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

Dozens of Gold Coast homes set to go to auction during the Commonwealth Games

first_imgThis Coolangatta property at 38 South Street will go to auction on April 8.Ray White Burleigh Waters sales agent Brent Hodge said its Gold Coast South Network had organised a marketing campaign around the event.More than 20 properties will go to auction on April 8, which would be held at one location in Tweed Heads – well away from the city’s chaos.He said they couldn’t guarantee people were going to “come off the aeroplane and buy property” but thought it was worth a try.Ray White Prestige Gold Coast agents Sam Guo and Julia Kuo have multiple properties set to go under the hammer over the next two weeks.Mr Guo said sellers didn’t want to miss out on the influx of visitors.They had been inundated with requests from buyers to market or auction their homes throughout the Games.“Our clients are hoping they might take advantage of all the interstate (visitors),” Mr Guo said. 74-76 The Promenade, Isle Of Capri, will be auctioned off on April 7.ABOUT 1.5 billion people are turning their eyes to the Gold Coast over the next 10 days, providing a unique opportunity for homeowners to sell their properties.Dozens of auctions have been scheduled throughout the Commonwealth Games to leverage off the hundreds of thousands of visitors expected to flock to the city.Despite road closures and plenty of sporting action, sellers and real estate agents are hoping interstate and overseas visitors will attend auctions to secure their own slice of paradise. 32 Emu Court, Sorrento, will go under the hammer on April 15. 19 Naples Ave, Isle of Capri, will go to auction on April 14. This Mermaid Waters home at 19 Cadence Avenue will go to auction on April 14. 9/17 Marseille Court, Sorrento, will also be auctioned off on April 14.More from news02:37International architect Desmond Brooks selling luxury beach villa18 hours ago02:37Gold Coast property: Sovereign Islands mega mansion hits market with $16m price tag2 days agoHe said they were hoping to appeal to those who wanted to explore the city while they were here and were interested in buying.“I don’t believe everyone will go to see all the games,” Mr Guo said.However, some agents remained unconvinced that holding auctions during the event would make much of a difference.Professionals Mermaid Beach managing director Andrew Henderson said they would continue to market properties throughout the games but would hold off on auctions until May.“We avoided April,” Mr Henderson, who is also the REIQ Gold Coast zone chair, said.“It’s a great time to promote, we’ve been putting on as much stock as we can.“I just didn’t think it was the right (time to) do auctions with road closures.”Professionals Southport sales consultant Andrew Wright considered pushing one of his properties set to go under the hammer on April 8 back.center_img 27 Knightsbridge West Parade, Sovereign Islands, will go under the hammer on April 8. 47 Gumtree Crescent, Upper Coomera, will also go under the hammer on April 7. 23 Hill Ave, Burleigh Heads, is among one of the first to go to auction throughout the Games on April 7. 13 Glauca Street, Burleigh Heads, will also go to auction on April 15.He was concerned about traffic congestion but said they had already postponed an auction on the property.“It came into consideration because we were actually thinking of cancelling … but we just decided to proceed,” Mr Wright said.“Geographically, that place is a long way from the Southport and Cararra hustle and bustle.“There’s a lot of locals … that are interested (in the property), there may well be some interstate interest as well. But it certainly wasn’t a marketing plan.”Burleigh Miami Realty principal Neil Pasley would have changed the April 15 auction of one of his properties if it were close to a big Games sporting venue.He said the owners chose the date based on personal reasons but it didn’t bother him because it was not near a Games precinct.He didn’t think many visitors would attend.“Most people will either be at the Games or watching it on TV,” Mr Pasley said.“If someone is interested, they’re going to come anyway.” Auctions during the Commonwealth Games: – 23 Hill Ave, Burleigh Heads (April 7)– 47 Gumtree Crescent, Upper Coomera (April 7– 74-76 The Promenade, Isle of Capri (April 7)– 38 South St, Coolangatta (April 8)– 27 Knightsbridge Parade West, Sovereign Islands (April 8)– 19 Naples Ave, Isle of Capri (April 14)– 9/17 Marseille Court, Sorrento (April 14)– 19 Cadence Ave, Mermaid Waters (April 14)– 32 Emu Court, Sorrento (April 15) – 13 Glauca St, Burleigh Heads (April 15)last_img read more

Dodgers closer Kenley Jansen reports, says contracting coronavirus was why he was late

first_img How Dodgers pitcher Ross Stripling topped the baseball podcast empire “It’s serious,” he said. “Just wear your mask all the time if you can. Trust me, it happens so fast. I mean, once my son got it, I see how fast the virus spreads. We tried to do everything, but we all got it in the house.”Jansen said that “luckily” he and his family are all in good shape, “so it didn’t hit us as hard.”Jansen in 2018 underwent a second procedure to correct an irregular heartbeat. That made this episode a bit more unnerving than it might have been.“I mean, it was definitely scary and a definite disappointment,” Jansen said. “When my son had it, it was more disappointment of, ‘Why my son has it? Why not me?’ … And next thing you know, we all got it.”Manager Dave Roberts is just pleased that Jansen is OK, especially considering his medical history.Related Articles Dodgers’ Max Muncy trying to work his way out of slow start Dodgers closer Kenley Jansen on Sunday reported to summer camp nine days later than it started, and then let reporters know the delay was because he and his wife and three children had contracted the coronavirus.Jansen said there were symptoms, but none too severe and that everyone is now well. He said his son Kaden first tested positive after running a fever in the middle of the night, and then the rest of the family was confirmed to have it, although Jansen’s first test turned up negative.“I was feeling better on day 4 already when I had it almost three weeks ago now,” Jansen said Sunday afternoon, via Zoom news conference.Jansen said he thought he did everything he could to avoid coronavirus, and still isn’t sure how his son may have caught it. Jansen also had some words of wisdom for fans. “Well, I think with anything, you can hear things — whatever it might be — but when one of your own is infected by something, certainly it hits home more,” Roberts said. “And Kenley, obviously, with what he went through, that’s a story itself. It just makes us even more conscious and we relate to it a lot more.”He’ll be readyJansen, 32, said that although he had to lay low for a couple of weeks while he recuperated, he had been keeping himself in throwing shape after spring training was shut down in March because of COVID-19.“With all the down time we’ve had, I never stopped working out,” said Jansen, who expects to be ready for the season-opener July 23 against the Giants. “I’ve been working out for like three months now.”Roberts is not worried because of what Jansen has been doing.“I think that Kenley has been throwing — he’s been throwing ‘pens and he’s going to throw another one,” Roberts said. “So I think that for us, Kenley’s going to probably have four appearances before the season starts and for me, where he’s at, it’s just a mind-set where you’ve gotta kind of look at this as your last four appearances in a regular spring training.“And the mind-set for Kenley for me, it’s not flip a switch after those four outings when we get to the season. I know he understands that, so again, everyone is different but I think where Kenley is at, the four will be plenty for him to be ready opening day.”Joc Pederson’s improvementOutfielder Joc Pederson in 2019 had his best season in most offensive categories. He batted .249 with slugging and OPS percentages at .538 and .876 — all career bests. His power numbers of 36 home runs and 74 RBIs were also tops for him.Roberts believe there is still more upside.“I would take those numbers right now,” Roberts said. “But I think that for Joc, he’s just continuing to get better and understanding … I think last year was the first time he’s been really consistent with his mechanics.”Roberts also referred to Pederson, 28, as a “threat” any time he enters the batter’s box, and that in 2019 he showed more trust in the game plans doled out by hitting coaches.“The sky’s the limit,” Roberts said. “Joc is as good as he wants to be.”Pederson’s on-base percentage in 2019 was .339, with a best of .352 in 2016.This and thatInfielder Gavin Lux, who did not report until this past Friday, was scheduled to play in Sunday’s intrasquad game, Roberts said. … Roberts said pitchers Pedro Baez and Scott Alexander, catcher Keibert Ruiz and outfielder A.J. Pollock are still not in camp, although Roberts said he did speak to Baez on Saturday, that Baez was in “good spirits” and that he expects him back “sometime soon.” Fire danger is on Dave Roberts’ mind as Dodgers head to San Francisco Dodgers hit seven home runs, sweep Colorado Rockies Cody Bellinger homer gives Dodgers their first walkoff win of season Newsroom GuidelinesNews TipsContact UsReport an Errorlast_img read more