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

CUNA’s Salemi talks CUDE, ‘crashing,’ YPs and more

first_imgYoung credit union professionals are very motivated to make a difference, CUNA Social Media Administrator Christina Salemi told CUltivate. In a recent interview with the publication, Salemi shared her thoughts on becoming a DE, “crashing” CUNA conventions and the importance of mentorship, among other topics.Having been in the movement nearly five years, Salemi said becoming a Credit Union Development Educator (CUDE) through the DE program was a goal from the beginning, and that she learned several things.“First, there’s good people out there who want to help you make your financial dreams come true. Second, it’s not just a professional growth but a personal one as well. Third, it’s the longest/shortest week of your life. And finally, trust the process!” she said. “The CUDE program focuses on exploring the “why” and purpose of credit unions. The week long training allows you to escape your daily distractions and work obligations by focusing on why we do what we do. It’s a transformative training that will stay with you forever!” ShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr continue reading »last_img read more

Alphaliner: Containership Fleet Capacity Hits 23 Mn TEU Mark

first_imgThe total capacity of the world’s cellular containership fleet has passed the 23 million TEU mark following the delivery of two more Pegasus class vessels to MSC in September, according to Alphaliner.Handed over on September 11, the two 23,000+ TEU megamax ships joined the carrier on the 2M’s Far East – Europe network. The last million TEU milestone had been recorded in July 2018, when the global box fleet surpassed 22 million TEUs.“Growth of the cellular fleet has remained steady at around 4% since May, with deliveries of new containerships adding 826,000 TEU to the overall fleet so far this year. In contrast, scrapping has remained low with only 165,000 teu removed from the fleet since January,” Alphaliner informed.“A strong charter market gives owners little incentive to recycle ships, and several vessels that were initially bound for the breaking yards are now being kept in active service.”Furthermore, Alphaliner expects the low scrapping rate to persist for the remainder of the year, lowering its full-year ship recycling estimate for 2019 from 350,000 to less than 250,000 TEU.Current charter rates have increased 30% over the same period of last year, particularly for larger ships. In the size classes above 5,000 TEU “rates have more than doubled, compared to one year ago.”Some of the demand increase recorded since June is related to vessel downtime from scrubber installations, Alphaliner said, adding that a total of 44 ships with a overall capacity of 465,000 TEU are currently undergoing retrofit work at various shipyards.last_img read more

Wenger turns deaf ear to critics

first_imgArsenal manager Arsene Wenger is determined to ignore his critics and will instead look to the future at Arsenal. “It was a game we controlled well until we scored the first goal but we didn’t take our chances. Having given what we did on Wednesday it could have been difficult to finish the game off.” Saido Berahino hit the bar late on for the subdued Baggies, who have now lost three straight games. Home fans also chanted “You don’t know what you’re doing” towards head coach Alan Irvine after he replaced Stephane Sessegnon with Georgios Samaras. “It’s not nice to hear it but people have their own opinions and it very nearly worked,” said Irvine of the substitution. “We looked as if we might score when perhaps we didn’t look like scoring too many times prior to the changes. Had it worked perhaps people would have had a different judgement. “We got close to getting something. We were committing a lot of people forward and put Arsenal under pressure at the end. We started the game well and Arsenal looked a threat on the counter but then we lost that control.” Irvine also rued an offside call after Berahino was stopped as he looked to run clean through at the start of the second half, despite looking onside. He said: “It’s two weeks in a row (after Diego Costa scored against them from an offside position), two big decisions have gone against us. People make mistakes but you could do without them. It makes the job against teams like Chelsea and Arsenal that much harder.” Press Association The Frenchman came under fire from Gunners fans on Saturday as they unveiled a banner reading ‘Arsene, thanks for the memories but it’s time to say goodbye’ at their 1-0 win over West Brom. Victory, earned by Danny Welbeck’s second-half header, saw Arsenal seal successive wins after their 2-0 Champions League victory over Borussia Dortmund on Wednesday. Arsenal fans remain frustrated with the Gunners’ failure to compete for the Barclays Premier League title, though, with some calling for Wenger to leave after 18 years in charge. However, the Gunners boss, who refused to answer questions about the banner, was unmoved. Wenger said: “I don’t comment on that. Do I need to say it again? I don’t comment on your question.” He added: “Every person has responsibility to prepare for the future, always.” And Wenger insisted he had also ignored any criticism after last Sunday’s 2-1 defeat to Manchester United. “The only thing we can do is let people talk. We live in a society of total opinion but we live off not what we say but what we do, and what we do is on the pitch,” he said. Welbeck’s winner was his 11th goal of the season for club and country to leave Wenger grateful after Nacho Monreal, Kieran Gibbs and Alex Oxlade-Chamberlain picked up injuries. “He is a striker who plays left, right and centrally but for me it’s not important. We have so many crosses coming in you always have a chance if you stay on the flanks as well,” he said. last_img read more

John Greenwood, Argonia, May 21, 1927 – July 4, 2013

first_imgJohn GreenwoodJohn P. Greenwood, of Argonia, died Thursday, July 4, 2013 at his home in Argonia at the age of 86.John was born the son of Herbert Lee and Sarah Jane Greenwood on May 21, 1927 on a dairy farm outside of Cushing, Okla..On October 8, 1950 John and Lois Meridith Greenwood were united in marriage in Argonia. Together they celebrated 62 years of marriage.John was baptized into the Big Creek Church of the Brethren at a young age. John was one of eight siblings in the Greenwood family who worked hard on the farm and took odd jobs to supplement the family income after their father died. He left Cushing in 1943 at the age of 16 in the back of a wheat truck bound for the Kansas Wheat Harvest. Don and Delphia Phillippi hired him on, and their home became his. In 1945 John joined the United States Navy, with his mother’s permission, and served though the end of WWII with an honorable discharge in 1946. John loved to play softball and loved watching his kids and especially his grandchildren play sports. He enjoyed taking care of his yard and working his garden, once a farmer always a farmer.Survivors include wife, Lois Greenwood of Argonia, children, Don Greenwood and his wife Ronda of Burbank, Okla., Nancy Forrest  of Bethany, Okla., Scott  Greenwood and his wife Cindy of Argonia, Sue Boatright and her husband Rod of Mayfield, siblings, Opal Roe of Hurst, Texas, Ethel Chadwick of Cushing, Okla., Beulah Killough of Cushing, Okla., George Greenwood and his wife Marian of Moorhead, Minnesota, Florence Presley of Stillwater, Okla., 12 grandchildren and 9 great-grandchildren and many nieces and nephews.He was preceded in death by  his parents, foster parents Don and Delphia Phillippi, sister Ruby Stiles, brother Harold Greenwood, and granddaughter Megan (Forrest) McDaniel.Funeral services for John will be held at 10:30a.m., Monday, July 8, 2013 at the Argonia United Methodist Church, in Argonia.No visitation will take place.Interment will follow at the Argonia Cemetery in ArgoniaMemorials have been established in his loving memory with the Argonia / Dixon Township Fire Department, 122 North Main Street Argonia, KS 67004. Contributions can be mailed or left with the funeral home.To share a memory or leave condolences, please visit www.dayfuneralhome.info.Arrangements are by Day Funeral Home & Crematory, Wellington.last_img read more