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CUC announces its results for the twelve-month period ended December 31, 2016
CUC announces its results for the twelve-month period ended December 31, 2016 Cana...
About this update from Caribbean Utilities Co. Ltd. Class A
[{"type":"text","content":"\n\n\n\n\nCUC announces its results for the twelve-month period ended December 31, 2016\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nGRAND CAYMAN, Cayman Islands, Feb. 16, 2017\n\n\n\nCaribbean Utilities Company, Ltd. is listed for trading in United States dollars on the Toronto Stock Exchange    \n\n\n\nGRAND CAYMAN, Cayman Islands, Feb. 16, 2017 /CNW/ - Caribbean Utilities Company, Ltd. (TSX: CUP.U) (\"CUC\" or \"the Company\") announced today its audited results for the twelve-month period ended December 31, 2016 (all figures in United States dollars).\n\n\n \n \n\n\n\n\n\n\n\n \nNet earnings for the year ended December 31, 2016 (\"Fiscal 2016\") were $25.2 million, a $2.4 million increase from net earnings of $22.8 million for the year ended December 31, 2015 (\"Fiscal 2015\"). This increase is attributable to a 4% increase in kilowatt-hour (\"kWh\") sales, 0.9% and 0.1% base rate increases effective June 1, 2015 and June 1, 2016 respectively, lower consumer services expenses and lower finance charges. These items were partially offset by higher depreciation costs.\n\nAfter the adjustment for dividends on the preference shares of the Company, earnings on Class A Ordinary Shares for Fiscal 2016 were $24.3 million, or $0.75 per Class A Ordinary Share as compared to $21.9 million, or $0.71 per Class A Ordinary Share for Fiscal 2015.  The Company successfully completed a Rights Offering (the \"Offering\") on May 4, 2015. The Offering raised gross proceeds of $31,563,639 through the issue of 2,930,700 Class A Ordinary Shares.  The weighted average number of Class A Ordinary Shares used to calculate the earnings per Class A Ordinary Share was impacted by the shares issued through the Offering. The full impact of the Rights Offering on the weighted average number of Class A Ordinary Shares would have been experienced during Fiscal 2016, whereas it would have only impacted the latter part of Fiscal 2015.   \n\nElectricity sales for Fiscal 2016 were 606.7 million kWh, an increase of 24.7 million kWh or 4% when compared ...