CALGARY, ALBERTA — (Marketwire) — 02/14/12 — TransCanada Corporation (TSX: TRP) (NYSE: TRP) (TransCanada or the Company) today announced comparable earnings for fourth quarter 2011 of $366 million or $0.52 per share. For the year ended December 31, 2011, comparable earnings were $1.6 billion or $2.23 per share. Net income attributable to common shares for fourth quarter 2011 was $375 million or $0.53 per share, and for the year ended December 31, 2011, $1.5 billion or $2.18 per share.
TransCanada–s Board of Directors also declared a quarterly dividend of $0.44 per common share for the quarter ending March 31, 2012, equivalent to $1.76 per common share on an annualized basis, an increase of five per cent. This is the twelfth consecutive year the Board of Directors has raised the dividend.
“TransCanada experienced a strong 2011 driven by incremental earnings from $10 billion of new assets placed into service since mid-2010, and the Company–s existing diverse and high-quality energy infrastructure portfolio,” said Russ Girling, TransCanada–s president and chief executive officer. “Comparable earnings for 2011 were $2.23 per share, a 13 per cent increase over 2010.
“Having made substantial progress on our unprecedented capital program, these new operating assets are doing what they were designed to do – producing sustainable earnings and cash flow for our shareholders while delivering energy safely and reliably to customers across North America,” added Girling.
The Company is positioned to complete another $12 billion of new projects that are expected to come into service between now and early 2015 including the Bruce Power restart program in Ontario, additional extensions and expansions of the Alberta System, the final phase of the Cartier Wind power project in Quebec, nine Ontario solar projects and the Keystone Gulf Coast Expansion (Keystone XL). TransCanada expects these assets to generate significant, sustained earnings and cash flow growth and deliver superior returns to our shareholders.
Fourth Quarter and Year-End Highlights
(All financial figures are unaudited and in Canadian dollars unless noted otherwise)
Comparable earnings for fourth quarter 2011 were $366 million or $0.52 per share compared to $384 million or $0.55 per share for the same period in 2010. Incremental earnings from Keystone and other recently commissioned assets, combined with higher power prices in Alberta, were more than offset by lower contributions from Bruce Power related to planned plant outages, higher interest expense as a result of lower capitalized interest, reduced earnings from U.S. Power, and net realized losses in 2011 compared to gains in 2010 from derivatives used to manage foreign exchange rate fluctuations.
Comparable earnings for the year ended December 31, 2011 were $1.565 billion or $2.23 per share compared to $1.361 billion or $1.97 per share in 2010. The increase was primarily due to higher power prices in Alberta and incremental earnings from recently commissioned assets. Partially offsetting these increases were higher interest expenses and lower contributions from Bruce Power, Natural Gas Storage and U.S. Power.
Net income attributable to common shares for fourth quarter 2011 was $375 million or $0.53 per share compared to $269 million or $0.39 per share in fourth quarter 2010. Net income attributable to common shares for the year ended December 31, 2011 was $1.527 billion or $2.18 per share compared to $1.227 billion or $1.78 per share in 2010. Net income for the fourth quarter and year ended December 31, 2010 included a $127 million after-tax ($0.18 per share) valuation provision against advances to the Aboriginal Pipeline Group for the Mackenzie Gas Project and net unrealized gains resulting from changes in the fair value of certain risk management activities.
Notable recent developments in Oil Pipelines, Natural Gas Pipelines, Energy and Corporate include:
Oil Pipelines:
Natural Gas Pipelines:
Energy:
Corporate:
Teleconference – Audio and Slide Presentation:
TransCanada will hold a teleconference and webcast to discuss its 2011 fourth quarter financial results. Russ Girling, TransCanada president and chief executive officer and Don Marchand, executive vice-president and chief financial officer, along with other members of the TransCanada executive leadership team, will discuss the financial results and company developments before opening the call to questions from analysts and members of the media.
Event:
TransCanada 2011 fourth quarter financial results teleconference and webcast
Date:
Tuesday, February 14, 2012
Time:
1 p.m. mountain standard time (MST) / 3 p.m. eastern standard time (EST)
Analysts, members of the media and other interested parties are invited to participate by calling 866.226.1792 or 416.340.2216 (Toronto area). Please dial in 10 minutes prior to the start of the call. No pass code is required. A live webcast of the teleconference will be available at .
A replay of the teleconference will be available two hours after the conclusion of the call until midnight (EST) February 21, 2012. Please call 905.694.9451 or 800.408.3053 (North America only) and enter pass code 8130635.
With more than 60 years experience, TransCanada is a leader in the responsible development and reliable operation of North American energy infrastructure including natural gas and oil pipelines, power generation and gas storage facilities. TransCanada–s network of wholly owned natural gas pipelines extends more than 57,000 kilometres (35,500 miles), tapping into virtually all major gas supply basins in North America. TransCanada is one of the continent–s largest providers of gas storage and related services with approximately 380 billion cubic feet of storage capacity. A growing independent power producer, TransCanada owns or has interests in over 10,800 megawatts of power generation in Canada and the United States. TransCanada is developing one of North America–s largest oil delivery systems. TransCanada–s common shares trade on the Toronto and New York stock exchanges under the symbol TRP. For more information visit: or check us out on Twitter @TransCanada.
Fourth Quarter 2011 Financial Highlights
Operating Results
Common Share Statistics
Forward-Looking Information
This news release contains certain information that is forward looking and is subject to important risks and uncertainties. The words “anticipate”, “expect”, “believe”, “may”, “should”, “estimate”, “project”, “outlook”, “forecast”, “intend”, “target”, “plan” or other similar words are used to identify such forward-looking information. Forward-looking statements in this document are intended to provide TransCanada security holders and potential investors with information regarding TransCanada and its subsidiaries, including management–s assessment of TransCanada–s and its subsidiaries– future plans and financial outlook. Forward-looking statements in this document may include, but are not limited to, statements regarding:
These forward-looking statements reflect TransCanada–s beliefs and assumptions based on information available at the time the statements were made and as such are not guarantees of future performance. By their nature, forward-looking statements are subject to various assumptions, risks and uncertainties which could cause TransCanada–s actual results and achievements to differ materially from the anticipated results or expectations expressed or implied in such statements.
Key assumptions on which TransCanada–s forward-looking statements are based include, but are not limited to, assumptions about:
The risks and uncertainties that could cause actual results or events to differ materially from current expectations include, but are not limited to:
Additional information on these and other factors is available in the reports filed by TransCanada with Canadian securities regulators and with the U.S. Securities and Exchange Commission (SEC).
Readers are cautioned against placing undue reliance on forward-looking information, which is given as of the date it is expressed in this news release or otherwise, and not to use future-oriented information or financial outlooks for anything other than their intended purpose. TransCanada undertakes no obligation to publicly update or revise any forward-looking information in this news release or otherwise, whether as a result of new information, future events or otherwise, except as required by law.
Non-GAAP Measures
TransCanada uses the measures Comparable Earnings, Comparable Earnings per Share, Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA), Comparable EBITDA, Earnings Before Interest and Taxes (EBIT), Comparable EBIT, Comparable Interest Expense and Comparable Interest Income and Other, Comparable Income Taxes and Funds Generated from Operations in this news release. These measures do not have any standardized meaning as prescribed by Canadian generally accepted accounting principles as defined in Part V of the Canadian Institute of Chartered Accountants (CICA) Handbook (CGAAP). They are, therefore, considered to be non-GAAP measures and may not be comparable to similar measures presented by other entities. Management of TransCanada uses these non-GAAP measures to improve its ability to compare financial results among reporting periods and to enhance its understanding of operating performance, liquidity and ability to generate funds to finance operations. These non-GAAP measures are also provided to readers as additional information on TransCanada–s operating performance, liquidity and ability to generate funds to finance operations.
EBITDA is an approximate measure of the Company–s pre-tax operating cash flow and is generally used to better measure performance and evaluate trends of individual assets. EBITDA comprises earnings before deducting interest and other financial charges, income taxes, depreciation and amortization, net income attributable to non-controlling interests and preferred share dividends. EBIT is a measure of the Company–s earnings from ongoing operations and is generally used to better measure performance and evaluate trends within each segment. EBIT comprises earnings before deducting interest and other financial charges, income taxes, net income attributable to non-controlling interests and preferred share dividends.
Comparable Earnings, Comparable EBITDA, Comparable EBIT, Comparable Interest Expense, Comparable Interest Income and Other and Comparable Income Taxes comprise Net Income Applicable to Common Shares, EBITDA, EBIT, Interest Expense, Interest Income and Other and Income Taxes, respectively, and are adjusted for specific items that are significant but are not reflective of the Company–s underlying operations in the period. Specific items are subjective, however, management uses its judgement and informed decision-making when identifying items to be excluded in calculating these non-GAAP measures, some of which may recur. Specific items may include but are not limited to certain fair value adjustments relating to risk management activities, income tax refunds and adjustments, gains or losses on sales of assets, legal and bankruptcy settlements, and write-downs of assets and investments.
The Company engages in risk management activities to reduce its exposure to certain financial and commodity price risks by utilizing derivatives. The risk management activities which TransCanada excludes from Comparable Earnings provide effective economic hedges but do not meet the specific criteria for hedge accounting treatment and, therefore, changes in their fair values are recorded in Net Income each year. The unrealized gains or losses from changes in the fair value of these derivative contracts and natural gas inventory in storage are not considered to be representative of the underlying operations in the current period or the positive margin that will be realized upon settlement. As a result, these amounts have been excluded in the determination of Comparable Earnings.
The Reconciliation of Non-GAAP Measures table in this news release presents a reconciliation of these non-GAAP measures to Net Income Attributable to Common Shares. Comparable Earnings per Common Share is calculated by dividing Comparable Earnings by the weighted average number of common shares outstanding for the year.
Funds Generated from Operations comprise Net Cash Provided by Operations before changes in operating working capital and allows management to better measure consolidated operating cash flow, excluding fluctuations from working capital balances which may not necessarily be reflective of underlying operations in the same period. A reconciliation of Funds Generated from Operations to Net Cash Provided by Operations is presented in the Summarized Cash Flow table in the Liquidity and Capital Resources section in this news release.
Consolidated Results of Operations
Fourth Quarter Results
Comparable Earnings in fourth quarter 2011 were $366 million or $0.52 per share compared to $384 million or $0.55 per share for the same period in 2010. Comparable Earnings in fourth quarter 2011 excluded net unrealized after-tax gains of $9 million ($9 million pre-tax) (2010 – $12 million after-tax gains; $22 million pre-tax) resulting from changes in the fair value of certain risk management activities. Comparable Earnings in fourth quarter 2010 also excluded the $127 million after tax ($146 million pre-tax) valuation provision on advances to the Aboriginal Pipeline Group (APG) for the Mackenzie Gas Project (MGP).
Comparable Earnings decreased $18 million or $0.03 per share in fourth quarter 2011 compared to the same period in 2010 and included the following:
TransCanada–s Net Income Attributable to Common Shares was $375 million or $0.53 per share in fourth quarter 2011 compared to $269 million or $0.39 per share in fourth quarter 2010.
Annual Results
Comparable Earnings were $1,565 million or $2.23 per share compared to $1,361 million or $1.97 per share for 2010. Comparable Earnings in 2011 excluded net unrealized after-tax losses of $38 million ($60 million pre-tax) (2010 – $7 million after-tax losses ($8 million pre-tax)) resulting from changes in the fair value of certain risk management activities. Comparable Earnings in 2010 also excluded the $127 million after-tax ($146 million pre-tax) valuation provision on advances to the APG for the MGP.
Comparable Earnings increased $204 million or $0.26 per share in 2011 compared to 2010 and included the following:
For the year ended December 31, 2011, Net Income Attributable to Common Shares was $1,527 million or $2.18 per share compared to $1,227 million or $1.78 per share in 2010.
Further discussion of the financial results for the fourth quarter and year ended December 31, 2011 is included in the Natural Gas Pipelines, Oil Pipelines, Energy and Other Income Statement Items sections of this news release.
U.S. Dollar-Denominated Balances
On a consolidated basis, the impact of changes in the value of the U.S. dollar on U.S. operations is significantly offset by other U.S. dollar-denominated items as set out in the following table. The resultant pre-tax net exposure is managed using derivatives, further reducing the Company–s exposure to changes in the Canadian-U.S. foreign exchange rate. The average exchange rate to convert a U.S. dollar to a Canadian dollar for the fourth quarter and year ended December 31, 2011 was 1.02 and 0.99, respectively (2010 – 1.01 and 1.03, respectively).
Summary of Significant U.S. Dollar-Denominated Amounts
Natural Gas Pipelines
Natural Gas Pipelines– Comparable EBIT was $488 million in fourth quarter 2011 compared to $496 million for the same period in 2010. Comparable EBIT in 2010 excluded a $146 million pre-tax valuation provision on advances to the APG for the MGP.
Natural Gas Pipelines Results
Net Income for Wholly Owned Canadian Natural Gas Pipelines
Canadian Natural Gas Pipelines
Canadian Mainline–s net income in fourth quarter 2011 decreased $11 million to $60 million compared to the same period in 2010. This decrease was primarily due to lower incentive earnings, a lower rate of return on common equity (ROE) as determined by the National Energy Board (NEB) of 8.08 per cent in 2011 compared to 8.52 per cent in 2010, as well as a lower average investment base.
The Alberta System–s net income of $51 million in fourth quarter 2011 decreased $2 million compared to the same period in 2010. The lower net income was primarily due to lower incentive earnings, partially offset by the positive impact of a higher average investment base.
Canadian Mainline–s Comparable EBITDA of $262 million in fourth quarter 2011 decreased $7 million compared to the same period in 2010. The Alberta System–s Comparable EBITDA was $185 million in fourth quarter 2011 compared to $194 million for the same period in 2010. EBITDA from the Canadian Mainline and the Alberta System includes net income variances discussed above as well as flow through items which do not affect net income.
U.S. Natural Gas Pipelines
ANR–s Comparable EBITDA in fourth quarter 2011 was US$73 million compared to US$76 million for the same period in 2010. The decrease in fourth quarter 2011 was primarily due to higher operations, maintenance and administration (OM&A) costs.
GTN–s Comparable EBITDA in fourth quarter 2011 from TransCanada–s direct investment was US$26 million compared to US$45 million for the same period in 2010. The decrease was primarily due to TransCanada–s sale of a 25 per cent interest in GTN to TC PipeLines, LP in May 2011 and lower revenues.
The Bison pipeline was placed in service on January 14, 2011. TransCanada–s portion of Comparable EBITDA from its direct investment was US$14 million in fourth quarter 2011. EBITDA reflects TransCanada–s 75 per cent direct interest in Bison subsequent to the sale of a 25 per cent interest in Bison to TC PipeLines, LP in May 2011 and 100 per cent prior to that date.
Comparable EBITDA from the remainder of the U.S. Natural Gas Pipelines was US$145 million in fourth quarter 2011 compared to US$128 million for the same period in 2010. The increases were primarily due to incremental earnings from the Guadalajara pipeline, which was placed in service in June 2011. In addition, lower general, administrative and support costs increased EBITDA in fourth quarter 2011, offset by lower earnings from Great Lakes and Portland.
Depreciation
Natural Gas Pipelines– Depreciation and Amortization increased $10 million in fourth quarter 2011 compared to the same period in 2010 primarily due to the Guadalajara and Bison pipelines being placed in service in 2011.
Business Development
Natural Gas Pipelines– Business Development Comparable EBITDA losses, resulting from business development expenses, decreased $6 million in fourth quarter 2011 compared to the same period in 2010 primarily due to decreased business development costs related to the Alaska Pipeline Project. Project applicable expenses and reimbursements are shared proportionately with Exxon Mobil Corporation, TransCanada–s joint venture partner in developing the Alaska Pipeline Project.
Operating Statistics
Oil Pipelines
Oil Pipelines Comparable EBIT in fourth quarter 2011 was $144 million. At the beginning of February 2011, the Company commenced recording EBITDA for the Wood River/Patoka section of Keystone following the NEB–s decision to remove the maximum operating pressure restriction along the conversion section of the system and completion of the required operational modifications. The Cushing Extension was also placed in service at that time.
Oil Pipelines Results
Operating Statistics
Energy
Energy–s Comparable EBIT was $195 million in fourth quarter 2011 compared to $198 million for the same period in 2010.
Energy Results
Canadian Power
Western and Eastern Canadian Power Comparable EBIT(1)(2)(3)
Western and Eastern Canadian Power Operating Statistics
Western Power–s Comparable EBITDA of $143 million and Power revenues of $294 million in fourth quarter 2011 increased $95 million and $114 million, respectively, compared to the same period in 2010, primarily due to higher overall realized power prices in Alberta and incremental earnings from Coolidge, which went in service under a 20-year power purchase arrangement (PPA) in May 2011. Plant outages and higher demand resulted in average spot market power prices in Alberta increasing 65 per cent to $76 per megawatt hour (MWh) in fourth quarter 2011 compared to $46 per MWh in fourth quarter 2010.
Western Power–s Comparable EBITDA in fourth quarter 2011 included $57 million of accrued earnings from the Sundance A PPA, the revenues and costs of which have been recorded as though the outages of Sundance A Units 1 and 2 were interruptions of supply in accordance with the terms of the PPA.
In December 2010, Sundance A Units 1 and 2 were withdrawn from service and were subject to a force majeure claim by TransAlta Corporation (TransAlta) in January 2011. In February 2011, TransAlta notified TransCanada that it had determined it was uneconomic to replace or repair Units 1 and 2, and that the Sundance A PPA should therefore be terminated.
TransCanada has disputed both the force majeure and the economic destruction claims under the binding dispute resolution process provided in the PPA and both matters will be heard through a single binding arbitration process. The arbitration panel has scheduled a hearing in April 2012 for these claims. Assuming the hearing concludes within the time allotted, TransCanada expects to receive a decision in mid-2012.
TransCanada has continued to record revenues and costs throughout 2011 as it considers this event to be an interruption of supply in accordance with the terms of the PPA. The Company does not believe TransAlta–s claims meet the tests of force majeure or destruction as specified in the PPA and has therefore recorded $156 million of EBITDA for the year ended December 31, 2011. The outcome of any arbitration process is not certain, however, TransCanada believes the matter will be resolved in its favour.
Eastern Power–s Comparable EBITDA of $87 million and Power Revenues of $125 million in fourth quarter 2011 increased $10 million and $12 million, respectively, compared to the same period in 2010 primarily due to higher Becancour contractual earnings.
Western Power–s Commodity Purchases Resold of $137 million increased $20 million, compared to the same period in 2010 due to increased direct sales to customers.
Approximately 84 per cent of Western Power sales volumes were sold under contract in fourth quarter 2011, compared to 75 per cent in fourth quarter 2010. To reduce its exposure to spot market prices in Alberta, as at December 31, 2011, Western Power had entered into fixed-price power sales contracts to sell approximately 8,400 gigawatt hours (GWh) for 2012 and 6,200 GWh for 2013.
Eastern Power–s sales volumes were 100 per cent sold under contract and are expected to be fully contracted going forward.
Bruce Power Results
TransCanada–s proportionate share of Bruce A–s Comparable EBITDA decreased $34 million to a loss of $1 million in fourth quarter 2011 compared to EBITDA of $33 million in fourth quarter 2010. The decrease was primarily due to lower volumes reflecting the November 6, 2011 commencement of the approximate six-month West Shift Plus planned outage as part of the life extension strategy for Unit 3.
TransCanada–s proportionate share of Bruce B–s Comparable EBITDA decreased $32 million to $34 million in fourth quarter 2011 compared to $66 million in fourth quarter 2010 due to higher operating costs, lower volumes due to increased planned outage days and lower realized prices resulting from the expiry of fixed-price contracts at higher prices.
Under a contract with the Ontario Power Authority (OPA), all output from Bruce A in fourth quarter 2011 was sold at a fixed price of $66.33 per MWh (before recovery of fuel costs from the OPA) compared to $64.71 per MWh in fourth quarter 2010. Also under a contract with the OPA, all output from the Bruce B units was subject to a floor price of $50.18 per MWh in fourth quarter 2011 compared to $48.96 per MWh in fourth quarter 2010. Both the Bruce A and Bruce B contract prices are adjusted annually for inflation on April 1.
Amounts received under the Bruce B floor price mechanism within a calendar year are subject to repayment if the monthly average spot price exceeds the floor price. No amounts recorded in revenues were subject to repayment in 2011 or 2010.
Bruce B also enters into fixed-price contracts whereby Bruce B receives or pays the difference between the contract price and the spot price. Bruce B–s realized price decreased by $7 per MWh to $53 per MWh in fourth quarter 2011 compared to fourth quarter 2010, and reflected revenues recognized from the floor price mechanism, contract sales and deemed generation. The decrease was the result of the majority of higher-priced contracts entered into in previous years expiring by the end of December 2010.
As at December 31, 2011, TransCanada–s share of the total capital cost of the Bruce A refurbishment and restart of Units 1 and 2 was approximately $2.3 billion.
U.S. Power
U.S. Power Comparable EBIT(1)(2)
U.S. Power–s Comparable EBITDA in fourth quarter 2011 of US$32 million decreased US$27 million compared to the same period in 2010 primarily due to the negative impact of lower commodity and capacity prices and lower physical sales volumes partially offset by new sales activity in the PJM Interconnection area (PJM).
Physical sales volumes decreased in fourth quarter 2011 compared to the same period in 2010 due to decreased demand as a result of unseasonable weather and reduced opportunities for wholesale contracts. As well, fewer physical transactions were used to cover power sales commitments during fourth quarter 2011, in favour of financial transactions, compared to the same period in 2010.
U.S. Power–s Power Revenues in fourth quarter 2011 of US$160 million decreased US$78 million from US$238 million in the same period in 2010 primarily due to lower physical sales volumes and lower prices partially offset by new sales activity in the New York and PJM markets.
Capacity Revenues of US$44 million decreased US$7 million in fourth quarter 2011 compared to fourth quarter 2010. Capacity prices have been negatively impacted since July 2011 by the manner in which the New York Independent System Operator (NYISO) has applied pricing rules in this market. TransCanada and others have filed formal complaints with the Federal Energy Regulatory Commission (FERC) alleging that the NYISO has inappropriately applied these pricing rules. The complaints are currently pending before the FERC. Reduced capacity prices were partially offset by lower forced outage rates at Ravenswood.
Commodity Purchases Resold of US$71 million in fourth quarter 2011 decreased US$52 million from US$123 million in the same period in 2010 primarily due to a decrease in the quantity of physical power purchased for resale under U.S. Power–s power sales commitments to wholesale, commercial and industrial customers in New England partially offset by new activity in the New York and PJM markets.
Plant Operating Costs and Other, which includes fuel gas consumed in generation, in fourth quarter 2011 of US$115 million decreased US$8 million from the same period in 2010 primarily due to decreased fuel costs as a result of decreased generation and commodity prices.
U.S. Power focuses on selling power under short- and long-term contracts to wholesale, commercial and industrial customers in the New England, New York and PJM power markets. Exposures to fluctuations in spot prices on these power sales commitments are hedged with a combination of forward purchases of power, forward purchases of fuel to generate power and through the use of financial contracts. As at December 31, 2011, approximately 3,600 GWh or 30 per cent for 2012 and 1,000 GWh or 10 per cent for 2013 of U.S. Power–s planned generation is contracted forward. Planned generation fluctuates depending on hydrology, wind conditions, commodity prices and the resulting dispatch of the assets, and power sales fluctuate based on customer usage.
Natural Gas Storage
Natural Gas Storage–s Comparable EBITDA in fourth quarter 2011 was $23 million compared to $37 million for the same period in 2010. The decrease of $14 million in Comparable EBITDA in fourth quarter 2011 was primarily due to decreased proprietary natural gas and third party storage revenues as a result of lower realized natural gas price spreads.
Other Income Statement Items
Comparable Interest Expense
Comparable Interest Expense in fourth quarter 2011 increased $78 million to $251 million from $173 million in fourth quarter 2010. The increase primarily reflected lower capitalized interest upon placing Keystone and other new assets in service in 2011.
Comparable Interest Income and Other in fourth quarter 2011 decreased $53 million to $8 million from income of $61 million in fourth quarter 2010. The decrease in fourth quarter reflected realized losses in 2011 compared to gains in 2010 on derivatives used to manage the Company–s net exposure to foreign exchange rate fluctuations on U.S. dollar-denominated income.
Comparable Income Taxes were $123 million in fourth quarter 2011 compared to $103 million for the same period in 2010. The increase was primarily due to higher positive income tax adjustments that reduced income taxes in fourth quarter 2010 compared to 2011.
Consolidated Income
Consolidated Cash Flows
Consolidated Balance Sheet
Contacts:
TransCanada
Media Enquiries:
Terry Cunha/Shawn Howard
403.920.7859 or 800.608.7859
TransCanada
Investor & Analyst Enquiries:
David Moneta/Terry Hook/Lee Evans
403.920.7911 or 800.361.6522