Business
CUC Announces Second Quarter Results for the Period Ended June 30th, 2009
Caribbean Utilities Company, Ltd. is listed for trading in United States dollars on the Toronto S...
About this update from Caribbean Utilities Co. Ltd. Class A
[{"type":"text","content":"\n\n\n\nCaribbean Utilities Company, Ltd. is listed for trading in United States\ndollars on the Toronto Stock Exchange under the trading symbol "CUP.U".\n\n\nGRAND CAYMAN, Cayman Islands, Aug. 6 /CNW/ - Caribbean Utilities Company,\nLtd. ("CUC" or the "Company") announced today its unaudited results for the\nsecond quarter ended June 30, 2009 (all figures in United States dollars).\n\n\nIn August of 2008, the Company announced it would change its year end to\nDecember 31. Therefore, as a result of this change, the analysis for the six\nmonths ended June 30, 2009 includes comparisons to the six month period ended\nJuly 31st 2008. The six month period ended July 31, 2008 is the sum of the\npreviously reported three month period ended April 30, 2008 and the three\nmonth period ended July 31, 2008. This is the period closest to that of the\nsix months ended June 30, 2009.\n\n\nElectricity sales for the second quarter of 2009 totaled 142.2 million\nkilowatt hours ("kWh") in comparison to 149.1 million kWh for the three months\nended July 31, 2008; a decrease of 5%. For the first half of 2009, electricity\nsales declined by 6% to 262.3 kWh, compared to 277.8 kWh for the six months\nended July 31, 2008. Electricity sales were adversely affected by lower than\naverage temperatures throughout the first half of 2009. Also affecting the\nsales variance is the comparison of two differing periods as described above.\n\n\nNet earnings for the second quarter of 2009 were $5.0 million. This\nrepresents a 6% or $0.3 million decrease from net earnings of $5.3 million for\nthe three months ended July 31, 2008. Net earnings for the first half of 2009\nwere down $2.2 million or 23% at $7.5 million compared to net earnings of $9.7\nmillion for the six months ended July 31, 2008. Varying temperatures, negative\nsales growth for the period as compared to the three months ended July 31,\n2008 and increased depreciation expense have contributed to this decline.\nComparison of earnings in the first half of 2009 to the six months ended July\n31, 2008 includes, due to timing, the favourable fuel cost recovery of $2.5\nmillion for the three months ended April 30, 2008. The introduction of a fuel\ntracker mechanism in the Company's 2008 Transmission and Distribution Licence\nhas eliminated favourable or adverse timing ...