KINDER MORGAN CANADA LIMITED DECLARES DIVIDEND AND ANNOUNCES RESULTS FOR THIRD QUARTER OF 2018
Closes on Trans Mountain Sale and Proposes Distribution of Proceeds as a Return of Capital
CALGARY, ALBERTA, October 17, 2018 - The Kinder Morgan Canada Limited (TSX: KML) board of directors has declared a dividend for the third quarter of 2018 of $0.1625 per restricted voting share ($0.65 annualized), payable on November 15, 2018, to restricted voting shareholders of record as of October 31, 2018. KML's restricted voting share dividends are eligible dividends for Canadian income tax purposes.
"KML's strategic infrastructure operations across western Canada had a strong third quarter, underpinned by multi-year take-or-pay contracts with high quality customers and stable cash flows," said KML Board Chairman and CEO Steve Kean. KML reported third quarter net income (from continuing and discontinued operations) of $1,349.4 million, up from $42.4 million in the third quarter of 2017, primarily due to the $1,308.0 million gain, net of tax, on the sale of the Trans Mountain pipeline system. Distributable cash flow (DCF) was $80.6 million, up by 4 percent compared to the comparable prior year period. DCF for the quarter benefited from greater contributions from both the Pipelines and Terminals segments for the two months before the sale of Trans Mountain versus the same period in 2017, as well as interest income on the deposited proceeds from the sale of Trans Mountain, partially offset by the payment of preferred share dividends and the loss of September 2018 earnings from Trans Mountain.
In the third quarter, KML generated earnings per restricted voting share from continuing and discontinued operations, including gain on the sale of Trans Mountain, of $0.05 and $3.78, respectively. KML produced DCF of $0.230 per restricted voting share
The following information was filed by Kinder Morgan Canada Ltd (KMLGF) on Wednesday, October 17, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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Ticker: KMLGF CIK: 1714973 Form Type:10-Q Quarterly Report Accession Number: 0001714973-18-000062 Submitted to the SEC: Wed Oct 24 2018 5:43:21 PM EST Accepted by the SEC: Thu Oct 25 2018 Period: Sunday, September 30, 2018 Industry: Pipe Lines No Natural Gas