Business
CUC Announces First Quarter Results for the Period Ended March 31st, 2013
Caribbean Utilities Company, Ltd. is listed for trading in United States dollars on the Tor...
About this update from Caribbean Utilities Co. Ltd. Class A
[{"type":"text","content":"\n\n\n\n\n\nCaribbean Utilities Company, Ltd. is listed for trading in United States\n dollars on the Toronto Stock Exchange\n\n\nGRAND CAYMAN, Cayman Islands, May 7, 2013 /CNW/ - Caribbean Utilities Company, Ltd. (TSX: CUP.U) (\"CUC\" or \"the Company\")\n announced today its unaudited results for the First Quarter ended March\n 31st 2013 (all figures in United States dollars).\n\n\nDespite continuing declines in kilowatt-hour (\"kWh\") sales, CUC's\n earnings for the three months ended March 31, 2013 (\"First Quarter\n 2013\") improved over the same period last year as the Company continued\n its focus on controlling costs and improving efficiencies throughout\n the organization.\n\n\nNet earnings for the First Quarter 2013 totalled $2.9 million, an\n increase of $1.0 million, or 53%, when compared to $1.9 million for the\n three months ended March 31, 2012 (\"First Quarter 2012\"). This increase\n was due primarily to lower general and administration and financing\n costs as well as an increase in other income.  General and\n administrative expenses for the First Quarter 2012 included a one-time\n charge of $0.3 million related to restructuring costs incurred to\n further streamline CUC's organizational structure.  Maintenance costs\n also declined as a result of the ongoing capital-related projects that\n upgrade and improve the performance of the Company's fleet of\n generating units.\n\n\nThese items were partially offset by a 1% decline in kilowatt-hour (kWh)\n sales and higher depreciation costs for the First Quarter 2013 when\n compared to the First Quarter 2012.\n\n\nAfter the adjustment for dividends on the preference shares of the\n Company, earnings on Class A Ordinary Shares for the First Quarter 2013\n were $2.8 million, or $0.10 per Class A Ordinary Share, an increase of\n $1.0 million when compared to $1.8 million, or $0.06 per Class A\n Ordinary Share for the First Quarter 2012.\n\n\nKilowatt- hour sales for the First Quarter 2013 totalled 125.5.million\n kWh, which is a decrease of 0.9 million kWh, or 1% when compared to\n 126.4 million kWh for the First Quarter of 2012.\n\n\nPresident and CEO, Mr. Richard Hew, says, \"With a weak economy and high\n fuel costs, customers continue to conserve energy. The Company remained\n focused on controlling its operating costs while investing in required\n infras...