Exhibit 99-1
ENERGY EAST CORPORATION ANNOUNCES FIRST QUARTER 2008 FINANCIAL RESULTS
FOR IMMEDIATE RELEASE
Portland, Maine, May 1, 2008 - Energy East Corporation [NYSE:EAS] today announced its first quarter financial results. Earnings per basic share for the first quarter 2008 were 84 cents compared to 90 cents per share earned in the first quarter 2007.
For the 12 months ended March 31, 2008, earnings per basic share were $1.59 per share compared with $1.77 per share for the 12 months ended March 31, 2007.
Earnings per basic share for the first quarter of 2008 were 6 cents lower than first quarter 2007 earnings of 90 cents per share. The major factors affecting first quarter earnings include:
- A reduction of 8 cents per share due to lower electric margins, and
- Higher average common shares outstanding, which reduced earnings per share 5 cents.
Those decreases were partially offset by increases in earnings per share of:
- 3 cents due to higher gas margins, and
- 4 cents resulting from a lower estimated annualized effective income tax rate for 2008.
Unaudited Consolidated Statements of Income and Energy Distribution and Weather Statistics are presented on the following pages.
In addition, today Energy East filed its Form 10-Q with the Securities and Exchange Commission. The document contains additional details regarding first quarter 2008 financial results and is available on Energy East's website: www.energyeast.com. Shareholders may obtain a free copy of our Form 10-Q by contacting Investor Relations at (207) 688-4386.
About Energy East:
Energy East is a respected super-regional energy services and delivery company serving about 3 million customers throughout upstate New York and New England. By providing outstanding customer service and meeting customers' energy requirements in an environmentally friendly manner, Energy East will continue to be a valuable asset to the communities we serve.
Energy East Corporation
Consolidated Statements of Income
Three Months | Twelve Months | |||
Period Ended March 31, | 2008 | 2007 | 2008 | 2007 |
(Thousands, except per share amounts) | ||||
Operating Revenues | ||||
Utility | $1,511,663 | $1,564,064 | $4,600,382 | $4,741,554 |
Other | 154,987 | 149,674 | 530,638 | 506,295 |
Total Operating Revenues | 1,666,650 | 1,713,738 | 5,131,020 | 5,247,849 |
Operating Expenses | ||||
Electricity purchased and fuel used in generation | ||||
Utility | 338,894 | 385,273 | 1,394,622 | 1,475,001 |
Other | 92,928 | 88,853 | 367,867 | 352,864 |
Natural gas purchased | ||||
Utility | 546,883 | 538,506 | 1,124,469 | 1,108,717 |
Other | 41,344 | 42,375 | 89,387 | 78,073 |
Other operating expenses | 190,529 | 193,723 | 839,802 | 803,967 |
Maintenance | 40,875 | 40,818 | 175,674 | 206,853 |
Depreciation and amortization | 68,502 | 68,799 | 277,193 | 281,963 |
Other taxes | 78,174 | 75,713 | 258,142 | 251,682 |
Total Operating Expenses | 1,398,129 | 1,434,060 | 4,527,156 | 4,559,120 |
Operating Income | 268,521 | 279,678 | 603,864 | 688,729 |
Other (Income) | (6,889) | (8,955) | (36,818) | (44,681) |
Other Deductions | 1,006 | 3,231 | 9,257 | 23,792 |
Interest Charges, Net | 68,736 | 68,401 | 276,274 | 298,505 |
Preferred Stock Dividends of Subsidiaries | 282 | 282 | 1,128 | 1,129 |
Income Before Income Taxes | 205,386 | 216,719 | 354,023 | 409,984 |
Income Taxes | 73,431 | 83,425 | 104,064 | 150,099 |
Net Income | $131,955 | $133,294 | $249,959 | $259,885 |
Earnings per Share, basic | $.84 | $.90 | $1.59 | $1.77 |
Earnings per Share, diluted | $.83 | $.90 | $1.58 | $1.76 |
Dividends Declared per Share | $.31 | $.30 | $1.22 | $1.18 |
Average Common Shares Outstanding, basic | 157,090 | 147,517 | 157,161 | 147,082 |
Average Common Shares Outstanding, diluted | 158,251 | 148,406 | 158,233 | 147,896 |
Energy East Corporation
Energy Distribution Statistics
Three Months | Twelve Months | ||||||
Periods Ended March 31, | 2008 | 2007 | % change | 2008 | 2007 | % change | |
Electricity (thousands of megawatt-hours) | |||||||
Residential | 3,381 | 3,427 | (1)% | 12,393 | 12,252 | 1% | |
Commercial | 2,434 | 2,461 | (1)% | 10,009 | 9,852 | 2% | |
Industrial | 1,722 | 1,596 | 8 % | 7,425 | 6,963 | 7% | |
Other | 615 | 598 | 3 % | 2,317 | 2,295 | 1% | |
Total retail | 8,152 | 8,082 | 1 % | 32,144 | 31,362 | 2% | |
Wholesale | 1,310 | 1,935 | (32)% | 6,617 | 8,749 | (24)% | |
Total | 9,462 | 10,017 | (6)% | 38,761 | 40,111 | (3)% | |
Natural Gas (thousands of dekatherms) | |||||||
Residential | 36,332 | 38,688 | (6)% | 75,705 | 75,489 | - | |
Commercial | 11,920 | 12,416 | (4)% | 25,190 | 25,182 | - | |
Industrial | 1,496 | 1,537 | (3)% | 3,551 | 3,568 | - | |
Other | 4,084 | 4,396 | (7)% | 13,027 | 13,780 | (5)% | |
Transportation of customer-owned gas | 28,086 | 26,484 | 6 % | 79,273 | 78,193 | 1 % | |
Total retail | 81,918 | 83,521 | (2)% | 196,746 | 196,212 | - | |
Wholesale | 556 | 351 | 58 % | 1,958 | 416 | NM | |
Total | 82,474 | 83,872 | (2)% | 198,704 | 196,628 | 1% | |
NM = Not meaningful
Energy East Corporation
Weather Statistics
Three months ended March 31, | 2008 | 2007 | Normal |
New York | |||
Heating degree days | 3,287 | 3,350 | 3,411 |
(Warmer) than prior year | (2%) | ||
(Warmer) than normal | (4%) | ||
New England | |||
Heating degree days | 3,033 | 3,176 | 3,175 |
(Warmer) than prior year | (5%) | ||
(Warmer) than normal | (5%) | ||
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