The Canadian Press
MONTREAL - Quebec-based power producer Boralex Inc. (TSX:BLX) says it will pay its first dividend to shareholders, citing its strong cash flow.
Its cash flow from operations was $16.1 million or 43 cents per share in the three months ended Dec. 31, up from $13.5 million or 36 cents per share in the fourth quarter of 2012.
For the full year, cash flow was $51.2 million or $1.36 per share, up from $47.7 million or $1.26 per share.
Boralex's fourth quarter net income was $500,000 or one cent per share and revenue was $51.9 million, both down from a year earlier.
In the comparable period of 2012, Boralex had $1.2 million or three cents per share of net income and $52.1 million of revenue.
For the full year, it had a $4.2 million net loss, improved from the year-earlier loss of $5.1 million in 2013, while annual revenue fell by $10 million to $171.4 million.
Boralex says its first dividend will be 13 cents per common share, payable March 17. Based on Tuesday's closing price, the dividend represents an annualized yield of about 4.2 per cent.