FINANCIAL HIGHLIGHTS
Three Months Ended Six Month Ended June 30 June 30 ($ in thousands except per share amounts) 2016 2015 2016 2015 ---------------------------------------------------------------------------- Revenue $ 11,613 $ 23,027 $ 49,831 $ 70,548 Adjusted EBITDA (1) (3,199) 7,025 2,347 13,621 Adjusted net income (loss) (1) (8,579) 18 (16,588) (6,135) Per share - basic and diluted $ (0.16) $ - $ (0.31) $ (0.11) Net income (loss) attributable to shareholders (8,348) 2,581 (16,357) (3,346) Per share - basic and diluted $ (0.15) $ 0.05 $ (0.30) $ (0.06) FFO (2) (4,054) 3,455 1,295 8,440 Per share - basic and diluted $ (0.07) $ 0.06 $ 0.02 $ 0.16 Electricity Deliveries (MWh) 41,264 123,636 265,312 361,685 Net Generation Capacity (MW) (3) 778 778 778 778 Average Alberta market power price ($ per MWh) $ 15.00 $ 57.22 $ 16.55 $ 43.20 Average Milner realized power price ($ per MWh) $ 19.95 $ 143.14 $ 20.86 $ 88.75 Average Northeast US realized power price (US$ per MWh) $ 32.42 $ 50.27 $ 43.23 $ 114.22 (1) Select financial information was derived from the unaudited condensed consolidated interim financial statements and is prepared in accordance with GAAP, except adjusted earnings before interest, taxes, depreciation and amortization ("EBITDA") and adjusted net income (loss). 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 (loss) is used to compare MAXIM's results among reporting periods without consideration of unrealized gains and losses and to evaluate MAXIM's performance attributable to shareholders. Adjusted EBITDA and adjusted net income (loss) do not have any standardized meaning prescribed by GAAP 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 from 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 and uncontacted capacity on contracted generating facilities.OPERATING RESULTS
During the second quarter of 2016, revenue, adjusted EBITDA, adjusted net income, net income attributable to shareholders and FFO have decreased in the second quarter of 2016 when compared to 2015. The decrease in these financial measures is primarily due to lower Alberta power prices. Aside from revenue and adjusted EBITDA, these financial measures were partially offset by lower costs related to the restructuring of Alberta operations in the prior year.
On a year-to-date basis, revenue, adjusted EBITDA and FFO have decreased and adjusted net loss and net loss attributable to shareholders increased in the first half of 2016 when compared to 2015. The changes in these financial measures are primarily due to the same factor impacting the second quarter and lower realized Northeast U.S. power prices in the first quarter of 2016. In addition, aside from revenue, the unfavourable movement in these financial measures was partially offset by favourable ongoing impacts of cost cutting initiatives implemented in the second quarter of 2015.