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Maxim Power Q4'17 net loss increases

Maxim Power Corp. on March 15 reported a fourth-quarter 2017 net loss attributable to shareholders from continuing operations of C$12.5 million, or a loss of 23 Canadian cents per share, compared to a loss of C$9.7 million, or a loss of 32 Canadian cents per share, in the same quarter of 2016.

The Calgary, Alberta-headquartered power producer did not generate any revenues from continuing operations during the fourth quarter of 2017, citing the extended suspension of generation at its 150-MW coal-fired HR Milner Generating Station (M1) due to record low power prices. Operation of the Milner plant and Maxim's corporate activities comprise the company's continuing operations. In fourth-quarter 2016 Maxim reported revenue from continuing operations of C$8.2 million.

The company attributed its fourth-quarter net loss to an impairment related to "property, plant and equipment" partially offset by lower operating costs due to the Milner suspension.

For full-year 2017, the company's net loss attributable to shareholders from continuing operations was C$30.7 million, or 34 Canadian cents per share, compared to a loss of C$29.9 million, or a loss of 99 Canadian cents per share, in 2016. Revenues during 2017 were C$2.0 million, compared to C$6.5 million in 2016.

Total assets of Maxim Power are valued at C$169.5 million as of the end of 2017, compared to C$218.2 million of assets in 2016. The company in April 2017 sold its U.S. subsidiary Maxim Power (USA) Inc. to an affiliate of Hull Street Energy LLC for US$106 million, inclusive of working capital.