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Caribbean Utilities Company, Ltd announces its results for the twelve-month period ended December 31, 2019
Caribbean Utilities Company, Ltd announces its results for the twelve-month period ended D...
About this update from Caribbean Utilities Co. Ltd. Class A
[{"type":"text","content":"\n\n\n\nCaribbean Utilities Company, Ltd announces its results for the twelve-month period ended December 31, 2019\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nGRAND CAYMAN, Cayman Islands, Feb. 14, 2020\n\n\n\nCaribbean Utilities Company, Ltd. is listed for trading in United States dollars on the Toronto Stock Exchange under the trading symbol \"CUP.U\".\n GRAND CAYMAN, Cayman Islands, Feb. 14, 2020 /CNW/ - Caribbean Utilities Company, Ltd. (TSX: CUP.U) (\"CUC\" or \"the Company\") announced today its audited results for the twelve-month period ended December 31, 2019 (all figures in United States dollars).\n\n \n \n\n\n\n\n\n\n\n \nOperating income for the year ended December 31, 2019 (\"Fiscal 2019\") totalled $29.5 million, a $1.1 million increase from operating income of $28.4 million for the year ended December 31, 2018 (\"Fiscal 2018\").  This increase is attributable to higher electricity sales revenues primarily driven by a 6% increase in kWh sales.  These items were partially offset by higher depreciation and transmission and distribution costs in Fiscal 2019.\nNet earnings for Fiscal 2019 were $29.1 million, a $2.3 million increase from net earnings of $26.8 million for Fiscal 2018. This increase is primarily attributable to higher operating income, lower finance charges and higher other income.\nAfter the adjustment for dividends on the preference shares of the Company, earnings on Class A Ordinary Shares for Fiscal 2019 were $28.1 million, or $0.84 per Class A Ordinary Share, as compared to $25.8 million, or $0.78 per Class A Ordinary Share, for Fiscal 2018.  The Company calculates earnings per share on the weighted average number of Class A Ordinary Shares outstanding. The weighted average number of Class A Ordinary Shares outstanding were 33,322,444 and 33,078,944 for the years ended December 31, 2019 and December 31, 2018, respectively.\nCapital expenditures for Fiscal 2019 were $60.6 million, a $2.6 million, or 5 % increase from $58.0 million in capital expenditures for Fiscal 2018. \nPresident and CEO, Mr. Richard He...