Caribbean Utilities Company, Ltd. is listed for trading in United States
dollars on the Toronto Stock Exchange under the trading symbol "CUP.U".
GRAND CAYMAN, Cayman Islands, March 12 /CNW/ - Caribbean Utilities Company, Ltd. ("CUC" or "the Company") announced today its unaudited results for the third quarter ended January 31, 2008 (all figures in United States dollars).
Sales for the third quarter of fiscal 2008 reflected continuing economic growth in Grand Cayman at 129.3 million kilowatt hours ("kWh"), up 6% from 121.8 million kWh for the same period in fiscal 2007. Net earnings were $5.3 million, up $5.9 million from losses of $0.6 million for the third quarter of fiscal 2007. The increase results from power plant restructuring in fiscal 2007, sales growth, lower maintenance costs and the movement in fuel cost deferral. Positive earnings impacts were partially offset by the termination of the Hurricane Ivan Cost Recovery surcharge and the introduction of restructured lower electricity rates effective January 1, 2008. Earnings on Class A Ordinary Shares were $5.1 million or $0.204 per Class A Ordinary Share, as compared to losses of $0.7 million or $0.033 per Class A Ordinary Share for the third quarter of fiscal 2007.
Year-to-date net earnings were $19.3 million compared to $14.3 million for the same period in fiscal 2007. Earnings on Class A Ordinary Shares for the nine months ended January 31, 2008 were $18.5 million, or $0.732 per Class A Ordinary Share, a 35% increase from $13.7 million or $0.541 per Class A Ordinary Share for the nine months ended January 31, 2007. Earnings on Class A Ordinary Shares were 6% higher compared to earnings on Class A Ordinary Shares for the nine months ended January 31, 2007, excluding the Power Plant Restructuring, of $0.691.
"As we approach fiscal 2008 year-end, our primary objective is to conclude the licence negotiations and provide greater focus on our day to day operations to further enhance value to our stakeholders," remarked Richard Hew, CUC President and Chief Executive Officer. "CUC remains committed to supporting the continued steady growth in Grand Cayman through disciplined management, engineering expertise, established strategic alliances and the integration of new and efficient technologies as they emerge and are proven viable."
CUC's Third Quarter Report for the period ended January 31, 2008 is attached to this release and incorporated by reference and can be accessed by clicking the link below:
http://files.newswire.ca/520/CUC_Q4_Shareholders08.pdf
The Management's Discussion and Analysis section of this report contains a detailed discussion of CUC's unaudited third quarter financial results, the Cayman Islands economy, liquidity and capital resources, capital expenditures and the business risks facing the Company. The release and Third Quarter Report can be accessed at www.cuc-cayman.com (Investor Relations/Press Releases) and at www.sedar.com.
CUC is the sole provider of electricity to Grand Cayman, Cayman Islands. Further information is available at www.cuc-cayman.com.
Caribbean Utilities Company, Ltd. ("CUC" or "the Company"), on occasion, includes forward-looking statements in its media releases, Canadian securities regulatory authorities filings, shareholder reports and other communications. Forward-looking statements include statements that are predictive in nature, depend upon future events or conditions, or include words such as "expects", "anticipates", "plan", "believes", "estimates", "intends", "targets", "projects", "forecasts", "schedule", or negative versions thereof and other similar expressions, or future or conditional verbs such as "may", "will", "should", "would" and "could". Forward-looking statements are based on underlying assumptions by their very nature and are subject to certain risks and uncertainties that may cause actual results to vary from plans, targets and estimates. Such risks and uncertainties include but are not limited to general economic, market and business conditions, regulatory developments and weather conditions. CUC cautions readers that actual results may vary significantly from those expected should certain risks or uncertainties materialize or should underlying assumptions prove incorrect. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
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