|  September 20, 2014  |  
Overcast   50.0F  |  Forecast »
Bookmark and Share Email this page Email Print this page Print Feed Feed

TC PipeLines, LP Reports First Quarter 2010 Results

HOUSTON, Texas - April 28, 2010 - (NASDAQ: TCLP) - TC PipeLines, LP (the Partnership)
today reported a $3.5 million increase in first quarter 2010 partnership cash flows to $36.8
million compared to $33.3 million for the same period in 2009. Net income for first quarter 2010
was $33.7 million, an increase of $1.9 million, compared to $31.8 million, prior to recast, for the
same period in 2009.

First Quarter Highlights (All financial figures are unaudited)
· Declared cash distributions of $0.73 per common unit
· Partnership cash flows of $36.8 million
· Paid cash distributions of $34.4 million
· Net income of $33.7 million or $0.71 per common unit
· Great Lakes Transmission Limited Partnership (Great Lakes or GLGT) reached agreement in principle in its Section 5 rate proceeding (GL Rate Proceeding)
· Acquired Yuma Lateral from TransCanada for $7.6 million

"TC PipeLines' partnership cash flows were resilient in first quarter 2010 and ahead of the same
period last year primarily due to the acquisition of the North Baja pipeline in mid 2009. We
recently declared a $0.73 distribution to common unitholders and our distribution coverage ratio
remains strong," said Mark Zimmerman, president of TC PipeLines GP, Inc. "We look forward to
the remainder of 2010 as we have a strong balance sheet and the liquidity to pursue growth
opportunities. In addition to the evolving acquisition market, such growth opportunities may also
include an acquisition from our sponsor TransCanada, who is in the midst of a large C$22 billion
capital program."

"We are also encouraged by the significant progress made by Great Lakes, FERC staff and
shippers on a proposed settlement of the Section 5 proceeding initiated by the FERC last
November. Negotiations have advanced and the Partnership is optimistic about a settlement,"
added Zimmerman.

more

Add your comment:
Advertisement
Advertisement
Advertisement
Advertisement
Advertisement