Atlantic Power (NYSE:AT) says it is postponing release of its Q4 results until March 15, citing the additional time needed to complete the complex analysis to finalize a writedown of PP&E and goodwill for FY 2015.
AT says it anticipates recording a $100M-$140M impairment for the year, due to changes in market conditions and the resulting effect on PP&E, intangible assets and goodwill.
AT does not expect the impairment to have an impact on its 2016 financial guidance of $200M-$220M in adjusted EBITDA and $110M-$130M in cash flow.
Atlantic Power (NYSE:AT) announces changes to its capital allocation strategy, including eliminating the common stock dividend, effective immediately.
AT says it will prioritize allocation of its discretionary capital to equity and debt repurchases, and has identified additional high-return investments in its existing projects as well as potential repowering projects linked to extensions of power purchase agreements.
AT also reaffirms its 2015 guidance for adjusted EBITDA of $200M-$215M, adjusted cash flows from operating activities of $95M-$105M and adjusted free cash flow of $0-$10M.
Joeseph Cofelice, Atlantic Power's (NYSE:AT) EVP of commercial development, has disclosed he bought 129,715 shares yesterday at prices ranging from $1.68-$1.72.
Director Gilbert Palter has disclosed he bought 41,755 shares yesterday at $1.71. Palter previously bought 42.7K shares in August. CEO James Moore, Jr. and director Kevin Howell have also made purchases this year.
Atlantic rose 4.1% today following the disclosures. Shares are still down 31% YTD.