Business
CUC Announces First Quarter Results for the Period Ended March 31, 2009
Caribbean Utilities Company, Ltd. is listed for trading in United States dollars on the Toronto S...
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\ndollars on the Toronto Stock Exchange under the trading symbol "CUP.U".\n\n\nGRAND CAYMAN, Cayman Islands, May 1 /CNW/ - Caribbean Utilities Company,\nLtd. ("CUC" or the "Company") announced today its unaudited results for the\nfirst quarter ended March 31, 2009 (all figures in United States dollars).\n\n\nThis is the first reporting period aligned with the calendar year\nfollowing the announcement in August of 2008 that the Company would change its\nyear end to December 31. Comparisons of the three months ended March 31, 2009\n("First Quarter 2009") results are to the three months ended April 30, 2008,\nthe closest previously reported period in the prior year.\n\n\nNet earnings for the First Quarter 2009 were $2.4 million, a $2.0\nmillion, or 45% decrease from net earnings of $4.4 million for the three\nmonths ended April 30, 2008. Earnings results for the three months ended April\n30, 2008 were impacted by a favourable fuel cost recovery of $2.5 million\nduring that period. The introduction of a fuel tracker mechanism in the\nCompany's 2008 Transmission and Distribution Licence has eliminated favourable\nor adverse timing differences in fuel cost recovery in the financial reporting\nquarters since April 2008. First Quarter 2009 earnings also reflect the\ndifference in comparative periods with February through April traditionally\nhaving higher average temperatures than January through March.\n\n\nEarnings per Class A Ordinary Share for the First Quarter 2009 were $2.3\nmillion, or $0.08 per class A Ordinary share, as compared to $4.3 million, or\n$0.169 per Class A Ordinary Share, for the three months ended April 30, 2008.\n\n\nSales were affected by the cooler than average weather and increased\nconservation efforts on the part of consumers. KiloWatt hour sales for the\nFirst Quarter 2009 were 120.1 million when compared to 128.7 million for the\nthree months ended April 30, 2008, a decline of 7%.\n\n\nPresident and Chief Executive Officer, Mr. Richard Hew, stated, "New\ncustomer connections were 328 for the quarter bringing total customers to\n24,846, a 3% increase since April 30, 2008. In anticipation that factors such\nas energy conservation and a declining global economy may have an impact on\nour...