CVPS reports increase in earnings for 2009

first_img Central Vermont Public Service Corporation – Consolidated Earnings Release (dollars in thousands, except per share amounts) Three Months Ended Twelve Months Ended December 31 December 31Condensed income statement 2009 2008 2009 2008 ———- ———- ———- ———-Operating revenues: Retail sales $ 71,997 $ 71,732 $ 277,529 $ 283,073 Resale sales 13,027 8,211 54,279 48,641 Provision for rate refund (561) (234) (1,689) (296) Other 2,490 2,975 11,979 10,744 ———- ———- ———- ———-Total operating revenues 86,953 82,684 342,098 342,162 ———- ———- ———- ———-Operating expenses: Purchased power – affiliates and other 40,091 41,132 157,982 165,451 Other operating expenses 44,084 42,059 160,195 153,403 Income tax expense 492 (947) 5,033 4,878 ———- ———- ———- ———-Total operating expense 84,667 82,244 323,210 323,732 ———- ———- ———- ———-Utility operating income 2,286 440 18,888 18,430 ———- ———- ———- ———-Other income: Equity in earnings of affiliates 4,276 4,022 17,472 16,264 Other, net 3 13 1,511 (879) Income tax expense (1,632) (1,512) (5,640) (5,862) ———- ———- ———- ———- Total other income 2,647 2,523 13,343 9,523 ———- ———- ———- ———-Interest expense 2,753 2,968 11,482 11,568 ———- ———- ———- ———-Net income 2,180 (5) 20,749 16,385Dividends declared on preferred stock 92 92 368 368 ———- ———- ———- ———-Earnings available for common stock $ 2,088 $ (97) $ 20,381 $ 16,017 ========== ========== ========== ==========Per common share dataEarnings per share of common stock – basic $ 0.18 $ (0.01) $ 1.75 $ 1.53Earnings per share of common stock – diluted $ 0.18 $ (0.01) $ 1.74 $ 1.52Average shares of common stock outstanding – basic 11,697,392 10,863,926 11,660,170 10,458,220Average shares of common stock outstanding – diluted 11,764,277 10,863,926 11,705,518 10,536,131Dividends declared per share of common stock $ 0.00 $ 0.00 $ 0.92 $ 0.92Dividends paid per share of common stock $ 0.23 $ 0.23 $ 0.92 $ 0.92Supplemental financial statement dataBalance sheet Investments in affiliates $ 129,733 $ 102,232 Total assets $ 632,152 $ 626,126 Notes Payable (reclassified to long-term debt) $ 0 $ 10,800 Common stock equity $ 231,423 $ 219,479 Long-term debt (excluding current portions) $ 201,611 $ 167,500Cash FlowsCash and cash equivalents at beginning of period $ 6,722 $ 3,803 Cash provided by operating activities 42,042 28,400 Cash used for investing activities (52,931) (40,498) Cash provided by financing activities 6,236 15,017 ———- ———- Cash and cash equivalents at end of period $ 2,069 $ 6,722 ========== ========== Refer to our annual 2009 Form 10-K for additional information.Source: RUTLAND, VT — (Marketwire) — 03/15/10 — CentralVermont Public Service (NYSE: CV) 2009 results compared to 2008Operating revenues decreased $0.1 million year-over-year, including a $5.5 million decrease in retail revenues, an increase of $1.4 million in the provision for rate refunds, partially offset by a $1.2 million increase in other operating revenues, and a $5.6 million increase in resale revenue. The decrease in retail revenues resulted from lower average usage resulting from the sluggish economy, energy conservation, and the loss of three commercial and industrial customers due to plant closures, partially offset by higher average unit prices due to customer usage mix. The provision for rate refund is related to the 2009 deferrals of over-collection of power, production and transmission costs as required by the power cost adjustment clause within our alternative regulation plan. The over-collection of power costs is being returned to retail customers through the second quarter of 2010. Other operating revenues increased primarily due to increased sales of transmission rights and renewable energy credits and increased wholesale rates. Resale revenues increased due to higher volumes of excess power available for resale, partially offset by lower average market prices.Purchased power expense decreased $7.5 million, primarily due to a $9.7 million reduction of short-term power purchases and a $3.9 million decrease in purchases from Independent Power Producers. These reductions were partially offset by an increase in other power costs of $6.1 million. This was primarily due to higher output at the Vermont Yankee plant in 2009 and because there were no refueling outages at the Vermont Yankee or Millstone III plants in 2009. Other operating expenses increased $6.8 million, primarily due to a $5.7 million increase in transmission expenses due to higher rates and higher costs from Vermont Transco LLC (“Transco”) for its capital projects, offset by higher NOATT reimbursements. Other increased costs included higher regulatory amortizations of $2.2 million, primarily related to the recovery of 2008 major storm costs, higher depreciation expense of $1.3 million, higher property taxes of $1.3 million and higher reserves for uncollectible accounts of $0.5 million. These higher costs were partially offset by a $3.8 million decrease in maintenance expenses, primarily due to lower service restoration costs. There were several major storms in 2008, but just one major storm in 2009.Equity in earnings of affiliates increased $1.2 million, principally due to the $3.1 million investment that we made in Transco in December 2008, and other accumulated adjustments. Other income, net increased $2.4 million, largely due to an increase in the cash surrender value of variable life insurance policies held in trust to fund a supplemental employee retirement plan.Fourth quarter 2009 results compared to 2008Fourth quarter operating revenues increased $4.3 million for many of the same reasons described above.Purchased power expense decreased $1 million for the same reasons described above. Short-term purchases decreased $5.9 million, partially offset by an increase in other purchases of $4.8 million.Other operating expenses increased $2 million, including a $2.4 million increase in transmission expenses, and for many of the same reasons described above. These higher costs were partially offset by lower maintenance costs for the same reasons described above.Equity in earnings of affiliates increased $0.3 million for the same reasons described above.2008 Common Stock IssuanceEarnings per share for 2009 reflect the impact of the November 2008 common stock issuance. On November 24, 2008, CV issued 1,190,000 shares, resulting in net proceeds of approximately $21.3 million. The net proceeds of the offering were used for general corporate purposes, including the repayment of debt, capital expenditures, investments in Transco and working capital requirements. The common stock issuance decreased per-diluted-share earnings by 18 cents in 2009. There was no significant impact to per-diluted-share earnings for the fourth quarter of 2009.2010 Financial GuidanceCV anticipates annual 2010 earnings to be in the range of $1.55 to $1.70 per diluted share. As part of the alternative regulation plan base rate filing approved by the Vermont Public Service Board, the company’s allowed rate of return for 2010 will be 9.59 percent, down from 9.77 percent for 2009.WebcastCV will host an earnings teleconference and webcast on March 15, 2010, beginning at 2 p.m. EDT. At that time, CV President and CEO Robert Young and CV Chief Financial Officer Pamela Keefe will discuss the company’s financial results, as well as progress made toward achieving the company’s long-term strategy.Interested parties may listen to the conference call live on the Internet by selecting the “CVPS Q4 2009 Earnings Call” link on the “Investor Relations” section of the company’s website at www.cvps.com(link is external). An audio archive of the call will be available later that day at the same location or by dialing 1-877-660-6853 within the U.S. or internationally by dialing 1-201-612-7415 and entering Account 286 and Conference ID 341962.About CVCV is Vermont’s largest electric utility, serving approximately 159,000 customers statewide. CV’s non-regulated subsidiary, Catamount Resources Corporation, sells and rents electric water heaters through a subsidiary, SmartEnergy Water Heating Services.Form 10-KOn Monday, March 15, 2010, the company filed its annual 2009 Form 10-K with the Securities and Exchange Commission. A copy of that report is available on our web site, www.cvps.com(link is external), under the “Investor Relations” section. Please refer to it for additional information regarding our condensed consolidated financial statements, results of operations, capital resources and liquidity. Central Vermont Public Service (NYSE: CV) reported consolidated earnings of $20.4 million, or $1.74 per diluted share of common stock, for the 12 months of 2009, compared to $16 million, or $1.52 per diluted share of common stock, for the same period in 2008.CV reported fourth-quarter 2009 consolidated earnings of $2.1 million, or 18 cents per diluted share of common stock, compared to a loss of $0.1 million, or 1 cent per diluted share of common stock, for the same period last year.”Perhaps most significant, Moody’s Investors Service rated the company at investment grade in the fourth quarter, markedly improving our borrowing capability,” President Bob Young said. “These ratings will allow CVPS to borrow short-term capital at lower rates than we could otherwise expect to receive, and will reduce or eliminate collateral requirements in many power purchase and power sales contracts, so this expands our options as we look to secure new power supply in the future.”We also plan to continue to make significant capital investments in our company and Vermont’s transmission system through Transco, providing customers with good reliability and investors with a solid return,” Young said.Financial Highlights– 2009 earnings of $20.4 million, or $1.74 per diluted share, 22 cents higher than 2008 — $0.1 million decrease in operating revenue — $7.5 million decrease in purchased power expense — $6.8 million increase in other operating expenses — $1.2 million increase in equity in earnings of affiliates — $2.4 million increase in other income, net– Fourth-quarter earnings of $2.1 million, or 18 cents per diluted share, 19 cents higher than 2008 — $4.3 million increase in operating revenue — $1.0 million decrease in purchased power expense — $2.0 million increase in other operating expenses — $0.3 million increase in equity in earnings of affiliates– Earnings for 2010 are forecasted to be in the range of $1.55 to $1.70 per diluted share Forward-Looking StatementsStatements contained in this press release that are not historical fact are forward-looking statements intended to qualify for the safe-harbors from the liability established by the Private Securities Litigation Reform Act of 1995. Statements made that are not historical facts are forward-looking and, accordingly, involve estimates, assumptions, risks and uncertainties that could cause actual results or outcomes to differ materially from those expressed in the forward-looking statements. Actual results will depend, among other things, upon the actions of regulators, performance of the Vermont Yankee nuclear power plant, effects of and changes in weather and economic conditions, volatility in wholesale electric markets, volatility in the financial markets, and our ability to maintain our current credit ratings. These and other risk factors are detailed in CV’s Securities and Exchange Commission filings. CV cannot predict the outcome of any of these matters; accordingly, there can be no assurance that such indicated results will be realized. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date of this press release. CV does not undertake any obligation to publicly release any revision to these forward-looking statements to reflect events or circumstances after the date of this press release. Reconciliation of Earnings Per Diluted Share Twelve Months Fourth Quarter 2009 vs. 2008 2009 vs. 2008 ————– ————–2008 Earnings per diluted share $ 1.52 $ (0.01)Year-over-Year Effects on Earnings: Lower purchased power expense 0.42 0.06 Higher equity in earnings of affiliates 0.09 0.02 Higher operating revenues 0.00 0.25 Higher transmission expense (0.32) (0.14) Common stock issuance (Nov. 2008) – 1,190,000 additional shares (0.18) 0.00 (Higher) lower other operating expenses (0.02) 0.01 Other (mostly variable life insurance) 0.23 (0.01) ————– ————–2009 Earnings per diluted share $ 1.74 $ 0.18 ============== ==============(a) The additional shares from the November 2008 stock issuance were excluded from the 11,764,277 average shares of common stock – diluted for the fourth quarter and the 11,705,518 average shares of common stock – diluted for the twelve months, for the purposes of computing the individual EPS variances shown above in order to provide comparable information for 2009 vs. 2008.last_img read more

​Swedbank chief axed as pension funds take aim

first_imgThe chief executive of scandal-hit Swedbank has been dismissed by the bank’s supervisory board after the country’s fraud squad broadened its investigation into allegations of money laundering.Three of Sweden’s largest pension funds – all significant shareholders in Swedbank – this morning refused to discharge CEO and president Birgitte Bonnesen from liability, ahead of this afternoon’s annual general meeting.Shortly after this, the bank announced its board had decided to sack Bonnesen. Anders Karlsson has been appointed acting president and CEO.Lars Idermark, chair of the supervisory board of Swedbank said: “The developments during the past days have created an enormous pressure for the bank. Therefore, the board has decided to dismiss Birgitte Bonnesen from her position.” The Swedish Economic Crime Authority said yesterday that the ongoing investigation was being broadened to include suspicion of gross fraud. The fraud investigation team entered the Swedbank’s Stockholm headquarters yesterday as part of the probe.Pension funds hit out at bank Birgitte Bonnesen was sacked from Swedbank this morningAMF – which owns 4.4% of shares in the bank – reiterated that it was still not satisfied with measures taken to deal with the situation, and refused to grant Bonnesen discharge from liability for 2018.Johan Sidenmark, chief executive of AMF, said: “After yesterday’s dramatic development, with the Swedish Economic Crime Authority’s announcement about extended suspicions of serious crime, we have come to the conclusion that we cannot currently grant the company’s CEO discharge for 2018.“Although this is so far only about suspicions, and no one should be regarded as guilty until she or he is convicted, these are such serious allegations that it would be irresponsible to make such a decision at today’s meeting.”Alecta – which held approximately 5% of Swedbank’s stock – also said it would vote against the discharge from liability at the AGM.Folksam, the second-largest shareholder in Swedbank with a 7% stake, has been more satisfied than the other shareholders with the bank’s correspondence during the investigation. However, it also said it would withdraw its support for the chief executive.Thomas Langrot, chief prosecutor of the fraud squad’s Financial Market Chamber (Finansmarknadskammare), said: “Information which has been gathered gives a picture of Swedbank appearing to have spread misleading information to the public and the market about what the bank knew about suspected money laundering within Swedbank in the Baltic countries.”On Friday, AMF and Alecta criticised a report commissioned by Swedbank into the alleged money laundering as inadequate, although Folksam said the report gave answers to important questions.last_img read more

Ugbade wants Awoniyi in Eagles Qatar 2022 World Cup Squad

first_img Awoniyi became the first Nigerian player post-COVID-19 to have scored a goal for their club in a competitive game. The 22-year-old recently collided with Augsburg defender Felix Uduokhai and was carried off the pitch on a stretcher.Advertisement Loading… Speaking exclusively with brila.net, the former U17 assistant coach says ”If Kelechi Iheanacho can play the last world cup, Taiwo Awoniyi should be able to play the next one as well,” read also:Awoniyi reflects on successful time with Mouscron “A lot of others too, Nigeria at this point have a lot of young players in the game, most of them will be totally matured and very strong enough going into the next world cup,” Ugbade said. Awoniyi, who has scored one goal in 12 league appearances for Mainz this season, has never played for Liverpool and has also had loan spells at Frankfurt, NEC Nijmegen, Excelsior Mouscron and Gent. FacebookTwitterWhatsAppEmail分享 center_img Former Super Eagles player, Nduka Ugbade, has tipped the Mainz 05, top striker Taiwo Awoniyi to be in the Nigerian squad for Qatar 2022 W/Cup after a brilliant post COVID19 performance.last_img read more

MansionBet sponsors World Pool Masters’ quarter centenary

first_img Related Articles StumbleUpon Spotlight ups matchday commentary reach and capacity for new EPL Season  August 21, 2020 Submit MansionBet has been announced as the title sponsors of the World Pool Masters, as the tournament celebrates a quarter of a century.Returning to Gibraltar after a successful tournament last year, the 25th annual event, set to be broadcast live on Sky Sports, takes place between March 2-4.Karel Manasco, CEO of Mansion, said: “We are always looking at platforms for brand promotion, and as a Gibraltar-based company, the location combined with the international exposure of this popular event, made our title sponsorship of the World Pool Masters a natural fit.”The ‘MansionBet World Pool Masters XXV’ is set to see a variety of former champions return to the tournament, attempting to reclaim their crown on its quarter centenary.Amongst the names set to feature are Francisco Bustamante, Earl Strickland and Ralf Souquet, who will be competing among a star-studded 16-man field for the $20,000 top prize.Barry Hearn, Chairman of Matchroom Sport, added: “We are delighted to have MansionBet on board as title sponsor of pool’s biggest invitational event.“We are celebrating the silver jubilee of this magnificent tournament and as such the field is packed with some of the biggest names in pool, all great champions in their own right. “With live TV coverage on Sky Sports and over 100 other countries across the globe, I know we are in for an exciting weekend of world-class sporting action in Gibraltar.”Online sportsbook brand Mansion has a strong history of sporting sponsorship’s, most notably as principle partner of Premier League side AFC Bournemouth, with the firm stating this latest deal “provides an international platform for their latest sportsbook brand, which launched earlier this year.” Most recently Mansion agreed a fresh partnership to become official sponsor of boxer George Groves, ahead of the WBA super-middleweight world champion’s highly anticipated bout with Chris Eubank Jr. EFL announces that all non-Sky Sports fixtures will be available to stream August 27, 2020 Premier League looks to broadcast every behind-closed-door fixture August 28, 2020 Share Sharelast_img read more

Windies squad unchanged for final test

first_imgROSEAU, Dominica (CMC): West Indies selectors have kept faith with the same squad of 13 for the decisive third and final Test of the current series against Pakistan, starting on Wednesday at Windsor Park here. Buoyed by the side’s stunning 107-run victory in the second Test which ended last Thursday at Kensington Oval in Barbados, the selection panel will choose from the same group of players that have served throughout the three-Test series, which is currently level at 1-1. Courtney Browne and his fellow selectors will, however, face some key decisions ahead of the crucial match that West Indies will be aiming to win to claim their first Test series victory in four years and over a side ranked higher for the first time in eight years. GREATER STABILITY They will have to decide if to offer a reprieve to the inexperienced, left-handed Guyanese middle-order duo of Shimron Hetmyer and Vishaul Singh, instead of going for greater stability in the more experienced Jamaican, Jermaine Blackwood. Though they have promised much, Hetmyer has had scores of 11, 20, 1 and 22, and Singh, 9, 9, 3 and 32, hardly reassuring figures, but they have given brief glimpses of what they may be able to accomplish given more opportunities. The 25-year-old Blackwood has played 22 Tests, gathering 1,128 runs at an average of 31.33, not overpowering stats, but in a side light on experience, he could offer a bit more of a competitive edge. The selectors will also have to consider if the current bowling combination will be effective enough, especially if the Windsor Park pitch is typically unyielding. Though they bowled the team to victory in Bridgetown, skipper Jason Holder, Shannon Gabriel, Alzarri Joseph and Devendra Bishoo would crave a little more help from Miguel Cummins, particularly if the local ground staff fails again to cooperate. This, too, may impact on the batting of the side, meaning leaving out one of the batsmen to play five bowlers and asking Holder to shoulder more responsibility with the willow. Squad: Jason Holder (captain), Jermaine Blackwood, Devendra Bishoo, Kraigg Brathwaite, Roston Chase, Miguel Cummins, Shane Dowrich, Shannon Gabriel, Shimron Hetmyer, Shai Hope, Alzarri Joseph, Kieran Powell, Vishaul Singhlast_img read more