming Quebec RFP. Longer term we think there may be something coming out of DC but that's probably several years out. So that's sort of from a Canada perspective. On the U.S., more the focus is on re-powering and essentially some bilateral type transactions on the gas side. Where as a setup we are not seeing the same type of valuation is being driven as they are with yieldcos on the renewable side.

Matthew Akman - Scotia Capital

Is on the gas side, would you --would the company be prepared to take any market risks in those -- there is a little bit around the edge in Alberta on biomass and I guess there will be a little around the edges on Cardinal in Ontario. Is that something that you would have to take on a little bit more of in order to get into gas fired?

Michael Bernstein

We don't think so. There are still seems to be the opportunity to kind of how bilateral agreements tolling type agreement as certain municipalities or other areas are shifting from coal to natural gas. So that there is very strong corporate preference is to avoid merchant as much as possible but as you say know sometimes in this market you have the habit a bid on the edge. So I won't say that there would be never any merchant exposure, if we did something on the gas side but it would be a very small part of the revenue or margin story.

Matthew Akman - Scotia Capital

And my last question on, you mentioned 3Ps type investments and in the past you talked about those as being value additive but possibly somewhat dilutive near term adding value over time as they ramp up such as toll road. Is that the kind of investments that you would still be making there or are there -- would that investments have to be immediately accretive to cash flow per share now?

Michael Bernstein

I think our preference particularly as an asset class is relatively new to the investment base in Canada as to look an operating asset, more the availability style which would be highly cash flow accretive because of the high yield upfront. So these are not high returning projects. So let's be clear about that. But from a risk perspective and cash flow returning perspective very attractive. So I think that is our preference and that's where most of our focus is. That being said, if we find a great asset that has long-term growth potential then it's something we will consider. But we are focusing much more on the high availability, higher cash flowing type assets right now.

Operator

There are no more questions at this time. I'll hand the call back over to the presenter for any closing remarks.

Michael Bernstein

All right. Well, just want to thank everyone for joining us today. And wish you a good end of the summer season.

Operator

This concludes today's conference call. You may disconnect your line. Thank you for participating. And have a pleasant day.

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Source: Capstone Infrastructure Corporation's (MCQPF) CEO Michael Bernstein on Q2 2014 Results - Earnings Call Transcript
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