Business
/C O R R E C T I O N -- Emera Inc./
In c8190 transmitted at 12:34e today, an error occurred in the first table of the "Liquidity risk...
About this update from Emera Incorporated
[{"type":"text","content":"\n\n\n\nIn c8190 transmitted at 12:34e today, an error occurred in the first\n\n\ntable of the "Liquidity risk" section. The last column heading of this\n\n\ntable should have read "greater than 2012" and not "2012". Corrected copy\n\n\nfollows:\n\n\nEmera Reports Earnings of $144.1 Million for 2008\n\n\nHALIFAX, Feb. 13 /CNW/ - (EMA-TSX): Emera Inc.'s consolidated net\nearnings were $144.1 million in 2008, compared to $151.3 million in 2007.\nExcluding the effect of mark-to-market accounting adjustments in Bear Swamp,\nnet earnings were $148.9 million in 2008, compared to $141.9 million in 2007.\nEarnings per share were $1.29 or $1.33 excluding mark-to-market adjustment for\n2008 and $1.36 or $1.28 excluding mark-to-market adjustment for 2007.\nConsolidated net earnings for the three months ended December 31, 2008 were\n$25.3 million compared to $36.6 million for the fourth quarter of 2007.\nQuarterly earnings per share were $0.23 in 2008 compared to $0.33 in 2007.\n\n\n"We are pleased with our 2008 results," said Chris Huskilson, President\nand Chief Executive Officer of Emera Inc. "Positive trends in our portfolio of\nbusinesses led to a successful year and an increase in our dividend. NSPI's\nrate decision, including a fuel adjustment mechanism, was approved in\nNovember, we increased our presence in the Caribbean with our investment in\nthe Grand Bahama Power Company in September, and Brunswick Pipeline\nconstruction was completed in January 2009."\n\n\nNova Scotia Power Inc. (NSPI), Emera's largest subsidiary, contributed\n$105.6 million to 2008 consolidated net earnings, compared to $100.2 million\nin 2007. This increase related to the effect of having the April 2007 rate\nincrease in place for the entire year as well as lower income tax expense.\nNSPI contributed $14.4 million to consolidated net earnings in Q4 2008,\ncompared to $25.2 million in Q4 2007. Earnings were lower quarter-over-quarter\nlargely due to higher fuel costs.\n\n\nBangor Hydro Electric Company (BHE), Emera's electricity transmission and\ndistribution utility subsidiary in Maine, contributed $23.1 million for the\nyear ended December 31, 2008 compared to $27.5 million in 2007. This decrease\nwas due mainly to the benefits received in 2007 related to the construction of\nthe NRI transmission line. BHE c...