Central Vermont Public Service earnings down

first_imgVermont Business Magazine May 7, 2010 _ Central Vermont Public Service today reported consolidated earnings of $4.2 million, or 35 cents per diluted share of common stock, for the first three months of 2010, compared to $6.9 million, or 58 cents per diluted share of common stock, for the same period in 2009.– First-quarter earnings of $4.2 million, or 35 cents per diluted share, 23 cents lower than 2009 — $0.3 million increase in operating revenue — $4.6 million increase in other operating expenses, primarily due to major storm in February 2010 — $1.0 million increase in equity in earnings of affiliates– Earnings for 2010 are forecasted to be in the range of $1.55 to $1.70 per diluted share.”Much of the change was due to a major storm in February,” President Bob Young said. “Despite the storm, we’re making great progress. I was particularly pleased by our recent inclusion in Forbes’ list of the 100 most trustworthy companies in America. This listing highlights the success we have had instilling key, core values within the company, and working to be open, transparent and complete in our financial communications, accounting and corporate governance.”Going forward, we have several investment opportunities that will benefit customers and shareholders alike. We plan to invest more than $43 million in the transmission system and $38 million in our core distribution system over the course of this year,” Young said. “We will also begin significant investments in CVPS SmartPower™, our smart-grid program, which will require more than $60 million over the next few years, about half that money coming from federal stimulus funds.”We will also invest in new service territory and new hydro operations through the purchase of the assets of Vermont Marble Power Division, for approximately $33 million,” Young said.First quarter 2010 results compared to 2009First quarter operating revenues increased $0.3 million, including a $2 million increase in retail revenues, a $0.8 million increase in other operating revenues, partially offset by a $2.6 million decrease in resale revenue. The increase in retail revenues primarily resulted from a 5.58 percent base rate increase, effective January 1, 2010 and $0.9 million from ESAM revenue to recover 2008 major storm costs, partially offset by lower residential and commercial customer usage, due to warmer weather in 2010. The provision for rate refund is related to deferrals and refunds of over-collection of power, production and transmission costs as required by the power cost adjustment clause within our alternative regulation plan. This included a $0.6 million refund of over-collections from the third quarter of 2009, refunded to customers during the first quarter of 2010, partially offset by a $0.5 million over-collection of power costs during the first quarter of 2010 that will be returned to retail customers in the third quarter of 2010. Other operating revenues increased primarily due to higher levels of mutual aid for other utilities in 2010 and the sale of renewable energy credits. Resale revenues decreased due to lower average market prices despite an increase in volumes sold.Purchased power expense increased $0.1 million, due to a $0.4 million increase in purchases from Independent Power Producers, partially offset by a decrease in other power costs of $0.3 million. The decrease in other power costs was due to lower volume and capacity costs from Hydro-Quebec, reduced by higher output at the Vermont Yankee plant in 2010 and higher capacity costs. Other operating expenses increased $4.6 million, due to a $3.2 million increase in service restoration costs from a major storm in February 2010, and a $0.4 million increase in transmission expenses driven by higher rates from ISO-NE, and reduced by lower VTA billings due to higher NOATT reimbursements. We also had higher regulatory amortizations of $0.8 million from the recovery of 2008 major storm costs, and higher property taxes of $0.5 million, partially offset by lower production costs of $0.3 million, due to lower Vermont Yankee outage insurance premiums. Operating income tax expense decreased $1 million as a result of a lower level of earnings and partially offset by an unfavorable charge of $0.7 million required by the Patient Protection and Affordable Care Act, as modified by the Health Care and Education Reconciliation Act.Equity in earnings of affiliates increased $1 million, principally due to the $20.8 million investment that we made in Transco in December 2009.2010 Financial GuidanceCV anticipates annual 2010 earnings to be in the range of $1.55 to $1.70 per diluted share. As part of the alternative regulation plan base rate filing approved by the Vermont Public Service Board, the company’s allowed rate of return for 2010 will be 9.59 percent, down from 9.77 percent for 2009.WebcastCV will host an earnings teleconference and webcast on May 7, 2010, beginning at 9 a.m. EDT. At that time, CV President and CEO Robert Young and CV Chief Financial Officer Pamela Keefe will discuss the company’s financial results, as well as progress made toward achieving the company’s long-term strategy.Interested parties may listen to the conference call live on the Internet by selecting the “CVPS Qtr 1 2010 Earnings Call” link on the “Investor Relations” section of the company’s website atwww.cvps.com(link is external). An audio archive of the call will be available later that day at the same location or by dialing 1-877-660-6853 within the U.S. or internationally by dialing 1-201-612-7415 and entering Account 286 and Conference ID 347698.About CVCV is Vermont’s largest electric utility, serving approximately 159,000 customers statewide. CV’s non-regulated subsidiary, Catamount Resources Corporation, sells and rents electric water heaters through a subsidiary, SmartEnergy Water Heating Services.Form 10-QOn Thursday, May 6, 2010, the company filed its quarterly 2010 Form 10-Q with the Securities and Exchange Commission. A copy of that report is available on our web site, www.cvps.com(link is external), under the “Investor Relations” section. Please refer to it for additional information regarding our condensed consolidated financial statements, results of operations, capital resources and liquidity.Reconciliation of Earnings Per Diluted Share 2010 vs. 2009 ————-2009 Earnings per diluted share $ 0.58Year-over-Year Effects on Earnings: Higher equity in earnings of affiliates 0.05 Higher operating revenues 0.01 Higher maintenance expense (major storm in February 2010) (0.16) Higher other operating expenses (0.06) Health Care Reform/Medicare Part D – Income tax impact (0.06) Higher transmission expense (0.02) Higher purchased power expense (0.01) Other 0.02 ————-2010 Earnings per diluted share $ 0.35 =============Forward-Looking StatementsStatements contained in this press release that are not historical fact are forward-looking statements intended to qualify for the safe-harbors from the liability established by the Private Securities Litigation Reform Act of 1995. Statements made that are not historical facts are forward-looking and, accordingly, involve estimates, assumptions, risks and uncertainties that could cause actual results or outcomes to differ materially from those expressed in the forward-looking statements. Actual results will depend, among other things, upon the actions of regulators, performance of the Vermont Yankee nuclear power plant, effects of and changes in weather and economic conditions, volatility in wholesale electric markets, volatility in the financial markets, and our ability to maintain our current credit ratings. These and other risk factors are detailed in CV’s Securities and Exchange Commission filings. CV cannot predict the outcome of any of these matters; accordingly, there can be no assurance that such indicated results will be realized. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date of this press release. CV does not undertake any obligation to publicly release any revision to these forward-looking statements to reflect events or circumstances after the date of this press release. Central Vermont Public Service Corporation – Consolidated Earnings Release (dollars in thousands, except per share amounts) Three Months Ended March 31Condensed income statement 2010 2009 ———– ———–Operating revenues: Retail sales $ 76,062 $ 74,083 Resale sales 11,339 13,933 Provision for rate refund 125 0 Other 3,481 2,711 ———– ———–Total operating revenues 91,007 90,727 ———– ———–Operating expenses: Purchased power – affiliates and other 41,718 41,610 Other operating expenses 44,196 39,618 Income tax expense 1,838 2,876 ———– ———–Total operating expense 87,752 84,104 ———– ———–Utility operating income 3,255 6,623 ———– ———–Other income: Equity in earnings of affiliates 5,395 4,445 Other, net 36 113 Income tax expense (1,589) (1,433) ———– ———– Total other income 3,842 3,125 ———– ———–Interest expense 2,895 2,876 ———– ———–Net income 4,202 6,872Dividends declared on preferred stock 92 92 ———– ———–Earnings available for common stock $ 4,110 $ 6,780 =========== ===========Per common share dataEarnings per share of common stock – basic $ 0.35 $ 0.58Earnings per share of common stock – diluted $ 0.35 $ 0.58Average shares of common stock outstanding – basic 11,725,484 11,602,354Average shares of common stock outstanding – diluted 11,756,303 11,655,175Dividends declared per share of common stock $ 0.46 $ 0.46Dividends paid per share of common stock $ 0.23 $ 0.23Supplemental financial statement dataBalance sheet Investments in affiliates $ 132,439 $ 104,158 Total assets $ 627,692 $ 627,496 Notes Payable (reclassified to long-term debt) $ 0 $ 10,827 Common stock equity $ 230,513 $ 221,647 Long-term debt (excluding current portions) $ 188,233 $ 167,500Cash Flows Cash and cash equivalents at beginning of period $ 2,069 $ 6,722 Cash provided by operating activities 24,942 15,128 Cash used for investing activities (6,007) (5,937) Cash provided by financing activities (15,866) (2,369) ———– ———– Cash and cash equivalents at end of period $ 5,138 $ 13,544 =========== =========== Refer to our first-quarter 2010 Form 10-Q for additional informationSource: RUTLAND, VT — (Marketwire) — 05/07/10 — Central Vermont Public Service (NYSE: CV)last_img read more

Reddish questionable against Clemson, Welsh returns to practice from injury ‘scare’

first_img Facebook Twitter Google+ Published on September 25, 2013 at 11:32 am Contact Stephen: sebail01@syr.edu | @Stephen_Bailey1 Syracuse might be without cornerback Brandon Reddish when it hosts No. 3 Clemson in its Atlantic Coast Conference debut on Oct. 5, SU head coach Scott Shafer announced Wednesday.“Brandon Reddish will probably be questionable for Clemson with a lower-leg injury,” Shafer said during the ACC coaches’ teleconference.Reddish — who mixes in with Ri’Shard Anderson at cornerback opposite Keon Lyn — and starting defensive end Robert Welsh both missed the second half of SU’s 52-17 win against Tulane last week. Welsh, who had to be helped off the field and was unable to put any weight on his left leg, is returning to practice this week, Shafer said.“Robbie Welsh is doing well,” Shafer said. “We had a scare with him, but he’s back.”Also returning to practice this week is offensive lineman Kyle Knapp, who suffered a head injury during training camp and has yet to play for the Orange this season.AdvertisementThis is placeholder textShafer said practices this week will focus primarily on lifting and running.He was not asked about senior kicker Ross Krautman, who will have season-ending surgery on a hip-related injury and is eligible to apply for a medical hardship waiver. Commentslast_img read more

Time Management: A crucial tool to succeed as an entrepreneur

first_img5) Exercise and eat wellIt may seem unrelated but taking care of yourself has a direct impact on your mood and concentration. A healthy diet with regular exercise increases dopamine in the brain, making you feel better and more alert. Sitting at a desk all day can really take a toll so it’s important to get moving when you can. The golden rule of business says that effective time management is the key to success. Today’s entrepreneurs will say it’s all about the “grind” and the “hustle” – working long hours and through the night with little or no pay. It’s well known that if enough work is put in, it will pay off in the end. That’s the recipe.Despite vast amount of research, studies and tools available suggest creating a successful start-up from scratch is hard. However, new research has revealed that the biggest obstacle that small business owners are constantly facing is poor time management. It’s suggested this contributes hugely to a large portion of the 90 percent of start-ups that fail within the first 5 years.The findings come from Instantprint’s survey to 500 small business owners, and the results are staggering. In an average week, a typical business owner finds only 12 hours to pursue activities dedicated to the growth of their business. Over half (53 percent) find most of their time is allotted to work admin and report writing.Although these are necessary tasks, they veer away from the focus of growing their business.Lack of time is also forcing businesses to turn down opportunities. A number of senior decision makers claim they’re often forced to turn down opportunities to concentrate on existing customers leaving them with no time to grow their consumer pool and build new relationships.Given the research findings, fellow entrepreneur and co-founder of Instantprint: James Kinsella, said: “We all know how it feels to fight the clock. There are only so many hours in the day to get everything done and SMEs are feeling the squeeze. It is interesting to see from the research that it’s the management of our hours, minutes and seconds that have the biggest effect on the running of a successful enterprise. Every business is unique, but improving time management and optimizing working hours can only bring positive outcomes.”Here are some tips to use time more effectively:1) Find out your most productive work hoursFifty-one percent of surveyed business owners claim they’re most productive between the hours of 9am and 12pm compared to other hours of the day. Finding your most productive time is crucial. Things that kill productivity include: routine activities and continuous work that demotivate you. Go a maximum of two hours and then tune out to tune back in.2) Just say noMany of us are just too polite, but sometimes it’s important to simply say no. Distractions steal your time from important tasks. People may ask you to do a quick thing here and there, but suddenly your hours disappear. If you’ve got an important task, keep at it and don’t let anyone interrupt, you’re busy.3) Go step-by-stepDon’t think of your to-do list as one huge item to complete. It’s overwhelming and will only put pressure on you. Take one thing at a time and this will allow you to give each task the attention it deserves. As a bonus tip, make sure you establish a method to classify tasks that need to take priority.4) Know what gets you throughSome days you’ll need a boost to power through your workload. Whether it’s because you had a bad night sleep or you’re especially busy that day, find what gets you through. Some get through with coffee or tea breaks,last_img read more

Betcade confirms that it will cease operations this January

first_imgShare Submit Share Ladbrokes backs Irish boxing champion Jason Quigley July 18, 2019 David ChangIssuing a corporate statement, David Chang the CEO & Founder of dedicated ‘real-money’ gaming/gambling app store Betcade has informed stakeholders and the media that his firm will cease operating by the end of January 2017.Updating the market, Chang did not detail specifics as to why Betcade has chosen to stop its operations. Chang thanked all stakeholders associated with the Betcade project, further stating that he remained excited about the ‘future of the gambling industry’.Launched in December 2015, Pasadena start-up Betcade aimed to become the go-to destination for ‘real-money’ apps for the gaming and betting sectors, where consumers may have faced download restrictions from native mobile system providers (Apple & Android).By May 2016, Betcade had opened its app store seeking app submissions from industry operators. Furthermore, the start-up had opened a European hub with aim of boosting its profile to licensed operators and real-money games developers.The news of Betcade’s closure will have surprised a number of industry observers, who had marked Betcade as one of the sector’s most unique start-ups.Chang detailed in his statement: “Start-ups seek to positively influence the industry which they are in however this comes with considerable risk as a business. After evaluating our options, it was determined that the best course of action for the company was to close the business in an orderly manner and look after our people the best we can.” Winning Post – US regulation… Are we California Dreamin? November 25, 2019 Related Articles StumbleUpon 6 of the Best – Gamban’s Daniel Umfleet June 13, 2019last_img read more