Central Vermont announces year-end results.RUTLAND, Vt.--(BUSINESS WIRE)--Feb. 4, 1997--Central Vermont Public Service Corp (CV--NYSE) today announced net income for 1996 of $19.4 million, or $1.51 per share of common stock, compared to net income and earnings per share of common stock for 1995 of $19.9 million and $1.53, respectively. For the quarter, net income was $5.9 million, or $.47 per common share, compared to net income of $5.4 million, or $.42 per common share for the 1995 quarter. Net income and earnings per share of common stock for 1996 in the company's utility business were reduced by approximately $3.7 million and $.32, respectively, for 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" 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. nuclear 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. costs and related replacement power costs. This reduction was offset by the 5.5 percent retail rate increase effective June 1, 1996 and insurance proceeds of approximately $1.3 million, or $.11 per common share. Non-utility net income and earnings per share of common stock for 1996 were reduced by approximately $1.4 million and $.12, respectively, for expenses incurred in connection with a project currently under development by Catamount catamount: see puma. Energy Corp, CV's non-regulated energy investment subsidiary. These expenses will be reimbursed upon the future financial closing for the project. The return on average common equity allocated to the Vermont utility business was 11 percent, while the consolidated return was 9.4 percent. Retail megawatt-hour sales increased 1.5 percent in 1996 over the previous year with the continued modest growth in the Vermont economy. The small commercial sector showed particular strength. Wholesale sales declined as a result of the termination of several long-term contracts in late 1995 and reflected the impact of several nuclear plant outages that further reduced the opportunity for short-term sales. In November 1994, the company announced a common stock repurchase Stock repurchase A firm's repurchase of outstanding shares of its common stock. program that it has now suspended to preserve capital for use in industry 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). and other business purposes. Central Vermont is Vermont's largest electric utility, serving 140,000 customers state-wide. 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). . CONTACT: Central Vermont Public Service Sally D. Deinzer 802-747-5318 |
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