MMC Energy Inc.
MMC Energy Inc. Reports Positive Net Earnings for Third Quarter 2006
Corporate news transmitted by DGAP – a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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NEW YORK, Nov. 9 – MMC Energy, Inc. (Nasdaq OTC: MMCN) (Deutsche Bourse:
JU1) announced that for the third quarter ended September 30, 2006, it had
positive net income of $163,000, on revenues of approximately $2.5 million.
This was the first full operating quarter for MMC’s business since becoming
a public company during the second quarter of 2006.
Revenues for the third quarter of 2006 consisted of energy revenues of
$694,000, ancillary revenues of $1,441,000 and capacity revenues of
$380,000. The company was a development stage enterprise until June 12,
2006 thus prior period comparisons are not applicable.
Consolidated adjusted EBITDA for the quarter ended September 30, 2006
was $465,000. Adjusted EBITDA from the Company’s Escondido & Chula Vista
power plants alone (exclusive of corporate G&A costs) was $1,291,000. The
Company believes that Adjusted EBITDA (Earnings Before Interest, Taxes,
Depreciation and Amortization, stock based compensation, non-recurring
re-commissioning and financing charges) serves as a more meaningful measure
of performance on an ongoing basis.
The Company’s business strategy is to provide critical
reliability-based power and services including capacity, ancillary services
and peaking energy from its power plants. The Company derives a majority of
its revenues from the sales of regulatory capacity and ancillary services.
Energy sales make up a smaller component of the company’s total revenues
and tend to be higher in the third calendar quarter due to summer peaking
demand fluctuating with the weather, transmission congestion, and outages
of other large generation facilities in Southern California and the Desert
Basin.
‘MMC Energy produced positive cash flow at the asset level and positive
net income during the third quarter reflecting solid operational execution
and strong power demand in Southern California. The third quarter was MMC’s
first full quarter of operations as a public company, and we are very
pleased to announce positive net income to our shareholders,’ said Karl W.
Miller, MMC’s Chairman and Chief Executive Officer.
‘The company will continue to actively pursue financially disciplined
power plant acquisitions in locations which are deficient in supply and
reliability’, Miller added.
MMC previously announced the acquisition of the Mid-Sun power plant in
Bakersfield California. MMC expects to close the transaction during
November 2006. The company also recently announced a planned 94 MW
re-powering of its Chula Vista power plant, located in San Diego County.
San Diego is one of the most constrained power markets in California and
the entire US and the Chula Vista power plant is situated in a key location
on the transmission grid to provide reliable energy and power services.
About MMC Energy, Inc.:
MMC is an energy acquisition company, which primarily acquires and
operates critical power generation and associated energy infrastructure
assets. The company is headquartered in New York City and traded on the
NASDAQ OTC Exchange in the United States and the Deutsche Borse in Germany.
The Company creates long-term value for its shareholders through deep
discount asset acquisitions and hands on post-acquisition asset management.
The Company currently owns power generation assets in Southern California
and is pursuing an aggressive portfolio acquisition and growth strategy
targeting power generation facilities and energy infrastructure assets
primarily in California, Texas, Mid-Atlantic, and the Northeastern U.S.
On behalf of the board
Karl W. Miller
Chairman and Chief Executive Officer
MMC Energy, Inc.
Kontakt Deutschland
Value Relations GmbH
Tel. 069 959246-0
Sternstraße 15
D-60318 Frankfurt
(c)DGAP 09.11.2006
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Language: English
Issuer: MMC Energy Inc.
26 Broadway, Suite 907
NY 10004 New York Vereinigte Staaten von Amerika
Phone: +1 212 977 0900
Fax: +1 917 591 6906
E-mail: miller@mmcenergy.com
WWW: www.mmcenergy.com
ISIN: US55312Q1094
WKN: A0J2L0
Indices:
Listed: Freiverkehr in Berlin-Bremen; Open Market in Frankfurt
End of News DGAP News-Service
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