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

Juletta M. Larrison, 89

first_imgJuletta M. Larrison, 89 of Greensburg, passed away on Monday, August 19, 2019 at Aspen Place Health Campus. Juletta was born on July 21, 1930 in Greensburg, the daughter of Delbert and Bertha (Phelps) Critser. She married Max Larrison on December 12, 1957 and he preceded her in death on November 26, 2010.She is survived by her son Jason Hull of Greensburg; four grandchildren – Jarrod (Kristin) Hull, Brent Hull, Jesse Hull and Isaac (Elissa) Larrison; five great grandchildren and her former daughter-in-law Della Hull. She was preceded in death by her parents, her husband and her siblings – William Critser, Rose Ella Johnston, Louise Hettmansperger and Mabel Robbins.A graveside funeral service will be held at South Park Cemetery on Friday, August 23, 2019 at 10am. Memorial contributions may be made to Our Hospice of South Central Indiana. Online condolences may be made to the family at www.gilliland-howe.com.last_img read more

Brown assigned as Lindsey Blansett’s court appointed attorney; first hearing set for Thursday; memorial fund set up

first_imgby Tracy McCue, Sumner Newscow — A Sumner County District Court Judge has assigned Mike Brown as Lindsey Blansett’s court-appointed attorney today. Blansett, 33, of Wellington is being charged with first degree murder of her 10-year-old son, Caleb Blansett.Lindsey BlansettBlansett’s first court appearance is scheduled for Thursday at 9 a.m. under the court docket of Sumner County Judge William Mott. This has been a change of schedule said County Attorney Kerwin Spencer. Blansett’s first hearing was originally set for Thursday at 1:30 p.m. under judge Scott McQuin.Spencer said McQuin will eventually be the presiding judge but Mott will need to assign the case to him first.Mike BrownWhether Blansett will make an appearance in court Thursday morning will depend on Brown, Spencer said.Blansett is accused of murdering her son at their house late Sunday evening at 902 W. 7th in Wellington. In the District Court complaint, Blansett decided that Caleb’s life would be full of suffering and it would be better for him to go to heaven. She allegedly took a rock and knife into the bedroom striking him with a rock and stabbing him with a knife multiple times until he was dead.Wellington Police Chief Tracy Heath said there were at least three people at the residence during the incident including a 9-year-old sibling of Caleb. The girl was taken into protective custody but was eventually turned over to the family, Heath said.Blansett’s charge is an off-grid felony which carries a life sentence without parole if convicted. She is currently in Sumner County jail and has a $500,000 bond set for release.Spencer said he does not anticipate she will be able to make bond.Her arrest came after the WPD received a 911 call at 11:45 p.m. Sunday evening. No details of who made the 911 call has been released. At a press conference, Heath told reporters he did not know if there was a specific incident that precipitated Caleb’s death, who had been sleeping at the time.Caleb was a Lincoln Elementary student. Counselors have been called to the school to be available for students.Heath said no drugs were involved during the incident.The incident has received international attention. The news has been featured on the London Daily Mail (see article here) as well as the New York Daily and others.•••••A Caleb Blansett Memorial Fund has been set up at the Impact Bank in Wellington at 206 East Harvey Avenue for those wishing to donate.Follow us on Twitter. Close Forgot password? Please put in your email: Send me my password! Close message Login This blog post All blog posts Subscribe to this blog post’s comments through… RSS Feed Subscribe via email Subscribe Subscribe to this blog’s comments through… RSS Feed Subscribe via email Subscribe Follow the discussion Comments (14) Logging you in… Close Login to IntenseDebate Or create an account Username or Email: Password: Forgot login? Cancel Login Close WordPress.com Username or Email: Password: Lost your password? Cancel Login Dashboard | Edit profile | Logout Logged in as Admin Options Disable comments for this page Save Settings Sort by: Date Rating Last Activity Loading comments… You are about to flag this comment as being inappropriate. Please explain why you are flagging this comment in the text box below and submit your report. The blog admin will be notified. Thank you for your input. +9 Vote up Vote down Juanita M. Avalos · 295 weeks ago How can a so called MOTHER do something so cruel to their child??? Why didn’t she see what it would be like in HELL first??? RIP Caleb you may be gone, but your spirit will always be with your 4th grade classmates @ Lincoln! Report Reply 0 replies · active 295 weeks ago +4 Vote up Vote down Guest · 295 weeks ago From what I’m reading on Kake, the SRS had been called out several times. Something was obviously wrong!! Why was she screened out? It cost this young child his life! Report Reply 0 replies · active 295 weeks ago +31 Vote up Vote down voodoo child · 295 weeks ago You know we all at times think we have it bad but manage to struggle through it regardless. We now as a town have a small boy gone forever at the hands of a mother that somehow someway lost all hope and felt the only answer was the action she took. A little girl now has her brother gone and her mother as well. And the father who must be thinking thoughts that only a parent that loses a child thru violence could feel and think. If we proclaim to be believers in Jesus as we all or most do, and by the number of churches in this town, then we need to put our prayers and faith in what we say we believe in. This pain will last a long time…for all of us. But the pain the family suffers from has to be the deepest. May God bless this family and our town. Report Reply 5 replies · active 294 weeks ago +6 Vote up Vote down Guest · 295 weeks ago It seems to me that the hell had already started or she wouldn’t have done it. Wouldn’t it be nice if our small town was more compassionate than judgmental. There has been a lot of tragedy in recent years. Is that our fault for the gossip and clicks in this town? I knew her several years ago when she was in an abusive relationship I am ashamed I wasn’t there for her then, maybe if she had someone to talk to things could have been different. There are ribbons for all kinds of diseases and conditions Report Reply 0 replies · active 295 weeks ago +5 Vote up Vote down Tootightofshirt · 295 weeks ago It was her responsibility to get help nobody elses. She knew something was wrong with her. The father said she had a mental health screening scheduled for that day but never went. Poor family. Nothing we can do will help other than to show love an compassion. An eye for an eye. I hope she gets stoned to death as her punishment. Report Reply 0 replies · active 295 weeks ago +1 Vote up Vote down South Haven Hick · 295 weeks ago I find myself out of compassion for the boy identifying with him and trying to imagine the horror he went through in his final seconds and what his thoughts were when she struck him in a sound sleep and repeatedly slashed him in this completely unprovoked attack and as his soul went home to Jesus trying to determine what he did to deserve it. My stomach and heart can’t handle it. I am not in good health, it has been on the decline gradually several years. I found out I have COPD last year, but I started being afraid of things that I didn’t use to be long before I knew. I have experienced several incidents where I nearly choked to death inhaling spit or drinks at the wrong time. Knowing you are going to die when you still have things you want to do is terrifying enough, but I have come to terms with it and accepted it. I still have the will to live and I want God to choose when I die. I have dogs that hear everything and have taken steps in which I have acquired weapons for my defense. I can only imagine what could have been if a few more weeks had passed and someone that had been chosen on a mission from God could have brought needed healing to that family. Report Reply 0 replies · active 295 weeks ago +3 Vote up Vote down Guest2 · 295 weeks ago I know we have now lost at least two children due to “child abuse” in the Wellington area in a short time. AND both cases were turned into SRS prior to the deaths. Something wrong here? I know if we have this issue in a small town the number only grows as the area does. Maybe we should look into how well these “SRS” people are looking into things. I cannot imagine the pain that Caleb’s family is going through. That poor little boy did not deserve this. That lady (I will not EVEN call her his mother, a true mother would NEVER do something of this sort), deserves nothing less than the acts she took upon her innocent child to be taken onto her to end her “suffering”. This is sickening. This woman deserves NO compassion. NONE AT ALL! Report Reply 0 replies · active 295 weeks ago -3 Vote up Vote down Melissa · 295 weeks ago This is such a shock! I am just flabbergasted… Something does not sound right here. I could not see her doing this without being under the influence of something. She was to caring of a mother to do something like this. Designer drugs are meant to give same effects as street drugs, just bc an analysis says no doesn’t mean she wasn’t under the influence. They are designed to give same effects but stay hidden on tests. Furthermore, Her sin may be dramatically worse than others we have all committed but a sin is still a sin and no one has the right to judge her except God. I pray for Cadence, Clint, Nicole’s mental health, & all of their family and friends. RIP Caden! You will always be remembered. Much love to you up above! Report Reply 0 replies · active 295 weeks ago 0 Vote up Vote down Mike Aughenbaugh · 294 weeks ago Ta da! It is still zero days since ‘real America’ exhibited moral superiority or values. Report Reply 0 replies · active 294 weeks ago Post a new comment Enter text right here! Comment as a Guest, or login: Login to IntenseDebate Login to WordPress.com Login to Twitter Go back Tweet this comment Connected as (Logout) Email (optional) Not displayed publicly. Name Email Website (optional) Displayed next to your comments. Not displayed publicly. If you have a website, link to it here. Posting anonymously. Tweet this comment Submit Comment Subscribe to None Replies All new comments Comments by IntenseDebate Enter text right here! Reply as a Guest, or login: Login to IntenseDebate Login to WordPress.com Login to Twitter Go back Tweet this comment Connected as (Logout) Email (optional) Not displayed publicly. Name Email Website (optional) Displayed next to your comments. Not displayed publicly. If you have a website, link to it here. Posting anonymously. Tweet this comment Cancel Submit Comment Subscribe to None Replies All new commentslast_img read more