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EXHIBIT 8
[TRANSCANADA LOGO]
TRANSCANADA CORPORATION - FIRST QUARTER 2004
QUARTERLY REPORT TO SHAREHOLDERS
Media Inquiries: Hejdi Feick/Kurt Kadatz (403) 920-7859
Analyst Inquiries: David Moneta/Debbie Stein (403) 920-7911
TransCanada delivers steady operating and
financial performance
CALGARY, Alberta - April 23, 2004 - (TSX: TRP) (NYSE: TRP)
FIRST QUARTER 2004 FINANCIAL HIGHLIGHTS
(All financial figures are in Canadian dollars unless noted otherwise)
o Net income $214 million or $0.44 per share
o Funds generated from operations $423 million
o Board declares $0.29 per share dividend on the company's common shares;
the 162nd consecutive quarterly dividend paid by TransCanada and its
subsidiary
o TransCanada Chairman, Dick Haskayne, and Chief Executive Officer, Hal
Kvisle, to address shareholders at Annual and Special Meeting in
Calgary today
TransCanada Corporation today announced net income for the first quarter 2004 of
$214 million or $0.44 per share compared to $208 million or $0.43 per share for
the first quarter 2003. The increase of $6 million or $0.01 per share was
primarily due to lower net expenses in the Corporate segment partially offset by
lower net earnings from the Gas Transmission business. The decrease in net
expenses in the Corporate segment relates primarily to income tax refunds
received in first quarter 2004. Funds generated from operations for the first
quarter 2004 were $423 million compared to $457 million for the same period last
year.
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"TransCanada continues to deliver steady operating and financial performance
underpinned by our focus on operational excellence and a strong balance sheet,"
said Hal Kvisle, TransCanada's chief executive officer. "Over the course of the
year, however, TransCanada faces some uncertainty around earnings from our
Alberta System and Canadian Mainline as we await the outcome of regulatory
hearings at the Alberta Energy and Utilities Board and the National Energy Board
respectively.
"Over the longer term, our core businesses of natural gas transmission and power
services remain strong, with increasing North American demand for energy
supporting their growth. We continue to evaluate and act on opportunities to
grow these businesses consistent with our corporate strategy and our commitment
to long-term value creation, balanced against our objective of maintaining our
strong financial position.
"Our announcement in the first quarter of an agreement to acquire Gas
Transmission Northwest (pending bankruptcy court approval), and our
reaffirmation of our intention to play a leadership role in developing the
Alaskan and Canadian portions of an Alaska Highway Pipeline project are evidence
of our ongoing efforts to fulfill that commitment," said Mr. Kvisle.
ANNUAL MEETING OF SHAREHOLDERS AND TELECONFERENCE
TransCanada will hold its Annual and Special Meeting of Shareholders
beginning today at 10:30 a.m. (Mountain) / 12:30 p.m. (Eastern). The meeting
will take place at the Hyatt Regency Hotel (700 Centre St. S.E.) in Calgary,
Alberta. A live audio Web cast of the meeting will be available on
TransCanada's Web site at www.transcanada.com beginning at 10:30 a.m.
(Mountain) / 12:30 p.m. (Eastern). The meeting Web cast will be archived and
available for replay.
TransCanada will hold a teleconference today at 1:00 p.m. (Mountain) / 3:00 p.m.
(Eastern) to discuss the first quarter 2004 financial results and general
developments and issues concerning the company. Analysts, members of the media
and other interested parties wanting to participate in the call should dial
1-800-387-6216 or 416-405-9328 (Toronto area) at least 10 minutes prior to the
start of the call. No pass code is required. A replay of the teleconference will
be available two hours after the conclusion of the call until midnight, April
30, 2004, by dialing 1-800-408-3053 or 416-695-5800 (Toronto area) and entering
pass code 3036277.
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The conference will begin with a short address by members of TransCanada's
executive management, followed by a question and answer period for investment
analysts. A question and answer period for members of the media unable to attend
the Annual and Special Meeting of Shareholders will immediately follow. A live
audio Web cast of the teleconference will also be available on TransCanada's Web
site. The teleconference Web cast will be archived and available for replay.
ABOUT TRANSCANADA
TransCanada is a leading North American energy company. We are focused on
natural gas transmission and power services with employees who are expert in
these businesses. Our network of approximately 39,000 kilometres (24,200 miles)
of wholly owned pipeline transports the majority of Western Canada's natural gas
production to the fastest growing markets in Canada and the United States.
TransCanada owns, controls or is constructing nearly 4,700 megawatts of power
generation - an equal amount of power can meet the needs of about 4.7 million
average households. Our common shares trade under the symbol TRP on the Toronto
and New York stock exchanges. Visit us on the Internet at www.transcanada.com
for more information.
FIRST QUARTER 2004 FINANCIAL HIGHLIGHTS
(unaudited)
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OPERATING RESULTS Three months ended March 31
(millions of dollars) 2004 2003
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REVENUES 1,233 1,336
NET INCOME 214 208
CASH FLOWS
Funds generated from operations 423 457
Capital expenditures 101 76
Acquisitions, net of cash acquired - 409
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Three months ended March 31
COMMON SHARE STATISTICS 2004 2003
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NET INCOME PER SHARE - BASIC AND DILUTED $0.44 $0.43
DIVIDENDS DECLARED PER SHARE $0.29 $0.27
COMMON SHARES OUTSTANDING (millions)
Average for the period 483.4 480.1
End of period 483.9 480.5
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