BayCorp Reports Strong First Quarter 2002 Operating Results.Business Editors ELIOT, Maine--(BUSINESS WIRE)--April 22, 2002 BayCorp Holdings, Ltd. ("BayCorp") (AMEX AMEX See: American Stock Exchange : MWH See watt-hour. ) announced today its operating results for the first quarter ended March 31, 2002. BayCorp reported net income of $3,644,000, or income of approximately $0.43 share, for the first quarter of 2002 as compared to net income of $1,573,000, or approximately of $0.19 per share, for the first quarter of 2001. The increase in net income in the first quarter of 2002 as compared to the first quarter of 2001 was primarily due to an increase in the capacity factor at the Seabrook Project during the first quarter of 2002 as compared to the first quarter of 2001. The capacity factor at the Seabrook Project for the first quarter of 2002 was 100% as compared to 50.8% for the first quarter of 2001. During the first quarter of 2001, the capacity factor was adversely impacted by the extended 2000 refueling 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. and unscheduled unscheduled Adjective not planned or intended Adj. 1. unscheduled - not scheduled or not on a regular schedule; "an unscheduled meeting"; "the plane made an unscheduled stop at Gander for refueling" maintenance outages. During scheduled and unscheduled outages in the first quarter of 2001, the Company incurred significant costs, primarily for purchased power to cover firm power contracts. There were no scheduled or unscheduled outages during the first quarter of 2002. Operating revenues operating revenue Revenue from any regular source. Revenue from sales is adjusted for discounts and returns when calculating operating revenue. Compare other revenue. decreased approximately $3,899,000, or 20.2%, to $15,368,000 in the first quarter of 2002 as compared to $19,267,000 in the first quarter of 2001. The decrease in operating revenues was primarily attributable to a decrease in selling prices in the first quarter of 2002 as compared to the first quarter of 2001. During the three months ended March 31, 2002, Great Bay's average selling price The average sales price of goods or commodities. Especially used in the retail sector and technology distribution. decreased 17.3%, to 4.07 cents per kWh, as compared with an average selling price of 4.92 cents per kWh for the same period in 2001. Operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. decreased approximately $12,381,000, or 53.4%, to $10,822,000 for the quarter ended March 31, 2002 as compared to $23,203,000 for the quarter ended March 31, 2001. The decrease in operating expenses was primarily attributable to a decrease in purchased power costs. Purchased power costs decreased approximately $13,546,000, from $13,738,000 in the first quarter of 2001 to $192,000 in the first quarter of 2002. During the first quarter of 2001, the Company purchased power for resale primarily to cover its firm contracts during the refueling outage and other unscheduled outages that occurred during the first quarter ended March 31, 2001. Great Bay recorded an unrealized gain Unrealized Gain A profit that results from holding on to an asset rather than cashing it in and using the funds. Notes: Let's say you own a stock that has doubled, but you haven't sold it yet. This is said to be an unrealized gain. on the mark to market of firm forward energy trading contracts of $6,314,000 in the first quarter of 2001. As of December 31, 2001 all firm energy trading contracts had been fulfilled ful·fill also ful·fil tr.v. ful·filled, ful·fill·ing, ful·fills also ful·fils 1. To bring into actuality; effect: fulfilled their promises. 2. . Sales for the first quarter ended March 31, 2002 were made on a unit contingent basis as opposed to firm sales and as such, there was no replacement power risk and no unrealized gain or loss to be recorded. About BayCorp BayCorp Holdings, Ltd. is an unregulated Adj. 1. unregulated - not regulated; not subject to rule or discipline; "unregulated off-shore fishing" regulated - controlled or governed according to rule or principle or law; "well regulated industries"; "houses with regulated temperature" 2. holding company incorporated in Delaware. BayCorp's wholly owned subsidiaries Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , Great Bay and Little Bay, are electric generating companies whose principal assets total an approximate 15% joint ownership in the Seabrook Nuclear Power Plant in Seabrook, New Hampshire Seabrook is a town in Rockingham County, New Hampshire, United States. The population was 7,979 at the 2000 census. Located at the southern end of the coast of New Hampshire on the border with Massachusetts, Seabrook is noted as the location of the Seabrook Nuclear Power Station, . HoustonStreet, Inc., an equity investment of BayCorp, developed and operates HoustonStreet.com, an Internet based independent crude oil and refined products trading exchange.
BAYCORP HOLDINGS, LTD.
STATEMENT OF INCOME AND LOSS
(UNAUDITED)
(Dollars in Thousands, except shares and per share data)
Three Months
Ended March 31,
2002 2001
Operating Revenues $ 15,368 $ 19,267
Operating Expenses 10,822 23,203
Operating Income/(Loss)
Before Mark to Market
of Firm Forward Energy
Trading Contracts 4,546 (3,936)
Unrealized Gain on Firm
Forward Contracts 0 6,314
Operating Income 4,546 2,378
Total Other Deductions 902 805
Net Income $ 3,644 $ 1,573
Weighted Average Shares
Outstanding - Basic 8,423,241 8,334,264
Weighted Average Shares
Outstanding - Diluted 8,573,790 8,540,297
Basic Net Income Per Share $ 0.43 $ 0.19
Diluted Net Income Per Share $ 0.43 $ 0.19
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