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

Right to die contradicts value of life (NZ Herald Editorial)

first_imgNZ Herald 6 June 2015 Few would have envied the decision Justice David Collins has had to make on whether New Zealand’s Bill of Rights Act can sanction euthanasia. The subject is not one that anybody finds pleasant, including those, perhaps an increasing number, who say they believe it is at least preferable to a lingering, painful and possibly undignified death.That was the view of Lecretia Seales, who applied to the High Court for the right to die with a doctor’s assistance if her terminal brain tumour became much worse.Ms Seales, who died of her illness hours after receiving the decision on Thursday evening, had made it clear to the court last week that she was not then wishing to die.She was seeking the right to do so at some future point if her life became unbearable. It is important that be noted because it illustrates one of the problems for voluntary euthanasia. If it is to be allowed, the decision must be made when the person is still capable of making it, to avoid any question they may be vulnerable to external pressure.Yet the prospect of the decision to die being made by people who are not yet suffering unbearably, and may never be, makes it ethically more difficult for doctors to do what they ask, and more difficult for society to sanction such a decision in law.The sanctity of life lies at the heart of public policy in a civilised society that considers it has no right to take a life even as retribution for taking a life.http://www.nzherald.co.nz/nz/news/article.cfm?c_id=1&objectid=11460561last_img read more

One for the record books — for now

first_imgWe’ve all heard it: A true freshman has never started a season at quarterback for the Trojans.But that will all change on Saturday, when No. 4 USC opens its season in historic fashion against San Jose State at the Coliseum in front of 90,000 screaming fans.When Pete Carroll chose Barkley to be his starter over redshirt sophomore Aaron Corp one week ago, many were shocked. Even Barkley admitted he was caught off guard.“I was speechless when coach told me,” the 18-year-old said.And even Carroll was at somewhat of a loss when trying to explain why he chose a freshman quarterback rather than going with his usual pick of a veteran to man the offense.“I can’t explain how a guy this young and this new could do that, but he’s done it,” the coach said.Carroll and his coaching staff clearly saw something they’d never seen in a freshman quarterback before. And I’m talking about more than his 6-foot-3, 220-pound frame and rifle of an arm.So now Barkley is set to start the season for the Trojans. And for the first time since a true freshman named Carson Palmer took the over the starting quarterback job from Mike Van Raaphorst during the last five games of the 1998 season, the quarterback position at USC may be occupied by one man for four seasons.So this brings up an interesting topic. If Barkley develops the way the coaches expect him to, he will have three to four full seasons at quarterback before entering the NFL draft.So while many people are focusing on the history Barkley will be making when he takes his first snap Saturday, I’d rather look at the potential history Barkley could make when he takes his last snap in what could be four years from now.Let’s take a look at what I consider the three gaudiest quarterback records and see what Barkley’s odds are of reaching them. This is, of course, assuming Barkley stays for his senior year with USC, just like Palmer, who holds most of USC’s passing records.The first number I look at is 11,818. That’s the record Palmer holds for most yards gained passing as a Trojan. It’s also a Pac-10 record.If Barkley stays a full four years in college, he would need to average 2,955 passing yards per season to pass Palmer as the all-time USC and Pac-10 leader.Just to put that number in perspective, look at how quarterbacks have fared under Carroll’s system during their first years in the starting role.Last season, Mark Sanchez threw for 3,207 yards. In 2006, John David Booty threw for 3,347 yards. And in 2003, Matt Leinart threw for 3,556 yards.In Palmer’s first full year as a starter in 2000, he threw for 2,914 yards.Simply put, the record is within reach.Palmer also holds the school and Pac-10 record for the most passes completed during a career with 927.In four years, Barkley would need to average 232 completions to top that record.Sanchez completed 313 passes in 2008, Booty completed 269 passes in 2006 and Leinart completed 255 passes in 2003. All of those numbers are higher than what Barkley needs to reach each season.Palmer himself only completed 228 passes his first full year, slightly lower than the 232 completions Barkley needs to average, but Palmer ended his senior year in 2002 with a whopping 309 completions.Barkley, like Palmer and all young quarterbacks, will be expected to gradually improve each season as well.That puts 938 in reach for Barkley.And the last number I want to look at is passing touchdowns.Leinart set the record at 99 during his time in college, both a USC and Pac-10 record.It’s not hard to do the math here. If Barkley averages 25 passing touchdowns over the next four seasons, he will reach the magical number of 100 only attained by six other college quarterbacks in the history of the sport.So one more time, look at the numbers.In each of their respective first full seasons starting, Sanchez threw 34 touchdowns, Booty threw 29 touchdowns and Leinart threw 38 touchdowns.Again, all of these numbers are higher than what Barkley needs to average in four seasons. The only difference for those previous quarterbacks is they did not have the opportunity to start four full seasons at quarterback for USC.Barkley will.Just by breaking it down, it’s easy to tell there is a solid chance, if Barkley stays, that he will own arguably the most prestigious of USC quarterback records when all is said and done.So when you step into the Coliseum or turn on the television to watch the game Saturday, you will be witnessing history right away as Barkley takes his first snap.But remember, it may not be the last time the true freshman puts his name in the record books.“Soft Hands” runs every other Thursday. To comment on this article, visit dailytrojan.com or email Jon at jhaber@usc.edu.last_img read more