The Financial Highlights below include the results from COMAX France S.A.S. ("COMAX") to September 30, 2016, which are recorded as discontinued operations in MAXIM's financial statements. Refer to MAXIM's unaudited condensed consolidated financial statements and MD&A for further details.
FINANCIAL HIGHLIGHTS
---------------------------------------------------------------------------- Three Months Ended Nine Months Ended September 30 September 30 ($ in thousands except per share amounts) 2016 2015 2016 2015 ---------------------------------------------------------------------------- Revenue $ 23,578 $ 19,705 $ 48,775 $ 65,743 Adjusted EBITDA (1) 2,763 (2,339) 5,110 11,282 Adjusted net loss (1) (11,128) (8,917) (27,716) (15,922) Per share - basic and diluted $ (0.20) $ (0.16) $ (0.51) $ (0.29) Net loss attributable to shareholders (20,032) (8,917) (36,389) (12,263) Per share - basic and diluted $ (0.37) $ (0.16) $ (0.67) $ (0.23) FFO (2) (4,435) (2,621) (3,140) 5,819 Per share - basic and diluted $ (0.08) $ (0.05) $ (0.06) $ 0.11 Electricity Deliveries (MWh) 323,481 173,812 508,720 453,562 Net Generation Capacity (MW) (3) 778 778 778 778 Average Alberta market power price($ per MWh) $ 17.94 $ 26.09 $ 17.02 $ 37.43 Average Milner realized power price($ per MWh) $ 34.47 $ 40.01 $ 27.25 $ 83.52 Average Northeast US realized power price(US$ per MWh) $ 41.33 $ 43.86 $ 40.19 $ 70.81 (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 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 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 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.
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