GMP Announces Second Quarter Earnings
02 Août 2006 - 11:41PM
Business Wire
Green Mountain Power Corporation (NYSE: GMP) today announced
consolidated earnings of $0.38 per share of common stock, diluted,
for the second quarter of 2006, compared with $0.45 per share,
diluted, for the same period in 2005. Earnings for the first six
months of 2006 are $1.06 per share, diluted, compared with $1.02
per share, diluted, for the same period in 2005. "We are pleased
with the operating results for the second quarter. Our retail and
other operating revenue for the second quarter of 2006 increased by
$0.8 million (1.6%) compared to the same quarter of 2005 and
revenues from sales of our excess power to the wholesale market
while prices were high increased $3.7 million (91.7%) compared to
the same quarter in 2005," said Christopher L. Dutton, President
and Chief Executive Officer. "We expect diluted earnings per share
for the year to range between $1.85 to $2.15." In the second
quarter of 2006, total operating revenues increase by $4.5 million
while power supply expenses increased by $2.3 million, compared
with the same period last year. The increase in operating revenues
resulted from the sale of excess electricity at prices above our
underlying power purchase or generation costs. The Company's power
supply resources exceeded customer demand during the second quarter
of 2006 due to increased purchases of energy under a long-term
contract for output from the Vermont Yankee nuclear power plant and
the Company's election to exercise contract rights to increase
deliveries at below market prices from one of its suppliers during
2006. We also benefited in 2006 from added precipitation-based
production by Company hydro power plants (which produced low-cost
electricity) that replaced higher priced market purchases made
during the second quarter of 2005. Wholesale revenue increased
because the Company was able to sell approximately 57,000 megawatt
hours of excess power supply in the wholesale energy market. The
Company sold some of its expected energy deliveries for April and
May 2006 late last year when prices were very high, which added an
estimated $0.11 to earnings in the second quarter of 2006. Retail
electricity consumption decreased by 0.5 percent in 2006 but the
effect on retail revenue was offset by a rate increase of 0.9
percent that took effect in January, 2006. Other operating expenses
increased $2.6 million in the second quarter of 2006, compared with
the same quarter in 2005, reflecting expenses relating to the
proposed acquisition of the Company by an affiliate of Gaz Metro
Incorporated, increased expenses associated with the sale of
utility services to commercial and municipal customers and
increased expenses for employee benefits. "We are pleased with our
present outlook. Following the announcement of our pending merger,
on June 22, 2006, S&P placed its 'BBB' long-term credit rating
of the Company on CreditWatch with positive implications," said Mr.
Dutton. -0- *T Green Mountain Power Corporation Quarterly Earnings
Summary Three Months Six months Ended ended June 30 June 30 2006
2005 2006 2005 ------------------------------------- in thousands
except per share amounts Retail revenues $51,677 $50,870 $105,627
$105,291 Wholesale revenues 7,703 4,018 14,729 7,846
------------------------------------- Total operating revenues
$59,380 $54,888 $120,356 $113,137
------------------------------------- Net income $ 2,026 $ 2,381 $
5,638 $ 5,361 Net income-continuing operations 2,026 2,384 5,561
5,367 Net income(loss)-discontinued operations - (3) 77 (6) Basic
earnings per share- continuing operations $ 0.39 $ 0.46 $ 1.06 $
1.04 Basic earnings per share- discontinued operations - - 0.01 -
------------------------------------- Basic earnings per Common
share $ 0.39 $ 0.46 $ 1.07 $ 1.04
===================================== Diluted earnings per share-
continuing operations $ 0.38 $ 0.45 $ 1.05 $ 1.02 Diluted earnings
per share- discontinued operations - - 0.01 -
------------------------------------- Fully diluted earnings per
common share $ 0.38 $ 0.45 $ 1.06 $ 1.02
===================================== Dividends declared per share
$ 0.28 $ 0.25 $ 0.56 $ 0.50 Weighted average shares of common stock
outstanding-Basic 5,260 5,186 5,251 5,173 Weighted average shares
of common stock outstanding- Diluted 5,321 5,271 5,330 5,261 *T
Certain statements in this press release may be forward-looking in
nature, or "forward-looking" statements as defined in the United
States Securities Litigation Reform Act of 1995. Actual results may
differ from those expressed or implied in forward-looking
statements. The forward-looking statements contained in this press
release are subject to a number of factors and uncertainties,
including regulatory and judicial decisions or legislation, changes
in regional market and transmission rules, energy supply and demand
and pricing, contractual commitments, availability, terms and use
of capital, general economic and business environment, changes in
technology, nuclear and environmental issues, industry
restructuring and cost recovery (including stranded costs, and
weather), and other factors and uncertainties disclosed from time
to time in our filings with the Securities and Exchange Commission.
Any forward-looking statements in this press release should be
evaluated in light of these important factors and uncertainties.
The Company disclaims any obligation to update any information in
this press release.
Green MT Power (NYSE:GMP)
Graphique Historique de l'Action
De Avr 2024 à Mai 2024
Green MT Power (NYSE:GMP)
Graphique Historique de l'Action
De Mai 2023 à Mai 2024