Business
CUC Announces First Quarter Results for the Period Ended July 31, 2007
CUC Announces First Quarter Results for the Period Ended July 31, 2007.
About this update from Caribbean Utilities Co. Ltd. Class A
[{"type":"text","content":"\n\n\n\nCaribbean Utilities Company, Ltd. is listed for trading in United States\n\n\ndollars on the Toronto Stock Exchange under the trading symbol "CUP.U".\n\n\nGRAND CAYMAN, Cayman Islands, Aug. 30 /CNW/ - Caribbean Utilities\nCompany, Ltd. ("CUC" or "the Company") announced today its unaudited results\nfor the first quarter ended July 31, 2007 (all figures in United States\ndollars).\n\n\n"We experienced strong growth in demand for electricity in the first\nquarter of fiscal 2008 as the Cayman Islands economy expanded and the\ncommercial and residential construction continued at a healthy pace," remarked\nRichard Hew, CUC President and Chief Executive Officer.\n\n\nNet earnings for the three months ended July 31, 2007 declined slightly\nto $7.8 million from $8.1 million for the same period last year. Earnings on\nClass A Ordinary Shares for the quarter were $7.2 million, or $0.2859 per\nClass A Ordinary Share, compared to $7.7 million, or $0.3034 per Class A\nOrdinary Share, for first quarter fiscal 2007. The 3% decline in net earnings\nwas due to increased depreciation, interest and maintenance expenses partially\noffset by 8% kiloWatt-hour ("kWh") sales growth. First quarter 2007 saw delays\nin the Company's scheduled maintenance program, which resulted in lower than\nusual expenses for that period. The $0.5 million quarter-over quarter increase\nin maintenance expenses is reflective of a return to normal maintenance\nschedules.\n\n\nOperating revenues for the first quarter were $43.4 million, a 5%\nincrease over $41.3 million for the same period last year. This $2.1 million\nincrease was driven by strong kWh sales growth and an 8% increase in Cost\nRecovery Surcharge revenues. Fuel factor revenues for the period were\ncomparable to last year. Total electricity sales for the quarter increased 8%\nto 141.8 million kWh from 131 million kWh for the same period last year.\nResidential electricity sales increased 8% and commercial electricity sales\nincreased 9% compared to first quarter fiscal 2007. Total customers as at\nJuly 31, 2007 were 23,087, an increase of 7% over last year. Total operating\nexpenses increased 7% to $33.7 million and were primarily driven by higher\nproduction levels and maintenance expenses.\n\n\n"Demand peaked in July at 91.7 MW, a 9% increase ove...