CUC Announces Fourth Quarter and Twelve Month Results for the Period Ended December 31, 2010

About this update from Caribbean Utilities Co. Ltd. Class A

[{"type":"text","content":"\n\n\n\n Feb. 14, 2011 (Canada NewsWire Group) -- \n\n#ReleaseContent TABLE\n{\n BORDER-COLLAPSE: collapse\n}\nTR.cnwUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px solid\n}\n#ReleaseContent TABLE.cnwBorderedTable TD\n{\n BORDER-RIGHT: black 1px solid;\n PADDING-RIGHT: 2px;\n BORDER-TOP: black 1px solid;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n BORDER-LEFT: black 1px solid;\n PADDING-TOP: 2px;\n BORDER-BOTTOM: black 1px solid;\n BORDER-COLLAPSE: collapse\n}\n#ReleaseContent TABLE TD\n{\n PADDING-RIGHT: 2px;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n PADDING-TOP: 2px\n}\n\n\nGRAND CAYMAN, Cayman Islands, Feb. 14 /CNW/ - Caribbean Utilities\n Company, Ltd. ("CUC" or the "Company") announced today its unaudited\n results for the fourth quarter and twelve months ended December 31,\n 2010 (all figures in United States dollars).\n\n\nNet earnings for the three months ended December 31, 2010 were $4.7\n million, representing a decrease of 20% or $1.2 million from net\n earnings of $5.9 million for the three months ended December 31, 2009.\n This decrease in earnings is principally attributable to 10% lower\n sales during the period compared to the fourth quarter of 2009 due to\n significantly cooler temperatures during the fourth quarter of 2010 and\n particularly during the month of December.\n\n\nNet earnings for the twelve months ended December 31, 2010 were $19.9\n million, representing a 1% or $0.1 million decrease from net earnings\n of $20.0 million for the twelve months ended December 31, 2009. The\n decrease in earnings is due to 1% lower sales during the one year\n period compared with 2009, increased depreciation expense and an\n increase in finance charges.  These increases were partially offset by\n lower maintenance, general and administration and transmission and\n distribution costs in 2010.\n\n\nOperating income declined 13%, or $0.9 million, to $6.1 million for the\n three months ended December 31, 2010 from $7.0 million for the three\n months end...

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