Business
CUC Announces Third Quarter Results for the Period Ended January 31, 2007
CUC Announces Third Quarter Results for the Period Ended January 31, 2007.
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\n\n\ndollars on the Toronto Stock Exchange under the trading symbol "CUP.U"\n\n\nGRAND CAYMAN, Cayman Islands, March 2 /CNW/ - Caribbean Utilities\nCompany, Ltd. ("CUC" or "the Company") announced today its unaudited results\nfor the third quarter ended January 31, 2007 (all figures in United States\ndollars).\n\n\n"Primarily as a result of a one-time disposal of the Company's steam\nturbine and boilers ("steam system") assets, net losses for the three months\nended January 31, 2007 were $0.6 million compared to net earnings of\n$3.9 million for the same period last year," said Richard Hew, CUC President\nand Chief Executive Officer. "Earnings per Class A Ordinary Share for the\nthird quarter, excluding the $3.7 million net impact from the disposal of the\nsteam system, would have been $0.12, and earnings per share for the nine\nmonths ended January 31, 2007 would have been $0.69, which was in line with\nthe Company's projections. Third quarter 2007 results were also negatively\nimpacted by $0.7 million of unplanned maintenance resulting from a series of\nunexpected generator failures. One of the failed generators has returned to\nservice, with the remaining two expected to return by April 2007."\n\n\nLosses on Class A Ordinary Shares for the third quarter, after the\nadjustment for preference dividends, were $0.7 million, or $0.03 per Class A\nOrdinary Share, compared to $3.8 million, or $0.15 earnings per share, for\nthird quarter fiscal 2006.\n\n\nThe Company's decision to dispose of the steam system came after a\ndetailed review by Management of the economics and the environmental impact of\nreinstating the system and continuing in the same mode of operation as prior\nto the hurricane, as well as various options of upgrading the system. "This is\na one-time event as part of CUC's overall power plant restructuring, and the\nCompany does not anticipate further expenses related to the steam system in\nthe future," explained Mr. Hew. "Excluding the significant impact of this\nunusual occurrence in the third quarter, year-to-date earnings were in line\nwith expectations, and the underlying fundamentals of the Company and its\noutlook remain positive."\n\n\nSales growth co...