上海419论坛,上海龙凤419,爱上海 – Powered by Teri Savorn!

Tag Archive: 上海私人外卖工作室

Central Vermont Public Service reports 2010 earnings of $21 million

first_imgCentral Vermont Public Service (NYSE: CV) reported today consolidated earnings of $21 million, or $1.66 per diluted share of common stock, for 2010, compared to $20.7 million, or $1.74 per diluted share of common stock, for the same period in 2009.  The lower 2010 earnings per diluted share of common stock are due to the completion of its common stock at-the-market program (’ATM’ see below). Other operating expenses decreased $4 million, comprised principally of a decrease in transmission expenses of $8.9 million, resulting from higher NOATT reimbursements, partially offset by higher rates from ISO-NE.  Under the provisions of our alternative regulation plan, changes in transmission costs are subject to true-up in rates so there is no bottom-line impact.  Other operating expenses included a reduction in reserves for uncollectible accounts of $2.1 million primarily due to a large customer bankruptcy in 2009 and subsequent recovery in 2010.  These decreases were partly offset by increased service restoration costs of $5.6 million, of which $3.4 million of major storm costs were deferred under our alternative regulation plan; increased employee benefit costs of $1.2 million; increased environmental reserves and insurance costs of $0.9 million; increased depreciation expense of $0.6 million; increased property and other taxes of $0.7 million; and increased production fuel costs of $0.5 million. Interested parties may listen to the conference call live on the Internet by selecting the “CVPS 2010 Year End Earnings Call’ link on the “Investor Relations” section of the company’s website at www.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 365459. 341,925 21,098 Resale revenue decreased due to lower 2010 contract prices associated with the sale of our excess energy, and a decrease in volumes sold due to the scheduled refueling outages at the Vermont Yankee plant and Millstone Unit #3.   The provision for rate refund is primarily the net deferrals and refunds of over- or under-collections of power, production and transmission costs as required by the power cost adjustment clause within our alternative regulation plan.  This increase included the unfavorable impact of $3.6 million of net deferrals and refunds in 2010 vs. the unfavorable impact of $1.7 million of net deferrals and refunds in 2009.  The increase in retail revenue primarily resulted from a 5.58 percent base rate increase, effective January 1, 2010, in addition to a resurgence of retail demand in the second half of 2010.  Other operating revenue increased primarily due to higher levels of mutual aid performed for other utilities in 2010 and the sale of renewable energy credits. $20,586 1,511 Condensed Income statement Dividends declared on preferred stock 2,286 $2,676 $0.92 $0.18 Per common share data $1.66 Earnings per share for 2010 reflect the impact of shares issued under our ATM program. From April to December 2010, CV sold an aggregate of 1,498,745 shares in open market trading and direct placements under this program for aggregate gross proceeds of approximately $30.6 million.  The sale of shares under this program has been completed.  The net proceeds of the offering were used for general corporate purposes. 2011 Earnings GuidanceCV anticipates annual 2011 earnings to be in the range of $1.60 to $1.75 per diluted share.  The earnings range reflects an approved retail rate increase of 7.46 percent effective January 1, 2011 and an allowed rate of return of 9.18 percent in 2011, down from 9.59 percent in 2010. 2010 2,490 38,485 Higher purchased power expense $0.18 Twelve Months 40,736 368 Total operating expense Higher equity in earnings of affiliates $1.74 0.03 Total operating revenues 11,335 $710,746 324,470 Central Vermont Public Service Corporation ‘ Consolidated 2010 results compared to 2009Operating revenue decreased $0.2 million, including a $16.3 million decrease in resale revenue and a $1.9 million decrease in the provision for rate refund, offset by a $16.9 million increase in retail revenue and a $1.2 million increase in other operating revenue. (2,183) 2010 vs. 2009 2,180 (Lower) higher other income, net 44,084 $2,069 Year-over-Year Effects on Earnings : $1.66 11,764,277 $272,728 ‘We continue to make steady progress,’ Executive Chairman, Bob Young said.  ‘Increased demand in the second half, attributable to warmer weather during the summer and some easing of the economic problems of the past couple of years, helped significantly. Earnings Release Refer to our 2010 Form 10-K for additional informationForward-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. Reconciliation of Earnings Per Diluted Share $294,406 2009 Earnings per diluted share 4,276 $0.92 Income tax (benefit) expense (0.18) Earnings per share of common stock – diluted 5,317 3 323,210 Supplemental financial statement data 0.20 86,953 Equity in earnings of affiliates increased $3.6 million, principally due to the return on the $20.8 million investment we made in Transco in December 2009. 2010 Dividends declared per share of common stock (0.04) 0.01 0.04 $188,300 $277,529 $71,997 Average shares of common stock outstanding – diluted 11,705,518 Resale sales (3,598) $0.92 Lower operating revenue 13,027 0.16 6,236 Purchased power expense increased $0.6 million over the same period in 2009 primarily due to increased purchases from independent power producers. Balance sheet (1,689) Other 3,203 $632,152 13,160 Other (includes income tax adjustments, impact of additional common shares       and various items) 156,151 (91,405) Equity in earnings of affiliates increased $1 million for the same reasons described above. (Higher) lower taxes other than income 342,098 Operating expenses: Purchased power – affiliates and other 2010 vs. 2009 $129,733 42,042 37,957 13,194,390 5,241 157,982 Other operating expenses decreased $5.8 million, largely due to the $4.3 million decrease in transmission expenses primarily resulting from higher NOATT reimbursements, and a reduction in reserves for uncollectible accounts of $1.2 million primarily due to a large customer bankruptcy in 2009 and subsequent recovery in 2010.  Changes in transmission expense are subject to true-up in rates so there is no bottom-line impact. Cash used for investing activities 81,121 2,091 13,343 3,802 1,078 $201,611 (0.07) Lower transmission expensescenter_img 160,774 0.03 92 (561) 11,560 Fourth quarter 2010 results compared to 2009Fourth quarter operating revenue decreased $1.4 million for many of the same reasons described above. $5,225 2009 $231,423 Equity in earnings of affiliates 20,749 4,468 84,667 17,472 $20,381 (5,942) 12,370,486 2010 Common Stock IssuanceOn January 15, 2010, we filed a Prospectus Supplement with the SEC, noting that we entered into an equity distribution agreement that allowed us to issue up to $45 million of common equity under an ATM continuous offering program. 5,033 Income tax expense (0.02) (Higher) lower maintenance expenses (excludes exogenous major storms) Other income: 17,455 Common stock equity ‘Vermont saw a decrease of roughly 1 percent in its unemployment rate in 2010, and we are seeing signs of an improving economy,’ Young said.  ‘In the meantime, we will continue to focus on providing exemplary customer service, reliability and storm management.  We firmly believe that CV’s value to investors is intrinsically tied to the value we create for our customers.’ 0.05 2009 (Higher) lower other operating expenses (excludes exogenous deferral) Interest expense 2,953 $0.23 $76,993 Fourth Quarter 54,279 CV reported fourth-quarter 2010 consolidated earnings of $5.3 million, or 40 cents per diluted share of common stock, compared to $2.2 million, or 18 cents per share, for the same period in 2009. ANNUAL REPORT (52,931) Cash provided by financing activities 20,954 2,753 $2,069 $1.74 92 $0.92 (0.16) Earnings available for common stock $0.40 7,545 $0.18 (7,117) WebcastCV will host an earnings teleconference and webcast on March 16, 2011, beginning at 11 a.m. Eastern Time.  At that time, CV President and CEO Larry Reilly, Executive Chairman Robert Young and 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. Other, net $0.40 Twelve Months Ended December 31 $1.66 (dollars in thousands, except per share amounts) $0.00 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. Cash and cash equivalents at beginning of period Dividends paid per share of common stock 40,091 (0.01) Three Months Ended December 31 11,697,392 (0.13) 11,660,170 11,979 Other operating expenses 368 18,888 Cash provided by operating activities 15,059 11,482 12,405,866 744 Operating revenues: $2,088 Purchased power expense increased $2.8 million, including a $9 million increase in short-term purchases, due to higher retail load and higher replacement power requirements, largely offset by a $6.4 million decrease in purchases under long-term contracts, due to the extended scheduled refueling outage at the Vermont Yankee plant and lower capacity costs from Hydro-Quebec. $0.23 85,589 Investments in affiliates (1,632) 0.43 $0.40 $171,514 492 Total assets (5,640) Total other income Other income, net decreased $0.4 million, largely due to changes in the cash surrender value of variable life insurance policies included in our Rabbi Trust. $1.75 38,294 Earnings per share of common stock – basic Long-term debt (excluding current portions) $0.00 53,527 (0.05) 2010 Earnings per diluted share Cash Flows 13,144,056 $6,722 Net income (0.11) (0.04) 160,195 Average shares of common stock outstanding – basic Provision for rate refund 2,647 Retail sales Cash and cash equivalents at end of period Utility operating income Other income, net increased $0.7 million, largely due to higher non-utility revenues and higher interest and dividend income. Form 10-KOn Tuesday, March 15, 2011, the company filed its annual 2010 Form 10-K 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.last_img read more

Moody’s: Problems mounting for U.S. coal industry

first_img FacebookTwitterLinkedInEmailPrint分享Mining.com:US domestic demand for thermal coal will fall in the near term as individual states shut down much of the industrial economy to try and stem the coronavirus pandemic, and as slowing economic activity cuts US electricity demand in the second quarter of 2020, Moody’s Investors Services said Thursday in a research note, adding that it expects an unprecedented shock to the global economy in the first half of 2020.The outlook for coal-fired power plants in the US has darkened over the past few months, Moody’s said, particularly for coal plants in the Mid-Atlantic and the industrial Midwest. These coal plants have been economically challenged for the past few years, generating minimal to negative cash flows. The developments in the past few months have conspired to push them into an even more perilous position, Moody’s asserted.Meanwhile, environmental, social and governance-related (ESG) issues with respect to the coal industry have eroded access to capital for US coal companies, Moody’s noted. Equity and debt trading levels for coal companies have worsened substantially from a trifecta of factors. Moody’s highlighted a weakening export market in the second half of 2019, multiple announcements that major investors would divest coal-related holdings, and the broader weakening that occurred with the global spread of the coronavirus in March 2020.Coal companies have also struggled with recent adverse political developments, including a revised approach to black-lung liabilities that would require them to post more collateral during a weakening market environment, and a recent US Federal Trade Commission ruling against Arch and Peabody’s joint venture in the Powder River Basin that would have helped these compete against alternative fuels.Export thermal markets will continue to fall in 2020, Moody’s said, rather than helping rescue domestic thermal coal producers from weakening domestic demand like in 2017 and 2018. While some producers still have contracts established during stronger market conditions, and cash costs vary significantly for each mining operation, coal pricing in Europe will not support a continuation of US exports at 2019 levels, which were themselves down 20% from 2018 levels.While thermal coal prices continue to decline, demand for metallurgical (met) coal used in steelmaking remains uncertain – with clear downside risk.More: ESG issues limit U.S. coal industry’s resistance to pandemic – report Moody’s: Problems mounting for U.S. coal industrylast_img read more

I couldn’t repair your brakes, so I made your horn louder

first_imgThis has been a pretty rough June so far. I think it is safe to say that we breached the limits of positive monetary policy effectiveness about two years ago. Now, we are in a world where the major central banks are doing well if they just make a lot of noise without actually doing things that harm the global financial system—like Negative Interest Rate Policy (NIRP) and new iterations of Quantitative Easing (QE). In last week’s post, I spoke about my jaw dropping upon seeing the 10-year German Bund fall to a yield of three basis points. This week that yield is now negative 2.5 basis points. The Japanese 10-year government bond currently yields negative 20 basis points. Can you even use the word yield if it is negative? Maybe it should be called “the take” or something like that.It was a pretty humbling beginning of the month for the Federal Reserve (the Fed). After some influential reserve bank presidents spoke of monetary shock and awe at the end of May, the Fed had to take a few steps back when the May employment figures came out shockingly weak on June 3. The weak employment report led to what was widely viewed as a very “dovish” Federal Open Market Committee (FOMC) statement on June 15. The Fed was forced to backtrack on their labor market optimism when they said, “The pace of improvement in the labor market has slowed. Although the employment rate has declined, job gains have diminished.”You could have heard a pin drop after that statement if it were not for the screaming of traders trying to buy anything that resembled a Treasury note or bond! Traders promptly took all FOMC tightening out for 2016 and essentially pushed them out well into 2017. The five-year Treasury note got as low as 1.06%, which implies a Federal Reserve on hold until sometime in 2020! This Thursday, the 10-year Treasury note dropped as low as 1.51%. continue reading » 3SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrlast_img read more