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The old adage, bad deal is a bad deal is a bad deal was reinforced Friday when Calgary based TransAlta Corp. Indicated it would not be proceeding with a previously announced consolidation of its outstanding issues of rate reset preferred shares.That plan whereby holders would roll their almost $1 billion of prefs into a new single class that would pay a higher current dividend, introduce a minimum reset yield for the future, offer them a slight premium to their recent trading price and hopefully lead to improved liquidity came with one huge benefit for the company.If the transaction was approved, it would have reduced TransAlta capital balance of preferred shares by approximately $300 million. That reduction it said, would strengthen the balance sheet improve certain financial ratios.

In recent years, sustainability and environmentalism have become popular topics of discussion, a main cause being rooted in the issue of global warming. Because of this, public companies have tried to reduce their carbon footprints, and more consumers care about how their purchasing behavior affects the world around them. People want to know where their clothing is made, what country their groceries were sourced from, and what ingredients are in the products they use.

This press release and the accompanying tables present information about EBITDA, adjusted EBITDA, adjusted net income, and non GAAP earnings per diluted share, which are non GAAP financial measures provided as a complement to the results provided in accordance with accounting principles generally accepted in the United States of America ( As used in this release for historical fiscal periods, we define our non GAAP financial measures as described below. The term refers to a financial measure that we define as earnings before other income, net, which includes interest income and foreign currency losses and gains; income taxes; depreciation and amortization; and amortization of acquisition related intangibles included in cost of services. The term EBITDA refers to a financial measure that we define as earnings before other income, net, which includes interest income and foreign currency losses and gains; income taxes; depreciation and amortization; amortization of acquisition related intangibles included in cost of services; non cash charges associated with the write off of capitalized software and the cancellation of certain stock options that occurred in the quarter ended September 30, 2009; and fair value adjustments made to the Company acquisition related earn out liabilities.

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