[0] UI reports strong 1st quarter performance; Comparable quarterly earnings up 43 percent from '99 level.Business Editors NOTE TO MEDIA: Chart is available in a Smart News Release(TM) on Business Wire's Home Page at www.businesswire.com NEW HAVEN New Haven, city (1990 pop. 130,474), New Haven co., S Conn., a port of entry where the Quinnipiac and other small rivers enter Long Island Sound; inc. 1784. Firearms and ammunition, clocks and watches, tools, rubber and paper products, and textiles are among the many , Conn--(BUSINESS WIRE)--April 24, 200O The United Illuminating The United Illuminating Holdings Corporation (UI) is an electricity distributor for southern Connecticut. It currently serves roughly 320,000 customers in 17 municipalities in the Greater Bridgeport, New Haven, and Lower Naugatuck Valley regions. Company today reported earnings for the first quarter of 2000 were $16.9 million, or $1.20 per share. These amounts include an estimated $0.20 per share due to a change in the quarterly earnings pattern caused by restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). of the Company's retail prices. Therefore, on a comparable basis with 1999, the Company earned an estimated $14.1 million, or $1.00 per share, a 43 percent increase over earnings of $9.9 million or $0.70 per share for the same period in 1999. Continued sales growth -- both retail and wholesale -- operating expense Operating Expense The essential things that a company must purchase in order to maintain business. Notes: For example, the payment of employees wages are an operating expense. Also known as OPEX. reductions and non-regulated business growth contributed to the strong performance. Earnings from the regulated reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. utility business totaled $16.8 million or $1.19 per share, compared to $10.6 million or $0.75 per share for the first quarter of 1999. Earnings from the non-regulated businesses were $0.1 million or $0.01 per share for the first quarter, compared to a loss of $0.7 million, or $0.05 per share, for the same period in 1999. Earnings increase expected for year The Company currently estimates that its earnings for the year 2000, assuming normal operation of the nuclear units and normal weather, will be in the range of $3.95 to $4.10 per share. This estimate includes non-regulated business earnings of $0.25 to $0.30 per share. "Our strong start to 2000 builds on the noteworthy accomplishments of 1999," said Chairman, President and Chief Executive Officer Nathaniel D. Woodson Woodson may refer to: People
"We're we're Contraction of we are. we're we are expecting 2000 to be very successful for our shareowners and customers, " said Robert Robert, Henry Martyn 1837-1923. American army engineer and parliamentary authority. He designed the defenses for Washington, D.C., during the Civil War and later wrote Robert's Rules of Order (1876). Noun 1. L. Fiscus fiscus (Latin; “basket”) Treasury of the Roman emperor, so-called because the money was stored in baskets. Funds were also stored in the public treasury, the aerarium. , UI Vice-Chairman vice-chairman n → vicepresidente m vice-chairman vice irreg n → vice-président(e) vice-chairman vice- n and Chief Financial Officer. "Extremely strong results from American American, river, 30 mi (48 km) long, rising in N central Calif. in the Sierra Nevada and flowing SW into the Sacramento River at Sacramento. The discovery of gold at Sutter's Mill (see Sutter, John Augustus) along the river in 1848 led to the California gold rush of Payment Systems and increased sales from the regulated utility business are significant factors in this quarter's results," Fiscus said. Fiscus also explained that quarterly earnings for 2000 will be more evenly distributed between quarters than in past years. This change results from the new regulated pricing structure effective January January: see month. 1, 2000. Year 2000 quarterly earnings estimates compared to actual 1999 quarterly earnings are shown on the attached chart. Continuing progress on strategic growth initiatives - Regulated business "real" sales growth was 1.3 percent for the quarter. - American Payment Systems, as a result of vigorous sales growth and the strong business and financial controls, contributed significant earnings this quarter, a total of $0.05 per share, an increase of $0.04 per share over the 1999 quarter. - The rigorous strategic decision quality program developed and implemented in 1999 to support our strategic investment process has resulted in increased contributions from our other non-regulated operations and investments. Precision Power revenues for the first quarter of 2000 amounted to $13.7 million, up $9.6 million from the first quarter of last year, reflecting the acquisition of Allan Allan can refer to:
Electric in the third quarter of 1999. United Capital Investments contributed $0.07 per share to first quarter earnings, while United Bridgeport Bridgeport, city (1990 pop. 141,686), Fairfield co., SW Conn., on Long Island Sound; inc. 1836. Long a chief industrial city in Connecticut, it makes electrical appliances, transportation equipment, clothing, ammunition, metal products, wiring devices, machinery, Energy lost a similar amount due to an outage out·age n. 1. A quantity or portion of something lacking after delivery or storage. 2. A temporary suspension of operation, especially of electric power. to repair and modify turbines at the Bridgeport merchant plant facility. It is expected to return to service in May. - United Capital Investments recently made an investment in Gemini Gemini (jĕm`ənī, –nē) [Lat.,=the twins], northern constellation lying on the ecliptic (the sun's apparent path through the heavens) between Taurus and Cancer, N of Canis Minor; it is one of the constellations of the zodiac. United, a broadband broadband Term describing the radiation from a source that produces a broad, continuous spectrum of frequencies (contrasted with a laser, which produces a single frequency or very narrow range of frequencies). data communications data communications, application of telecommunications technology to the problem of transmitting data, especially to, from, or between computers. In popular usage, it is said that data communications make it possible for one computer to "talk" with another. system in the Company's service territory. Customers see substantial benefits - Between April and December December: see month. 2000, UI customers will receive bill credits of $19.4 million from sharing of 1999 regulated business earnings above 11.5 percent under the Company's rate plan. The credits are in addition to the ten percent bill reduction mandated by restructuring. For 2000, the amount of sharing from regulated business earnings will be greatly reduced from 1999 levels due to mandates mandates, system of trusteeships established by Article 22 of the Covenant of the League of Nations for the administration of former Turkish territories and of former German colonies. in the industry restructuring legislation and the Company expects sharing to total no more than $5-$6 million. For additional detailed analysis of the quarterly earnings, please see UI's website. UI is a New Haven-based regional distribution utility that provides electricity and energy-related services to more than 314,000 customers in municipalities in the Greater New Haven Greater New Haven is the metropolitan area whose extent includes those towns in the U.S. state of Connecticut that share an economic, social, political, and historical focus on the city of New Haven. It occupies the south-central portion of the state in a radius around New Haven. and Greater Bridgeport Greater Bridgeport is the metropolitan area centered on the city of Bridgeport in the U.S. state of Connecticut. The area is located in Southwestern Connecticut and consists of the city of Bridgeport and five other adjacent towns – Easton, Fairfield, Monroe, Stratford, and areas. UI's World Wide Web address is http://www.uinet.com/ and the company is traded on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. under the symbol UIL UIL - User Interface Language .
---(see note below for chart information)---
UNITED ILLUMINATING REPORTS EARNINGS FOR THE FIRST QUARTER 2000
The United Illuminating Company (NYSE-UIL) reports earnings per
share (EPS) for the quarter ended:
2000 more (less)
than 1999
-----------------
March 31, 2000 March 31, 1999 Amount Percent
-------------------------------------------------
Total Operating
Revenue $180,977 $168,667 $12,310 7.3%
-------------------------------------------------
Total Earnings
for Common Stock $16,865 $9,850 $7,015 71.2%
-------------------------------------------------
Total EPS (Basic and
Diluted) $1.20 $0.70 $0.50 71.4%
-------------------------------------------------
EPS from one-time
items - - $0.04 $(0.04) - -
-------------------------------------------------
EPS from operations $1.20 $0.66 $0.54 81.8%
-------------------------------------------------
GWH Sales 1,402 1,369 33 2.4%
-------------------------------------------------
Non-EPS amounts are
in thousands.
UNITED ILLUMINATING REPORTS EARNINGS FOR THE TWELVE MONTHS ENDED
MARCH 31, 2000
The United Illuminating Company (NYSE-UIL) reports earnings per
share (EPS) for the twelve months ended:
2000 more (less)
than 1999
Restated -------------------
March 31, 2000 March 31, 1999 Amount Percent
----------------------------------------------------------------------
Total Operating Revenue $692,285 $692,384 $(99) - - %
-------------------------------------------------------
Total Earnings
for Common Stock $59,120 $45,831 $13,289 29.0%
--------------------------------------------------------
Total EPS (Basic) $4.21 $3.27 $0.94 28.7%
--------------------------------------------------------
Total EPS (Diluted) $4.20 $3.27 $0.93 28.4%
-------------------------------------------------------
EPS from one-time
items - $(0.17) $0.17 - -
-------------------------------------------------------
EPS from operations $4.20 $3.44 $0.76 22.1%
-------------------------------------------------------
GWH Sales 5,685 5,490 195 3.6%
-------------------------------------------------------
Non-EPS amounts are in thousands.
One-time Items recorded in the twelve months ended March 31, 1999
One-time Items recorded in the twelve
months ended March 31, 1999 EPS
----------------------------------------------------------------------
1999 Quarter 1 Purchased Power Expense Refund $ .12
"Sharing" due to refund $(.08)
----------------------------------------------------------------------
1998 Quarter 3 Refund of prior period transmission
charges, with interest $ .14
"Sharing" due to one-time
items recorded through third
quarter $(.05)
----------------------------------------------------------------------
1998 Quarter 4 Property tax settlement with
the City of New Haven, CT $(.59)
Reversal of "sharing" imputed
to property tax settlement $.29
----------------------------------------------------------------------
No one-time items were recorded in the twelve months ended March 31,
2000.
THE UNITED ILLUMINATING COMPANY
Consolidated Income Statement Detail (Unaudited)
(Thousands except per share amounts)
Quarter Ended
March 31,
2000 1999
---- ----
Operating revenues
Retail revenue $148,941 $152,391
Wholesale 18,614 13,593
Other 13,422 2,683
------- ------
Total operating revenues 180,977 168,667
-------- -------
Operating expenses
Fuel and energy:
retail 63,051 23,472
wholesale 4,418 13,086
Gross earnings tax 6,388 5,854
Purchased capacity 1,447 9,062
Operation & maintenance 39,535 48,200
Other taxes 5,353 8,155
Depreciation 7,119 17,739
Amortization of regulatory
assets 15,804 7,026
Purchased power expense refund 0 (2,659)
Income taxes 13,206 15,525
------- -------
Total operating expenses 156,321 145,460
-------- -------
Operating income 24,656 23,207
------- -------
Other income (deductions)
AFUDC 592 461
Other net 2,402 (469)
Other income tax (expense)
benefits (640) 891
----- -----
Total other income(deductions) 2,354 883
------ -----
Interest charges
Long-term debt 9,606 12,227
Interest on Company owned bonds (1,618) (1,711)
Short-term debt 312 1,284
Other 79 572
--- ---
Subtotal 8,379 12,372
Amortization: debt expense,
redemption premiums 563 614
---- ---
Net interest charges 8,942 12,986
------ ------
Dividend requirement-mandatorily
redeemable securities 1,203 1,203
------ -----
Net income 16,865 9,901
Preferred dividends 0 51
-- --
Total earnings for common stock $16,865 $9,850
-------- ------
Earnings per share -
Basic & Diluted $1.20 $0.70
------ -----
Book value per share $33.07 $31.73
Average number of shares
outstanding-Basic (000's) 14,069 14,042
Average number of shares
outstanding-Diluted (000's) 14,072 14,044
Retail GWH sales 1,402 1,369
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