Business
CUC Announces First Quarter Results for the Period Ended March 31st, 2014
Caribbean Utilities Company, Ltd. is listed for trading in United States dollars on the T...
About this update from Caribbean Utilities Co. Ltd. Class A
[{"type":"text","content":"\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 8, 2014 /CNW/ - Caribbean Utilities\n Company, Ltd. (TSX: CUP.U) (\"CUC\" or \"the Company\") announced today its\n unaudited results for the First Quarter ended March 31st 2014 (all figures in United States dollars).\n\n\nNet earnings for the three months ended March 31, 2014 (\"First Quarter\n 2014\") totalled $3.4 million, an increase of $0.5 million when compared\n to $2.9 million for the three months ended March 31, 2013 (\"First\n Quarter 2013\").  This increase was driven by higher electricity sales\n revenues and lower depreciation costs.  These items were partially\n offset by higher consumer service costs and finance charges.\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 2014\n were $3.3 million, or $0.11 per Class A Ordinary Share, an increase of\n $0.5 million from the $2.8 million, or $0.10 per Class A Ordinary Share\n for the First Quarter 2013.\n\n\nSales for the First Quarter 2014 totalled 130.7 million kilo-watt hours\n (\"kWh\"), an increase of 5.2 million kWh, or 4%, in comparison to 125.5\n million kWh for the First Quarter 2013.  First Quarter 2014 kWh sales\n were positively impacted by growth in customer numbers and warm weather\n conditions that affected customer air-conditioning load more\n significantly when compared to the same period last year.  The average\n monthly temperature for the First Quarter 2014 was 80.0 degrees\n Fahrenheit as compared to average monthly temperature of 79.3 degrees\n for First Quarter 2013.\n\n\nThe total number of customers at the end of the First Quarter 2014 was\n 27,438 customers, a 1.3% increase when compared to 27,086 customers at\n the end of the First Quarter 2013.\n\n\nPresident and CEO, Mr. Richard Hew, says, \"The Company continues to\n invest in the infrastructure which is required to meet current and\n future demand as needed, while also working to control its operating\n expenditures. CUC is committed to ensuring that its customers are\n provided with a safe and reliable electricity service at least cost. \"\n\n\nCapital Expenditures totaled $6.5 million and reliability of service as\n measu...