Connecticut Energy Second Quarter Results.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, , Conn.--(BUSINESS WIRE)--April 27, 1999-- Connecticut Connecticut, state, United States Connecticut (kənĕt`ĭkət), southernmost of the New England states of the NE United States. It is bordered by Massachusetts (N), Rhode Island (E), Long Island Sound (S), and New York (W). Energy Corporation (CNE-NYSE) today reported net income of $16.7 million for the second quarter of fiscal 1999, which ended March 31, compared to $15.3 million earned for the same period last year. Earnings per share, fully diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. , were $1.62 for the 1999 period compared to earnings of $1.49 per share during the same period last year. For the six-month period ended March 31, 1999 net income was $22.8 million compared to net income of $21.4 million for the same period last year. Earnings per share, fully diluted, for the six month period were $2.21 compared to $2.15 for the 1998 period. Firm customer margins for the Company's principal subsidiary, The Southern Connecticut Gas Company (Southern) increased by approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. eight percent for the quarter and nearly four percent for the six-month period compared with the same periods in 1998. "The increase in firm margin is primarily a result of revenues from the new Bridgeport Energy electric generating plant which came on line in July July: see month. 1998 and the continued growth in the number of residential heating customers," explained Carol A. Forest, Vice President, Finance, Chief Financial Officer and Treasurer. "Year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. , Southern has added nearly 1,600 new residential heating customers, well ahead of meeting its targeted goal of 2,600 for the fiscal year. We have also held operations and maintenance expenses flat for the quarter and realized a one percent reduction on a year-to-date basis," Ms. Forest continued. "We have been successful in managing our operating costs operating costs npl → gastos mpl operacionales , especially for uncollectible accounts Uncollectible account An account which cannot be collected by a company because the customer is not able to pay or is unwilling to pay. , over both periods." Connecticut Energy Corporation is a holding company primarily engaged in the retail distribution of natural gas through Southern, its principal subsidiary, which delivers natural gas in 22 Connecticut communities to approximately 158,000 customers. Through its subsidiary, CNE (Certified NetWare Engineer) See Novell certification. Energy Services Group, Inc., the Company also provides an array of energy commodities and services to commercial and industrial customers throughout New England New England, name applied to the region comprising six states of the NE United States—Maine, New Hampshire, Vermont, Massachusetts, Rhode Island, and Connecticut. The region is thought to have been so named by Capt. and parts of New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of . The Company is an equity partner in a natural gas purchasing cooperative purchasing cooperative, n a group of dental professionals pooling their financial resources to purchase large quantities of supplies and equipment for the purpose of obtaining a discount. through another subsidiary, CNE Development Corporation. A third 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, CNE Venture-Tech, Inc., invests in ventures that offer technologically advanced energy-related products. Further information on the Company is available at www.ConnEnergy.com. This press release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. about the projected financial performance of Connecticut Energy Corporation. While the Company believes such statements to be reasonable at the date of this press release and makes them in good faith, Connecticut Energy cautions that they may vary from actual results. Investors should be aware of important factors that could have a material impact on future results, such as the availability and terms of capital; competition for energy services; actions by federal and state regulatory authorities Noun 1. regulatory authority - a governmental agency that regulates businesses in the public interest regulatory agency administrative body, administrative unit - a unit with administrative responsibilities ; legislative and judicial developments which affect the Company or significant groups of its customers; and other uncertainties.
CONSOLIDATED STATEMENTS OF INCOME
(Dollars in thousands, except per share)
(Unaudited)
Three Months Ended Six Months Ended
March 31, March 31,
------------------------ ------------------------
1999 1998 1999 1998
---- ---- ---- ----
Operating Revenues....$ 106,164 $ 100,773 $ 167,758 $ 177,280
Purchased gas......... 49,169 48,174 76,953 90,650
----------- ------------- ---------- ----------
Gross margin.......... 56,995 52,599 90,805 86,630
Operating Expenses:
Operations....... 13,411 13,382 25,854 26,171
Maintenance...... 1,053 1,046 1,928 1,984
Depreciation..... 4,482 4,240 9,033 8,480
Federal and state
income taxes.... 11,917 9,914 15,432 14,410
Municipal, gross earn. and
other taxes 5,799 5,641 8,929 7,843
------------ ------------ -------- -----------
Total operating
expenses............ 36,662 34,223 61,176 58,888
------------ ------------ -------- -----------
Operating income..... 20,333 18,376 29,629 27,742
Other deductions (income),
net................ 137 (194) (31) (251)
Interest Expense:
Interest on long-term debt and
amortization of debt
issue costs.. 3,196 3,039 6,409 6,107
Other interest, net...254 281 410 470
-------------- ------------ ------- -----------
Total interest expense...3,450 3,320 6,819 6,577
-------------- ------------ ------- -----------
Net Income........... $16,746 $15,250 $ 22,841 $ 21,416
=========== ============ ======= ==========
Net income per share -
basic............... $ 1.63 $ 1.50 $ 2.23 $ 2.16
=========== ============ ======= ==========
Net income per share -
diluted............. $ 1.62 $ 1.49 $ 2.21 $ 2.15
=========== ============ ======= ==========
Dividends paid per
share............... $ 0.335 $ 0.33 $ 0.67 $ 0.66
------------ ------------ ------- ----------
Wt. Avg. common shares outstanding
during period -
basic.........10,259,026 10,178,003 10,249,164 9,894,694
---------- ---------- ---------- ---------
Wt. Avg. common shares outstanding
during period -
diluted......10,351,040 10,230,250 10,341,178 9,946,941
---------- ---------- ---------- ---------
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