EXHIBIT 99
UIL Holdings Corporation
157 Church Street
P.O. Box 1564
New Haven, CT 06506-0901
203.499.2812 Fax: 203.499.3626
NEWS RELEASE
August 2, 2006 | Analyst Contact: | Susan Allen | 203-499-2409 |
Media Contact: | Anita Steeves: | 203-499-2901 | |
After Hours: | 203-499-2812 |
UIL Holdings Corporation Announces Second Quarter 2006 Results and Revises 2006 Earnings Guidance
Today, UIL Holdings Corporation (NYSE: UIL) reported earnings for the second quarter of 2006 and the six months ended June 30, 2006 as follows:
| · | Continuing operations earned $10.3 million, or $0.42 per share for the second quarter of 2006 and $27.1 million, or $1.11 per share for the six months ended June 30, 2006. Excluding the results of minority ownership interests divested in the first quarter of 2006, earnings from continuing operations were $16.6 million, or $0.68 per share, for the six months ended June 30, 2006. UIL recognized earnings of $10.5 million, or $0.43 per share, from the minority ownership interest divestitures, which includes the net gain of $10.6 million on the sale of Cross-Sound Cable. |
2006 earnings from continuing operations, excluding the results of the minority interests that were divested, exceeded 2005 earnings from continuing operations by $2.6 million or $0.11 per share for the second quarter and $2.4 million or $0.10 per share for the first six months. Details of the increase in 2006 earnings are discussed below.
| · | Discontinued operations lost $7.3 million, or $0.30 per share, for the second quarter of 2006 and lost $61.9 million, or $2.54 per share, for the six months ended June 30, 2006. The six month results include the previously announced non-cash goodwill impairment charge of $50.5 million, or $2.07 per share relating to the divestiture of Xcelecom. |
| · | In total, UIL reported net income of $3.0 million, or $0.12 per share for the second quarter of 2006 and a loss of $34.8 million, or $1.43 per share, for the six months ended June 30, 2006. |
All earnings per share amounts reflect the 5 for 3 common stock split, which occurred on July 3, 2006 for shareowners of record as of June 6, 2006.
“United Illuminating, the regulated utility of UIL, had a strong quarter and the Federal Energy Regulatory Commission’s recent ruling provides the company with the opportunity to request various financial incentives that encourage the construction of additional transmission infrastructure,” commented James P. Torgerson, UIL chief executive officer. “In addition, we are continuing to proceed with the divestiture of Xcelecom as evidenced by the previously announced partial asset sale of Xcelecom subsidiary, M.J. Daly.”
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Continuing Operations
Amounts reported in continuing operations include results from The United Illuminating Company (UI), UIL’s regulated electric utility, United Capital Investments, a wholly-owned subsidiary of UIL and the unallocated Corporate costs at UIL. As required under accounting rules, continuing operations also includes the results from the divestitures of UIL’s minority ownership interests in Bridgeport Energy (BE) and Cross-Sound Cable (CSC).
UIL reported earnings from continuing operations of $10.3 million, or $0.42 per share, for the second quarter, compared to $6.6 million, or $0.27 per share, for the second quarter of 2005. For the first six months, UIL reported net income from continuing operations of $27.1 million, or $1.11 per share, compared to $10.5 million, or $0.43 per share, in the first six months of 2005. The improvement in 2006 for both the quarter and year-to-date was mainly due to improved results at UI and the absence of losses from BE that incurred in 2005. The year-to-date 2006 results also include a net gain of $10.6 million, or $0.43 per share, on the sale of UIL’s minority ownership interest in CSC.
Excluding minority ownership interests divested in the first quarter of 2006, continuing operations reported earnings of $16.6 million, or $0.68 per share for the first six months, compared to earnings of $14.2 million, or $0.58 per share in the same period in 2005.
The United Illuminating Company (UI)
Net income for UI totaled $10.9 million, or $0.45 per share, in the second quarter, compared to net income of $9.1 million, or $0.37 per share, in the second quarter of 2005, an increase of $0.08 per share. The increase in earnings for the second quarter was primarily due to higher retail rates, partially offset by increased costs associated with outside services and pension expense.
For the first six months, net income for UI was $18.5 million, or $0.76 per share, compared to net income of $16.9 million, or $0.69 per share, for the same period in 2005, an increase of $0.07 per share. The increase in earnings year-to-date was primarily due to higher retail rates, which were partially offset by increased costs associated with outside services, stock based compensation, pension expense and payroll costs, as well as lower retail kilowatt-hour (kWh) volume. Actual kWh volume consumption was 1.1% lower than the first six months of 2005, mainly due to the impact of weather.
In July, the Federal Energy Regulatory Commission (FERC) issued a final ruling which provides transmission rate incentives to promote capital investment and also provides for recovery of all prudent costs of complying with mandatory reliability standards and costs related to transmission infrastructure development. Among other items, the ruling includes provisions to allow an incentive return on equity for new infrastructure, 100% construction-work-in-progress expenditures in rate
base and accelerated book depreciation. Utilities must apply for these incentives and the FERC will make its determinations on a case by case basis. UI anticipates filing an application in the near future for appropriate treatment of the Middletown/Norwalk transmission line.
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UIL Corporate
UIL retains certain costs at the holding company, or “corporate” level, which are not allocated to the various non-utility subsidiaries. These costs generally include interest charges, strategic and other administrative costs. UIL Corporate incurred unallocated after-tax costs of $0.7 million, or $0.03 per share, in the second quarter compared to $1.2 million or $0.05 per share, in the second quarter of 2005.
For the first six months, UIL Corporate incurred unallocated after-tax costs of $2.0 million, or $0.08 per share, compared to $2.5 million, or $0.10 per share, for the same period in 2005. The decline in costs for the second quarter and year-to-date 2006 was primarily due to increased interest income earned on short-term investments.
United Capital Investments, Inc. (UCI)
UCI, which holds a number of minority investments, reported minimal earnings for the second quarter and first six months of 2006.
Divested Minority Ownership Interests
Due to the completion of the divestitures of United Bridgeport Energy, Inc. (UBE) and CSC in the first quarter of 2006, no results were reported for divested businesses in continuing operations in the second quarter of 2006. Net losses of $1.1 million, or $0.05 per share were reported for the same period in 2005.
For the first six months, divested businesses in continuing operations earned $10.5 million, or $0.43 per share, compared to a loss of $3.7 million, or $0.15 per share, in the same period of 2005. The year-to-date 2006 results include a net gain of $10.6 million, or $0.43 per share, on the sale of UIL’s minority interest in CSC. Excluding the gain on the sale of CSC, the increase in earnings from divested businesses in continuing operations for the second quarter and year-to-date was mainly due to the absence of losses at UBE.
Discontinued Operations
In accordance with accounting rules, quarterly and year-to-date results for Xcelecom are reported as discontinued operations beginning this quarter.
Xcelecom incurred a loss of $7.3 million, or $0.30 per share, in the second quarter, compared to a loss of $3.2 million, or $0.13 per share, in the second quarter of 2005. The increase in losses from the prior year was primarily due to project losses at Xcelecom’s subsidiary, Allan/Briteway Electrical Contractors, Inc., costs associated with the planned divestiture, and a realized loss in connection with the partial asset sale of Xcelecom’s subsidiary, M.J. Daly, Inc.
For the first six months, Xcelecom incurred a loss of $61.9 million, or $2.54 per share, compared to a loss of $3.9 million, or $0.16 per share, for the same period of 2005. The increase in losses from the prior year was primarily due to a non-cash goodwill impairment charge of $50.5 million, after tax, or $2.07 per share, recorded in the first quarter, relating to UIL’s announcement of its intention to divest of Xcelecom, as well as the aforementioned project losses and realized loss on the partial asset sale.
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Looking Forward
UIL Revises 2006 Earnings Guidance
The revised guidance reflects two changes to 2006 forecasted earnings. Based upon a rate increase resulting from the semi-annual reconciliation of transmission revenue requirements, management estimates that transmission earnings will now range from $0.30 to $0.40 per share, compared to the previous earnings guidance of $0.30 to $0.36 per share. The guidance for UI and for Continuing Operations has also been revised accordingly. Earnings guidance for all other components of UI will remain the same as previously reported. In addition, guidance for Xcelecom, which is reported in discontinued operations, has been reduced to reflect the 2006 year-to-date operating performance and partial asset sales previously discussed. Discontinued Operations will be affected by the on-going divestiture, which could have positive or negative impacts on future earnings guidance.
The table below shows the previous earnings guidance issued on May 16, 2006 and the currently revised earnings guidance. Earnings from continuing operations has been separated into two areas, earnings from continuing operations, which includes UI and Corporate costs, and earnings from divested minority ownership interests that are included in continuing operations. The earnings of UBE and CSC are reported in continuing operations according to accounting principles for minority ownership investments.
2006 | |||||
Previous Guidance | Revised Guidance | ||||
Continuing Operations | |||||
| UI | $1.74 - $1.86 | $1.74 - $1.90 | |||
| Corporate | (0.15) - (0.09) | (0.15) - (0.09) | |||
Subtotal | $1.65 - $1.71 | $1.65 - $1.75 | |||
Divested Minority Ownership Interests | |||||
in Continuing Operations | |||||
| CSC | $0.42 - $0.45 | $0.42 - $0.45 | |||
| UBE | (0.03) - 0.00 | (0.03) - 0.00 | |||
Subtotal | $0.39 - $0.45 | $0.39 - $0.45 | |||
Total Continuing Operations | $2.04 - $2.16 | $2.04 - $2.20 | |||
Discontinued Operations | |||||
| Xcelecom | $(2.28) - $(2.16) | $(2.50) - $(2.35) | |||
Total UIL Holdings | $(0.18) - $(0.06) | $(0.40) - $(0.20) | |||
Note: Business unit expectations are not intended to be additive to derive consolidated expectations.
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UIL Holdings Corporation (NYSE:UIL), headquartered in New Haven, Connecticut, is the holding company for: The United Illuminating Company, a regulated utility providing electricity and energy related services to 320,000 customers in the Greater New Haven and Bridgeport and Xcelecom Inc., a leading provider of specialty contracting services and systems integration. For more information on UIL Holdings, visit us at http://www.uil.com.
Use of Non-GAAP Measures
UIL Holdings believes earnings per share (EPS) information is useful in understanding the fluctuations in EPS between the current and prior periods. The amounts presented show the EPS from continuing operations and discontinued operations where applicable for each of UIL Holdings’ lines of business. Continuing Operations is further displayed for clarity by continuing operations and divested minority owned businesses on an EPS basis. EPS is calculated by dividing the income from continuing operations, divested minority owned businesses and discontinued operations for each line of business by the average number of shares of UIL Holdings common stock outstanding for the periods presented. The EPS for all periods presented are calculated on the same basis and reconcile to the amounts presented on a generally accepted accounting principle’s (GAAP) basis. The earnings per share for each of continuing operations, discontinued operations and combined total EPS is a GAAP basis presentation.
UIL Holdings also believes that a breakdown, presented on a per share basis, of how particular significant items contributed to the change in income from continuing operations, divested minority owned businesses and discontinued operations by line of business (Item Variance EPS Presentation) is useful in understanding the overall change in the consolidated results of operations for UIL Holdings from one reporting period to another. UIL Holdings presents such per share amounts by taking the dollar amount of the applicable change for the revenue or expense item, booked in accordance with GAAP, and applying UIL Holdings’ combined effective statutory federal and state tax rate. Any amounts provided as Item Variance EPS Presentation are provided for informational purposes only and are not intended to be used to calculate “Pro-forma” amounts.
Certain statements contained herein, regarding matters that are not historical facts, are forward-looking statements (as defined in the Private Securities Litigation Reform Act of 1995). These include statements regarding management’s intentions, plans, beliefs, expectations or forecasts for the future. Such forward-looking statements are based on the Corporation’s expectations and involve risks and uncertainties; consequently, actual results may differ materially from those expressed or implied in the statements. Such risks and uncertainties include, but are not limited to, general economic conditions, legislative and regulatory changes, changes in demand for electricity and other products and services, timing factors, unanticipated weather conditions, changes in accounting principles, policies or guidelines, and other economic, competitive, governmental, and technological factors affecting the operations, markets, products, services and prices of the Corporation’s subsidiaries. The foregoing and other factors are discussed and should be reviewed in the Corporation’s most recent Annual Report on Form 10-K and other subsequent periodic filings with the Securities and Exchange Commission. Forward-looking statements included herein speak only as of the date hereof and the Corporation undertakes no obligation to revise or update such statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events or circumstances.
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PART 1: FINANCIAL INFORMATION | |||||||||||||
ITEM 1: FINANCIAL STATEMENTS | |||||||||||||
UIL HOLDINGS CORPORATION | |||||||||||||
CONSOLIDATED STATEMENT OF INCOME (LOSS) | |||||||||||||
(Thousands except per share amounts) | |||||||||||||
(Unaudited) | |||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||
| June 30, | June 30, | ||||||||||||
2006 | 2005 | 2006 | 2005 | ||||||||||
Operating Revenues | |||||||||||||
| Utility | $ | 199,729 | $ | 185,913 | $ | 400,014 | $ | 372,829 | |||||
| Non-utility businesses | 5 | 5 | 9 | 9 | |||||||||
| Total Operating Revenues | 199,734 | 185,918 | 400,023 | 372,838 | |||||||||
Operating Expenses | |||||||||||||
| Operation | |||||||||||||
| Fuel and energy | 96,571 | 93,911 | 199,717 | 189,078 | |||||||||
| Operation and maintenance | 54,551 | 49,875 | 111,056 | 98,359 | |||||||||
| Depreciation and amortization | 17,023 | 15,394 | 33,497 | 32,689 | |||||||||
| Taxes - other than income taxes | 10,147 | 9,413 | 20,986 | 19,563 | |||||||||
| Total Operating Expenses | 178,292 | 168,593 | 365,256 | 339,689 | |||||||||
Operating Income | 21,442 | 17,325 | 34,767 | 33,149 | |||||||||
Other Income and (Deductions), net | 3,374 | 2,059 | 6,192 | 4,592 | |||||||||
Interest Charges, net | |||||||||||||
| Interest on long-term debt | 5,330 | 5,344 | 10,743 | 10,424 | |||||||||
| Other interest, net | 84 | 186 | 726 | 495 | |||||||||
| 5,414 | 5,530 | 11,469 | 10,919 | ||||||||||
| Amortization of debt expense and redemption premiums | 384 | 385 | 770 | 769 | |||||||||
| Total Interest Charges, net | 5,798 | 5,915 | 12,239 | 11,688 | |||||||||
Income Before Gain on Sale of Equity Investments, | |||||||||||||
Income Taxes and Equity Earnings | 19,018 | 13,469 | 28,720 | 26,053 | |||||||||
Gain on Sale of Equity Investments | - | - | 18,908 | - | |||||||||
Income Before Income Taxes and Equity Earnings | 19,018 | 13,469 | 47,628 | 26,053 | |||||||||
Income Taxes | 7,884 | 5,987 | 20,215 | 10,818 | |||||||||
Income Before Equity Earnings | 11,134 | 7,482 | 27,413 | 15,235 | |||||||||
Income (Losses) from Equity Investments | (883 | ) | (973 | ) | (342 | ) | (4,794 | ) | |||||
Income from Continuing Operations | 10,251 | 6,509 | 27,071 | 10,441 | |||||||||
Discontinued Operations, Net of Tax | (7,251 | ) | (3,150 | ) | (61,859 | ) | (3,854 | ) | |||||
Net Income (Loss) | $ | 3,000 | $ | 3,359 | $ | (34,788 | ) | $ | 6,587 | ||||
Average Number of Common Shares Outstanding - Basic | 24,365 | 24,214 | 24,345 | 24,193 | |||||||||
Average Number of Common Shares Outstanding - Diluted | 24,683 | 24,386 | 24,648 | 24,362 | |||||||||
Earnings Per Share of Common Stock - Basic: | |||||||||||||
Continuing Operations | $ | 0.42 | $ | 0.27 | $ | 1.11 | $ | 0.43 | |||||
Discontinued Operations | (0.30 | ) | (0.13 | ) | (2.54 | ) | (0.16 | ) | |||||
Net Earnings | $ | 0.12 | $ | 0.14 | $ | (1.43 | ) | $ | 0.27 | ||||
Earnings Per Share of Common Stock - Diluted: | |||||||||||||
Continuing Operations | $ | 0.42 | $ | 0.27 | $ | 1.10 | $ | 0.43 | |||||
Discontinued Operations | (0.30 | ) | (0.13 | ) | (2.51 | ) | (0.16 | ) | |||||
Net Earnings | $ | 0.12 | $ | 0.14 | $ | (1.41 | ) | $ | 0.27 | ||||
Cash Dividends Declared per share of Common Stock | $ | 0.43 | $ | 0.43 | $ | 0.86 | $ | 0.86 | |||||
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CONDENSED CONSOLIDATED BALANCE SHEET | |||||||
(Unaudited) | |||||||
| June 30, | December 31, | ||||||
| (thousands of dollars) | 2006 | 2005 | |||||
ASSETS | |||||||
| Current assets | $ | 272,905 | $ | 213,014 | |||
| Current assets of discontinued operations held for sale | 141,978 | 126,784 | |||||
| Property, plant and equipment, net | 594,057 | 581,752 | |||||
| Regulatory assets | 581,198 | 603,949 | |||||
| Other long-term assets | 88,786 | 175,255 | |||||
| Long-term assets of discontinued operations held for sale | 17,471 | 98,301 | |||||
| Total Assets | $ | 1,696,395 | $ | 1,799,055 | |||
LIABILITIES AND CAPITALIZATION | |||||||
| Current liabilities | $ | 133,027 | $ | 159,622 | |||
| Current liabilities of discontinued operations held for sale | 69,727 | 75,572 | |||||
| Noncurrent liabilities | 117,164 | 127,703 | |||||
| Long-term liabilities of discontinued operations held for sale | 3,359 | 7,756 | |||||
| Deferred income taxes | 331,239 | 336,871 | |||||
| Regulatory liabilities | 66,241 | 60,064 | |||||
| Total Liabilities | 720,757 | 767,588 | |||||
| Net long-term debt | 482,603 | 486,889 | |||||
| Net common stock equity | 493,035 | 544,578 | |||||
| Total Capitalization | 975,638 | 1,031,467 | |||||
| Total Liabilities and Capitalization | $ | 1,696,395 | $ | 1,799,055 | |||
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UIL HOLDINGS CORPORATION | |||||||||||||
SEGMENTED CONSOLIDATED INCOME STATEMENT | |||||||||||||
Quarter Ended | Quarter Ended | Six Months Ended | Six Months Ended | ||||||||||
(In Millions) | Jun. 30, 2006 | Jun. 30, 2005 | Jun. 30, 2006 | Jun. 30, 2005 | |||||||||
Operating Revenue - UI | $ | 199.7 | $ | 185.9 | $ | 400.0 | $ | 372.8 | |||||
Fuel and energy expense - UI | $ | 96.6 | $ | 93.9 | $ | 199.7 | $ | 189.1 | |||||
Operation and maintenance expense | |||||||||||||
| UI | $ | 53.6 | $ | 48.1 | $ | 107.5 | $ | 95.1 | |||||
| Minority Interest Investment and Other (1) | 0.9 | 1.7 | 3.5 | 3.2 | |||||||||
Total | $ | 54.5 | $ | 49.8 | $ | 111.0 | $ | 98.3 | |||||
Depreciation and amortization | |||||||||||||
| Depreciation - UI | $ | 7.7 | $ | 7.5 | $ | 15.5 | $ | 15.0 | |||||
| Amortization of regulatory assets - UI | 9.3 | 7.8 | 18.0 | 17.6 | |||||||||
Total - UI | $ | 17.0 | $ | 15.3 | $ | 33.5 | $ | 32.6 | |||||
Taxes - other than income taxes | |||||||||||||
State gross earnings tax - UI | $ | 6.6 | $ | 6.0 | $ | 13.1 | $ | 11.9 | |||||
| Other - UI | 3.5 | 3.4 | 7.9 | 7.7 | |||||||||
Total - UI | $ | 10.1 | $ | 9.4 | $ | 21.0 | $ | 19.6 | |||||
Other Income (Deductions) | |||||||||||||
| Other - UI | $ | 2.2 | $ | 2.0 | $ | 4.7 | $ | 4.1 | |||||
| Minority Interest Investment and Other (1) | 1.2 | 0.1 | 1.5 | 0.5 | |||||||||
Total | $ | 3.4 | $ | 2.1 | $ | 6.2 | $ | 4.6 | |||||
Interest Charges | |||||||||||||
| Interest - UI | $ | 4.1 | $ | 4.0 | $ | 8.7 | $ | 7.9 | |||||
| Amortization: debt expense, redemption premiums - UI | 0.3 | 0.4 | 0.7 | 0.7 | |||||||||
| Minority Interest Investment and Other | 1.3 | 1.6 | 2.8 | 3.1 | |||||||||
Total | $ | 5.7 | $ | 6.0 | $ | 12.2 | $ | 11.7 | |||||
Gain on Sale of Equity Investments -Minority Interest Investment and Other (1) (2) | $ | 0.0 | $ | 0.0 | $ | 18.9 | $ | 0.0 | |||||
Income Taxes | |||||||||||||
| UI | $ | 8.4 | $ | 7.7 | $ | 14.3 | $ | 15.1 | |||||
| Minority Interest Investment and Other (1) | (0.4 | ) | (1.7 | ) | 6.0 | (4.3 | ) | ||||||
Total | $ | 8.0 | $ | 6.0 | $ | 20.3 | $ | 10.8 | |||||
Income (Losses) from Equity Investments | |||||||||||||
| UI | ($0.9 | ) | $ | 0.0 | ($0.8 | ) | $ | 0.1 | |||||
| Minority Interest Investment (2) | 0.0 | (1.0 | ) | 0.5 | (4.9 | ) | |||||||
Total | ($0.9 | ) | ($1.0 | ) | ($0.3 | ) | ($4.8 | ) | |||||
Net Income | |||||||||||||
| UI | $ | 10.9 | $ | 9.1 | $ | 18.5 | $ | 16.9 | |||||
| Minority Interest Investment and Other (1) (2) | (0.6 | ) | (2.5 | ) | 8.6 | (6.4 | ) | ||||||
Subtotal Net Income from Continuing Operations | 10.3 | 6.6 | 27.1 | 10.5 | |||||||||
| Discontinued Operations | (7.3 | ) | (3.2 | ) | (61.9 | ) | (3.9 | ) | |||||
Total Net Income | $ | 3.0 | $ | 3.4 | ($34.8 | ) | $ | 6.6 | |||||
| (1) The category "Minority Interest Investment and Other" includes amounts recognized at the non-utility businesses in relation | |||||||||||||
| to their minority interest investments, as well as unallocated holding company costs. | |||||||||||||
| (2) Includes income (losses) recognized at the non-utility businesses in relation to their minority interest investments. | |||||||||||||
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BUSINESS SEGMENT SUMMARY INFORMATION | |||||||||||||
(In Millions, except per share amounts) | |||||||||||||
UIL HOLDINGS CORPORATION | |||||||||||||
Quarter Ended | Quarter Ended | Year to Date | Year to Date | ||||||||||
Jun. 30, 2006 | Jun. 30, 2005 | Jun. 30, 2006 | Jun. 30, 2005 | ||||||||||
| Income from Continuing Operations, net of tax | $ | 10.3 | $ | 6.6 | $ | 27.1 | $ | 10.5 | |||||
| Net Income (Loss) | $ | 3.0 | $ | 3.4 | $ | (34.8 | ) | $ | 6.6 | ||||
| Earnings per Share - basic | $ | 0.12 | $ | 0.14 | $ | (1.43 | ) | $ | 0.27 | ||||
THE UNITED ILLUMINATING COMPANY | |||||||||||||
Quarter Ended | Quarter Ended | Year to Date | Year to Date | ||||||||||
Jun. 30, 2006 | Jun. 30, 2005 | Jun. 30, 2006 | Jun. 30, 2005 | ||||||||||
| Net Income | $ | 10.9 | $ | 9.1 | $ | 18.5 | $ | 16.9 | |||||
| Earnings per Share - basic | $ | 0.45 | $ | 0.37 | $ | 0.76 | $ | 0.69 | |||||
| Retail Sales (millions of KWH) | 1,400 | 1,396 | 2,838 | 2,870 | |||||||||
NON-UTILITY BUSINESSES | |||||||||||||
Quarter Ended | Quarter Ended | Year to Date | Year to Date | ||||||||||
Jun. 30, 2006 | Jun. 30, 2005 | Jun. 30, 2006 | Jun. 30, 2005 | ||||||||||
MINORITY INTEREST INVESTMENT | |||||||||||||
AND OTHER | |||||||||||||
| Net Income (Loss) | $ | (0.6 | ) | $ | (2.5 | ) | $ | 8.6 | $ | (6.4 | ) | ||
| Earnings per Share - basic | $ | (0.03 | ) | $ | (0.10 | ) | $ | 0.35 | $ | (0.26 | ) | ||
DISCONTINUED OPERATIONS | |||||||||||||
| Net Income (Loss) | $ | (7.3 | ) | $ | (3.2 | ) | $ | (61.9 | ) | $ | (3.9 | ) | |
| Earnings per Share - basic | $ | (0.30 | ) | $ | (0.13 | ) | $ | (2.54 | ) | $ | (0.16 | ) | |
TOTAL NON-UTILITY BUSINESSES | |||||||||||||
| Net Income (Loss) | $ | (7.9 | ) | $ | (5.7 | ) | $ | (53.3 | ) | $ | (10.3 | ) | |
| Earnings per Share - basic | $ | (0.33 | ) | $ | (0.23 | ) | $ | (2.19 | ) | $ | (0.42 | ) | |
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