Central Vermont Public Service earnings up, revenue down

first_imgCentral Vermont Public Service reported today consolidated earnings of $12.4 million, or $1.04 per diluted share of common stock, for the first six months of 2009, compared to $9.9 million, or 94 cents per diluted share of common stock, for the same period last year. CV reported second-quarter 2009 consolidated earnings of $5.5 million, or 46 cents per diluted share of common stock, compared to $4 million, or 38 cents per diluted share of common stock, for the same period last year.The entire quarterly report can be found by clicking this link. For further information on the company click Vermont Business Magazine’s link here. For online information and stock tracking, click here.– Year-to-date earnings of $12.4 million, or $1.04 per diluted share, up 10 cents from last year- $2.3 million decrease in operating revenue- $4.0 million decrease in purchased power expense- $0.7 million increase in equity in earnings of affiliates- $1.2 million increase in other income, net– Second-quarter earnings of $5.5 million, or 46 cents per diluted share, up 8 cents from last year- $1.9 million decrease in operating revenue- $2.7 million decrease in purchased power expense – $0.4 million increase in equity in earnings of affiliates- $0.6 million increase in other income, net– The impact of the November 2008 stock issuance of 1,190,000 shares decreased per-diluted-share-earnings by 5 cents for the second quarter and decreased per-diluted-share earnings by 12 cents for the first six months of 2009.  — Reaffirms earnings guidance for 2009 at $1.40 to $1.60 per share”Despite the global economic challenges, we continue to make steady progress and we remain on target to meet our earnings guidance for the year,” President Bob Young said. “We also continue to provide high-quality service, as evidenced by the most recent J. D. Power and Associates survey, which ranked CVPS second in the East for customer satisfaction among midsized utilities.”CVPS ranked above the regional average for midsized utilities in all J. D. Power and Associates factors, including customer service, billing and payment, communications, power quality and reliability, price and corporate citizenship,” Young said. “We believe that customer satisfaction is the bedrock upon which our financial health must be built, and we will continue to strive to serve our customers and shareholders well.”Year-to-Date 2009 results compared to 2008Operating revenues decreased $2.3 million, including a $3.5 million decrease in retail revenues, and a $0.2 million decrease in other operating revenues; partially offset by a $1.4 million increase in resale revenues. The decrease in retail revenues resulted from lower average usage resulting from a slowing economy and energy conservation, and the loss of three industrial customers due to plant closures, partially offset by higher average unit prices due to customer usage mix. Other operating revenues include a $1.0 million decrease arising from a provision for rate refunds. The provision for rate refund is primarily related to the first and second quarter 2009 deferral of an over-collection of power, production and transmission costs as defined by the power adjustment clause of our alternative regulation plan. The power cost over-collection is being credited to retail customers’ bills in the third and fourth quarters of 2009, in accordance with the plan. The decrease in other operating revenues was partially offset by increased sales of transmission rights and an increase in wholesale rates. Resale revenues increased due to higher volume of excess power available for resale, partially offset by lower average market prices.Purchased power expense decreased $4 million, primarily due to a reduction of $3.4 million in purchases from Independent Power Producers. In addition, short-term power purchases decreased by $1.8 million and other power costs decreased by $0.7 million. These reductions were partially offset by increased capacity payments of $1.3 million and increased Hydro-Quebec purchases of $0.6 million. Other operating expenses decreased less than $0.1 million, including a $2.6 million decrease in maintenance expenses, primarily due to lower service restoration costs. There were several major storms in 2008 and none in 2009. These lower costs were partially offset by higher reserves for uncollectible accounts and a $0.5 million increase in transmission expenses due to higher rates, and higher costs from Vermont Transco LLC (“Transco”) for its capital projects, partially offset by higher NOATT reimbursements.Equity in earnings of affiliates increased $0.7 million, partially due to the $3.1 million investment that we made in Transco in December 2008. Other income, net increased $1.2 million, largely due to an increase in the cash surrender value of variable life insurance policies in trust to fund a supplemental employee retirement plan, and interest expense increased $0.2 million.Second quarter 2009 results compared to 2008Operating revenues decreased $1.9 million for many of the same reasons described above.Purchased power expense decreased $2.7 million for the same reasons described above. Short-term purchases decreased by $1.9 million, IPP purchases decreased by $1.4 million and other purchases decreased by $0.1 million. These reductions were partially offset by $0.7 million of increased capacity payments to ISO-New England.Other operating expenses increased $0.4 million, including a $0.2 million increase in transmission for the same reasons described above. These higher costs were partially offset by lower maintenance costs for the same reasons as described above.Equity in earnings of affiliates increased $0.4 million and other income, net increased $0.6 million, partially offset by a $0.1 million increase in interest expense, for many of the same reasons described above.2008 Common Stock IssuanceEarnings per share for the second quarter and first six months of 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 5 cents for the second quarter of 2009 and decreased per-diluted-share earnings by 12 cents for the first six months of 2009.2009 Financial GuidanceCV previously issued 2009 earnings guidance in the range of $1.40 to $1.60 per diluted share, which we reaffirm. As part of a rate agreement approved by the Vermont Public Service Board, the company’s allowed rate of return is 9.77 percent.WebcastCV will host an earnings teleconference and webcast on August 10, 2009 beginning at 11 a.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 its long-term strategy.Interested parties may listen to the conference call live on the Internet by selecting the “CVPS Q2 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 324531.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-QOn Friday, August 7, 2009, the company filed its second-quarter 2009 Form 10-Q 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. 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. Central Vermont Public Service Corporation – Consolidated Earnings Release (unaudited) (dollars in thousands, except per share amounts) Three Months Ended Six Months Ended June 30 June 30Condensed income statement 2009 2008 2009 2008 ———- ———- ———- ———-Operating revenues: Retail sales $ 63,382 $ 65,573 $ 137,465 $ 140,979 Resale sales 17,131 16,177 31,064 29,679 Other 2,114 2,737 4,825 5,053 ———- ———- ———- ———-Total operating revenues 82,627 84,487 173,354 175,711 ———- ———- ———- ———-Operating expenses: Purchased power – affiliates and other 38,605 41,282 80,215 84,188 Other operating expenses 38,499 38,116 78,117 78,143 Income tax expense 760 846 3,636 2,705 ———- ———- ———- ———-Total operating expense 77,864 80,244 161,968 165,036 ———- ———- ———- ———-Utility operating income 4,763 4,243 11,386 10,675 ———- ———- ———- ———-Other income: Equity in earnings of affiliates 4,431 4,014 8,876 8,199 Other, net 621 59 734 (465) Income tax expense (1,389) (1,458) (2,822) (2,883) ———- ———- ———- ———- Total other income 3,663 2,615 6,788 4,851 ———- ———- ———- ———-Interest expense 2,929 2,857 5,805 5,617 ———- ———- ———- ———-Net income 5,497 4,001 12,369 9,909Dividends declared on preferred stock 92 92 184 184 ———- ———- ———- ———-Earnings available for common stock $ 5,405 $ 3,909 $ 12,185 $ 9,725 ========== ========== ========== ==========Per common share dataEarnings per share of common stock – basic $ 0.46 $ 0.38 $ 1.05 $ 0.94Earnings per share of common stock – diluted $ 0.46 $ 0.38 $ 1.04 $ 0.94Average shares of common stock outstanding – basic 11,660,547 10,337,893 11,631,611 10,306,699Average shares of common stock outstanding – diluted 11,684,149 10,397,675 11,669,823 10,387,289Dividends declared per share of common stock $ 0.23 $ 0.23 $ 0.69 $ 0.69Dividends paid per share of common stock $ 0.23 $ 0.23 $ 0.46 $ 0.46Supplemental financial statement dataBalance sheet Investments in affiliates $ 105,849 $ 96,902 Total assets $ 617,166 $ 557,145 Notes Payable $ 10,800 $ 10,800 Common stock equity $ 224,758 $ 193,326 Long-term debt (excluding current portions) $ 167,500 $ 172,950Cash Flows Cash and cash equivalents at beginning of period $ 6,722 $ 3,803 Cash provided by operating activities 20,542 15,897 Cash used for investing activities (13,223) (15,877) Cash provided by financing activities (5,083) 2,739 ———- ———- Cash and cash equivalents at end of period $ 8,958 $ 6,562 ========== ========== Refer to our second-quarter 2009 Form 10-Q for additional information. Reconciliation of Earnings Per Diluted Share First Six Months Second Quarter 2009 vs. 2008 2009 vs. 2008 ————- ————-2008 Earnings per diluted share $ 0.94 $ 0.38Lower purchased power expense 0.23 0.16Higher equity in earnings of affiliates 0.04 0.02Lower (higher) other operating expenses 0.03 (0.01)Lower operating revenues (0.13) (0.10)Impact of common stock issuance (November 2008) – 1,190,000 additional shares (0.12) (0.05)Higher transmission expense (0.03) (0.01)Other 0.08 0.07 ————- ————-2009 Earnings per diluted share (a) $ 1.04 $ 0.46 ============= ============= (a) The additional shares from the November 2008 stock issuance were excluded from the 11,684,149 average shares of common stock — diluted for the second quarter and the 11,669,823 average shares of common stock — diluted for the first six months, for the purposes of computing the individual EPS variances shown above in order to provide comparable information for 2009 vs. 2008.center_img Source:  RUTLAND, VT — (Marketwire) — 08/07/09 — Central Vermont Public Service (NYSE: CV)last_img read more

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England U21: Rhian Brewster, Eberechi Eze and Marc Guehi withdraw from squad | Football News

first_imgEngland U21s face Albania at Molineux on Tuesday and Boothroyd has promised to not put players at unnecessary risk, with qualification for Euro 2021 already secured. He said: “Any time you put on the shirt it means an awful lot. In terms of what we need to do, we have to win our games and play in a manner that fits our style. As far as the clubs are concerned, it’s not a case of flogging the players.“We work closely with the clubs on the loading of the players. We’ve a good idea of when they come to us the game time they’ve had and the training loads they have gone through.- Advertisement – It comes after England U21 manager Aidy Boothroyd said he would never risk players’ fitness.Boothroyd is already without Ryan Sessegnon, who withdrew from the squad prior to Friday’s 3-1 win over Andorra.Tottenham defender Sessegnon entered quarantine at the request of his loan club Hoffenheim, after a number of positive coronavirus cases at the German club.- Advertisement – Rhian Brewster, Eberechi Eze and Marc Guehi have withdrawn from England’s U21 squad to face Albania as a precaution against injury.Chelsea defender Guehi, who is currently on loan at Swansea, and Crystal Palace midfielder Eze returned to their respective clubs on Monday, while Sheffield United forward Brewster left the squad on Sunday.- Advertisement – Ben Wilmot celeImage:England U21s beat Andorra 3-1 on Friday to extend their unbeaten run of qualifying matches to 44 “We discuss just how fit the players are and how much we can do. We’re in constant contact with the clubs, like in Ryan’s (Sessegnon) case with Covid-19 we have to adhere to that.“One of the big plusses of this current England pathway is we have really good relationships with coaches. When it’s a tough situation we work with them and not against them.” – Advertisement –last_img read more

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Calpam wins Pensioen Pro award for Best Pension Fund in Netherlands

first_imgCalpam pension fund has received the Golden Pensioen Pro Award for Best Pension Fund in the Netherlands 2015. A public jury selected the €60m scheme – with just over 300 participants – from a shortlist of three pension funds.The Stichting Calpam-Pensioenfonds has a “simple” investment policy, without derivatives but with full matching cashflow.The scheme is up to date on indexation and has always been able to grant inflation compensation drawn on the the full consumer index. Despite the employer’s paying the full contribution for its 50 active participants, the pension fund still has a funding rate of approximately 160%.The awards, organised by IPE sister publication Pensioen Pro and financial daily Het Financieele Dagblad (FD), were presented in Amsterdam by political commentator Ferry Mingelen.Following nominations by an expert jury, the readers of Pensioen Pro and the FD, as well as listeners to BNR News Radio, pick the winner of the Golden Award.The Stichting Calpam Pensioenfonds, the Nedlloyd pension fund and the ABN AMRO scheme each won a Silver Award for the best small, medium-sized and large pension funds, respectively.The €373bn civil service scheme ABP – the largest pension fund in the Netherlands – won the Best Long-Term Investment award for its European hydro-electric power plant investments. The award for Best Investment Policy went to the Philips pension fund, while PWRI, the scheme for disabled workers in the Netherlands, received the prize for Best Customer-friendly Scheme.BpfBouw, the €53bn industry-wide pension fund for the building industry, took home the award for Extraordinary Industry Contribution due to its investments in Dutch care properties.The Dutch Pensions Federation and the Association of Insurers (VvV) jointly received the Innovation Award for Pension 1-2-3, a communication tool that provides clear and layered pensions information.last_img read more

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FLORIDA SHIPPER TUTTIPAESI FLIES LATE TO WIN GRADE II, $200,000 SANTA ANA STAKES BY A NECK AS VETERAN JOCK DECARLO SCORES WITH FIRST-EVER SANTA ANITA MOUNT; MOTT TRAINEE GETS 1 1/8 MILES ON TURF IN 1:48.82

first_imgARCADIA, Calif. (March 26, 2016)–With Glory and Mike Smith seemingly headed for victory, Florida invader Tuttipaesi split horses and shot through a gap two paths off the rail to grab Saturday’s Grade II, $200,000 Santa Ana Stakes by a neck as veteran jockey Chris DeCarlo scored in his first-ever appearance at The Great Race Place. Trained by Bill Mott, Irish-bred Tuttipaesi covered 1 1/8 miles on turf in 1:48.82.Breaking from the outside in a field of five older fillies and mares, 6-year-old Tuttipaesi settled nicely off the pace and was full of run around the far turn.“She’s tactical,” said DeCarlo, 47. “Going down the backside, Alex (Solis, on Fresh Feline) kind of came out and I didn’t want to lose my cover and have to be three-wide all the way around. I was able to tuck in behind Mike (Smith, aboard Glory) the whole way, his horse was running well.“At the top of the lane it was tight. I didn’t have anywhere to go but there was a little separation at the eighth pole and once she got her head in there, she was able to muscle her way through. She’s a tough filly, she’s a fighter. She’s the kind you want. She won’t back away from a challenge.”Owned by Kentucky-based Valor Ladies, LLC (a sister company to Team Valor, Int.), Tuttipaesi, who is based with Mott at Payson Park Training Center in South Florida, was the second choice at 5-2 and paid $7.40, $3.60 and $2.80. Third in a Grade III Stakes at Gulfstream Park Jan. 9, Tuttipaesi collected her first graded stakes win and improved her overall mark to 17-7-2-3. With the winner’s share of $120,000, she increased her earnings to $495,929.“I didn’t have to tell Chris anything,” said Riley Mott, son of and assistant to trainer Bill Mott. “He did a good job. She was in tight turning for home but was pretty valiant. I wasn’t sure (she’d win) until 100 yards from the line, when she got out. I know she’s game. She showed it in her previous races. This is a pretty special win.”Glory, who overtook favored Her Emmynency turning for home, stalked the favorite through fractions of 24.50, 48.51, 1:12.14 and 1:36.33.“I had to move a bit earlier than I wanted to,” said Smith. “Going into the far turn, Fresh Feline came up on our outside and when that happened, I had to go with them and it turned into too long of a run. In saying that, she ran too good to lose.”Off at 7-2, Glory, who finished three quarters of a length in front of Fresh Feline, paid $3.60 and $3.00.Fresh Feline proved third-best at 18-1 and paid $4.00 to show.Her Emmynency, who broke from the rail with Joe Talamo up, was very erratic out of the gate but settled into a steady stride on the lead and caved readily when challenged three sixteenths out, finishing last.First post time for a 10-race program on Easter Sunday at Santa Anita is at 12:30 p.m. Admission gates open at 10:30 a.m.last_img read more

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