Business
CUC Announces Second Quarter Results for the Period Ended June 30th, 2010
CUC Announces Second Quarter Results for the Period Ended June 30th, 2010
About this update from Caribbean Utilities Co. Ltd. Class A
[{"type":"text","content":"\n\n\n\n Aug. 4, 2010 (Canada NewsWire Group) -- \n\n \n \n \nTR.cnwUnderlinedCell TD {\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD {\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD {\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell {\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell {\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell {\n BORDER-BOTTOM: #000000 3px solid\n}\n\nCaribbean Utilities Company, Ltd. is listed for trading in United States dollars on the Toronto Stock Exchange under the trading symbol "CUP.U".\n\nGRAND CAYMAN, Cayman Islands, Aug. 4 /CNW/ - Caribbean Utilities Company, Ltd. ("CUC" or the "Company") announced today its unaudited results for the second quarter ended June 30, 2010 (all figures in United States dollars).\nElectricity sales for the three months ended June 30, 2010 ("Second Quarter 2010") totaled 149.8 million kilowatt hours ("kWh") in comparison to 142.2 million kWh for the three months ended June 30, 2009 ("Second Quarter 2009"); an increase of 5%. For the six months ended June 30, 2010 ("First Half of 2010"), electricity sales increased by 4% to 273.2 kWh, compared to 262.3 kWh for the six months ended June 30, 2009 ("First Half of 2009"). Quarter over quarter electricity sales were significantly impacted by hotter than average temperatures in the Second Quarter 2010 compared to the cooler than average temperatures experienced in the Second Quarter 2009 with resultant lower than expected sales in the Second Quarter 2009. A new system peak load of 102.1 Megawatts ("MW") was recorded in June 2010, up 8.2% from the peak load of 94.4 MW recorded in June 2009.\nNet earnings for the Second Quarter 2010 were $6.2 million, an increase of $1.2 million over net earnings of $5 million for the Second Quarter 2009. Net earnings for the First Half of 2010 were $8.6 million, an increase of $1.1 million compared to net earnings of $7.5 million for the First Half of 2009. Sales growth due to higher temperatures and modest growth in customer connections, partially offset by increased depreciation expense have contributed to this increase. The Company continued through the period with its deliberate efforts to improve productivity and...