Business
CUC Announces First Quarter Results for the Period Ended March 31, 2010
CUC Announces First Quarter Results for the Period Ended March 31, 2010
About this update from Caribbean Utilities Co. Ltd. Class A
[{"type":"text","content":"\n\n\n\n Apr. 30, 2010 (Canada NewsWire Group) -- Caribbean Utilities Company, Ltd. is listed for trading in United States dollars on the Toronto Stock Exchange under the trading symbol "CUP.U".\n\n Caribbean Utilities Company, Ltd. ("CUC" or the "Company") announced today its unaudited results for the three month period ended March 31, 2010 ("First Quarter 2010") (all figures in United States dollars).\nPresident and Chief Executive Officer, Mr. Richard Hew, stated, "Despite slowed economic activity on the island, we continue to experience growth in our residential customer base with 830 total new customer connections since March 31, 2009 bringing total customers to 25,676, an increase of 3%. This was the major contributor to an overall kilowatt hour sales increase of 3%." Mr. Hew added that, "The Company has effectively responded to slower growth in demand through expenditure cuts and has increased its operational focus on efficiency and reliability."\nNet earnings for the First Quarter 2010 were $2.46 million, slightly higher than the net earnings of $2.44 million for the three months ended March 31, 2009. Higher kiloWatt hour sales and lower general and administrative expenses during the period contributed to the increase. These were partially offset by higher maintenance, depreciation and financing costs.\nAfter adjustment for dividends on the Class B Preference Shares, earnings per Class A Ordinary Share for the First Quarter 2010 were $2.3 million, or $0.08 per Class A Ordinary Share, comparable to the three months ended March 31, 2009.\nDuring the First Quarter 2010, the Company made capital expenditures of $6.1 million, a $3.1 million, or 34% decrease from $9.2 million for the three months ended March 31, 2009.\nCUC's First Quarter 2010 results and related Management's Discussion and Analysis ("MD&A") for the First Quarter 2010 are attached to this release and incorporated by reference and can be accessed by clicking the link below:\n\nhttp://files.newswire.ca/520/CUCQ12010.pdf\n\nThe MD&A section of this report contains a discussion of CUC's unaudited First Quarter 2010 results, the Cayman Islands economy, liquidity and capital resources, capital expenditures and the business risks facing the Company. The release and First Quarter 2010 MD&A can be ac...