Central Vermont Announces Improved Second Quarter Results.RUTLAND Rutland, county, England Rutland, county (1991 pop. 32,400), 152 sq mi (394 sq km), central England. Rutland has a rolling terrain and is a rural upland area largely devoted to tillage and pasturage. , Vt.--(BUSINESS WIRE)--Aug. 7, 1995-- Central Vermont Vermont (vərmŏnt`) [Fr.,=green mountain], New England state of the NE United States. It is bordered by New Hampshire, across the Connecticut R. Public Service Corp. today reported improved operating results compared to last year. On a year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. basis, earnings were $1.00 per share compared to $0.81 for the comparable 1994 period. For the quarter, the company recorded a loss of $0.13 per share of common stock compared to a loss of $0.22 during the same period in 1994. Due to the company's winter sales peak and higher winter rates, the company normally experiences losses in the second and third quarters when sales are lower and rates are reduced. Earnings for the twelve months ending June June: see month. 30 were $1.27 compared to $1.34 for 1994. The current twelve-month period, however, reflects several non-recurring charges taken in the fourth quarter 1994, amounting to $0.37 per share. Absent these non-recurring charges, earnings would have been $1.64 per share. The revenue improvement is attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to increasing economic activity and the continuing impact of the 5.07 percent retail rate increase effective in late 1994. Reflecting the improving economy, commercial and industrial megawatt-hour sales have increased over last year. However, a 4-percent decline in residential sales resulted in overall retail megawatt-hour sales for the year-to-date being down more than one percent compared to the 1994 level. Several nuclear plants, including Vermont Yankee Yankee, term used by Americans generally in reference to a native of New England and by non-Americans, especially the British, in reference to an American of any section. , were out of service for refueling during portions of the quarter. Maine Maine, ship Maine, U.S. battleship destroyed (Feb. 15, 1898) in Havana harbor by an explosion that killed 260 men. The incident helped precipitate the Spanish-American War (Apr., 1898). Commanded by Capt. Charles Sigsbee, the ship had been sent (Jan. Yankee, of which the company owns 2 percent, is undergoing significant steam generator A steam generator is a device used to boil water to create steam. It may refer to:
Sales show signs of benefitting from the warm summer weather and should continue to reflect the improving economy. Customer growth includes a new large mall and expansions in a number of businesses. In addition, lower than expected power costs and continuing cost control efforts are contributing to a more favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. year-end year-end also year·end n. The end of a year. adj. Occurring or done at the end of the year: a year-end audit. Noun 1. outlook than anticipated at the end of the first quarter. The weather and economic activity during the last quarter of the year when higher winter rates again become effective will, of course, also play a role in the final results.
Central Vermont Public Service Corporation - Consolidated
Earnings Release (Unaudited)
(Dollars in thousands, except per share amounts)
Quarter Ended Six Months Ended
June 30 June 30
1995 1994 1995 1994
Operating revenues $62,846 $57,684 $149,709 $141,569 Net income (loss) (a) ($1,063) ($2,003) $12,733 $10,605 Preferred stock dividend requirements $507 $577 $1,014 $1,124 Earnings (losses) available for common stock (a) ($1,570) ($2,580) $11,719 $9,481 Average shares of common stock outstanding 11,676,201 11,708,652 11,694,025 11,659,421 Earnings (losses) per share of common stock ($0.13) ($0.22) $1.00 $0.81 -0-
Twelve Months Ended
June 30
1995 1994
Operating revenues $285,299 $278,665 Net income (loss) (a) $16,928 $17,988 Preferred stock dividend requirements $2,028 $2,451 Earnings (losses) available for common stock (a) $14,900 $15,537 Average shares of common stock outstanding 11,734,086 11,565,461 Earnings (losses) per share of common stock $1.27 $1.34 -0- (a) After deducting non-recurring charge-offs (net of taxes) of $4,336,000 ($0.37 per share) for the twelve months ended June 30, 1995. CONTACT: Central Vermont Public Service Jonathan Jonathan (jŏn`əthən) [short for Jehonathan, Heb.,=Yahweh has given]. 1 In the Bible, Saul's son and David's friend, both killed at the battle of Mt. Gilboa. David showed kindness to his son Mephibosheth. W. Booraem, 802-747-5223 |
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