Central Vermont announces quarterly earnings.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)--Nov. 5, 1996--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. (NYSE NYSE See: New York Stock Exchange :CV) today reported operating results for the third quarter 1996. The company recorded a net loss of $1.3 million or $0.11 per common share, compared to earnings of $1.2 million, or $0.11 per common share during the same period in 1995. The company normally experiences losses in both the second and third quarterly periods when sales are lower and summer rates are in effect. The 1996 third quarter loss of $1.3 million, or $.11 per share, includes $.2 million of after-tax af·ter-tax also af·ter·tax adj. Relating to or being that which remains after payment, especially of income taxes: after-tax profits. expenses from the 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 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. plant, now back on line, and $.3 million after-tax, for projected fourth quarter incremental Additional or increased growth, bulk, quantity, number, or value; enlarged. Incremental cost is additional or increased cost of an item or service apart from its actual cost. operating and maintenance costs of the Millstone millstone Either of two flat, round stones used for grinding grain to make flour. The stationary bottom stone is carved with shallow grooved channels that radiate from the centre. The upper stone rotates horizontally, and has a central hole through which grain is poured. No. 3 plant. Without these two items, the company would have incurred a loss of $.8 million, or $.06 per share. In total, nuclear related expenses reduced third quarter earnings by $1.7 million, or $.15 per share. The company will continue to bear the cost of replacement energy from both the Connecticut Yankee Connecticut Yankee, the struck on the head, he awakens to find himself in 6th-century England. [Am. Lit.: Mark Twain A Connecticut Yankee in King Arthur’s Court] See : Time Travel and Millstone No. 3 plants as long as they remain idle. The 1995 third quarter period was unusual since it also included a gain of $.9 million, or $.08 per share, from the sale of a partial interest in the Appomattox project by the company's 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. subsidiary, Catamount catamount: see puma. Energy Corp. Absent that gain, the 1995 results would have been $.3 million or $.03 per share. 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, net income was $13.5 million, or $1.04 per common share compared to $14.5 million, or $1.11 per common share for the comparable 1995 period. Net income for the 12 months ended Sept. 30, 1996 was $18.9 million, or $1.46 per common share compared to $19.5 million, or $1.49 per common share for 1995. Retail revenues increased 6.2 percent for the quarter and 4.7 percent for year-to-date as a combined result of a 5.5 percent retail rate increase effective June 1, 1996 and a .5 percent and 1.6 percent increase in retail megawatt-hour sales for the quarter and year-to-date, respectively. Offsetting the retail revenue increase were lower wholesale revenues due mostly to the scheduled termination of several wholesale power contracts. During the nine months of 1996, cash provided from operating activities was $43.0 million compared to $41.9 million for the 1995 period. Central Vermont is Vermont's largest electric utility, serving 140,000 customers statewide. Through a subsidiary, CV serves 10,000 customers in New Hampshire New Hampshire, one of the New England states of the NE United States. It is bordered by Massachusetts (S), Vermont, with the Connecticut R. forming the boundary (W), the Canadian province of Quebec (NW), and Maine and a short strip of the Atlantic Ocean (E). . -0-
Central Vermont Public Service Corporation - Consolidated
Earnings Release (Unaudited)
(Dollars in thousands, except per share amounts)
Quarter Ended
Sept. 30
1996 1995
Central Vermont Public Service
Corporation - Consolidated:
Operating revenues $63,833 $60,314
Net income (loss) ($785) $1,748 (b)
Preferred stock
dividend requirements $507 $507
Earnings (losses) available
for common stock ($1,292) $1,241 (b)
Average shares of common
stock outstanding 11,519,748 11,618,596
Earnings (losses) per
share of common stock ($0.11) $0.11 (b)
Net cash provided
by operating activities $2,074 $12,382
Catamount Energy Corp.:
Earnings (losses) per share
of common stock ($0.01) $0.10 (b)
-0-
Nine Months Ended
Sept. 30
1996 1995
Central Vermont Public Service
Corporation - Consolidated:
Operating revenues $209,469 $210,023
Net income (loss) $13,526 (a) $14,481 (b)
Preferred stock
dividend requirements $1,521 $1,521
Earnings (losses) available
for common stock $12,005 (a) $12,960 (b)
Average shares of common
stock outstanding 11,552,140 11,668,606
Earnings (losses) per
share of common stock $1.04 (a) $1.11 (b)
Net cash provided
by operating activities $43,012 $41,941
Catamount Energy Corp.:
Earnings (losses) per share
of common stock $0.01 $0.17 (b)
-0-
Twelve Months Ended
Sept. 30
1996 1995
Central Vermont Public Service
Corporation - Consolidated:
Operating revenues $287,723 $286,585
Net income (loss) $18,897 (a) $19,466 (b),(c)
Preferred stock
dividend requirements $2,028 $2,028
Earnings (losses) available
for common stock $16,869 (a) $17,438 (b),(c)
Average shares of common
stock outstanding 11,561,845 11,693,468
Earnings (losses) per
share of common stock $1.46 (a) $1.49 (b),(c)
Net cash provided
by operating activities $42,782 $44,877
Catamount Energy Corp.:
Earnings (losses) per share
of common stock $0.05 $0.23 (b)
(a) Reflects a gain from insurance proceeds and other charges
(net of taxes) of $1,138 ($.10 per share).
(b) Reflects the Appomattox gain (net of taxes) of $905 ($.08 per
share).
(c) After deducting non-recurring charges (net of taxes) of
$4,336 ($.37 per share).
-0- Condensed con·dense v. con·densed, con·dens·ing, con·dens·es v.tr. 1. To reduce the volume or compass of. 2. To make more concise; abridge or shorten. 3. Physics a. financial statements available upon request or on the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the at www.cvps.com. CONTACT: Central Vermont Public Service Sally D. Deinzer, 802/747-5318 sdeinzer@cvps.com |
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