Pellet producer Pinnacle announces first quarter results

VANCOUVER, BC, May 14, 2019 (CNW) -Pinnacle Renewable Energy ("Pinnacle" or the "Company") (TSX: PL) announced its financial results for the 13-week period ended March 29, 2019 ("Q1 2019").

Q1 2019 Highlights

  • Revenue increased 26.2% to $89.6 million, compared to Q1 2018;
  • Adjusted EBITDA¹ totaled $8.3 million, compared to $12.0 million in Q1 2018;
  • Excluding the impact of the implementation of IFRS 162and the incident at the Company's Entwistle facility, Q1 2019 Adjusted EBITDA¹ was $8.7 million; 
  • Pinnacle sold approximately 402,000 metric tons ("MT") of industrial wood pellets, an increase of 22.6% compared to Q1 2018; 
  • Secured a third long-term, take-or-pay contract with Sumitomo Corporation to ...
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