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
November 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 Third Quarter 2006 Results and Revises 2006 Earnings Guidance
Today, UIL Holdings Corporation (NYSE: UIL) reported earnings for the third quarter of 2006 and the nine months ended September 30, 2006 as follows:
| · | Continuing operations earned $29.6 million, or $1.21 per share, for the third quarter of 2006 and $56.7 million, or $2.33 per share, for the nine months ended September 30, 2006. Excluding the results of minority ownership interests divested in the first quarter of 2006, earnings from continuing operations were $46.2 million, or $1.90 per share, for the nine months ended September 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 $10.7 million, or $0.43 per share, for the third quarter and $13.2 million, or $0.54 per share, for the first nine months.
| · | Discontinued operations lost $17.8 million, or $0.73 per share, for the third quarter of 2006 and lost $79.7 million, or $3.27 per share, for the nine months ended September 30, 2006. The three and nine month results include an $18.2 million, or $0.74 per share after-tax non-cash impairment charge to reflect Xcelecom, Inc. at fair value and to recognize a state tax valuation allowance. The nine month results also include the previously announced after-tax 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 $11.8 million, or $0.48 per share, for the third quarter of 2006 and a loss of $23.0 million, or $0.94 per share, for the nine months ended September 30, 2006. |
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“Despite lower kilowatt-hour volume compared to last year, United Illuminating, the regulated utility of UIL, had a solid quarter,” commented James P. Torgerson, UIL chief executive officer. “The resolution of a long-standing regulatory issue related to taxes at UI added to the bottom line. Although we are still evaluating the recently released FERC ROE decision, we are pleased that FERC has recognized the value of incentives for needed investment in transmission infrastructure, and has established a 12.44% ROE for new investment going forward.” Torgerson also added that, “the divestiture of Xcelecom is progressing and although we recorded an additional impairment loss, there was not a cash impact.”
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 $29.6 million, or $1.21 per share, for the third quarter, compared to $18.5 million, or $0.76 per share, for the third quarter of 2005. For the first nine months, UIL reported net income from continuing operations of $56.7 million, or $2.33 per share, compared to $29.0 million, or $1.19 per share, in the first nine 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 were 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 $46.2 million, or $1.90 per share, for the first nine months, compared to earnings of $33.0 million, or $1.36 per share, in the same period in 2005.
The United Illuminating Company (UI)
Net income for UI totaled $30.1 million, or $1.23 per share, in the third quarter, compared to net income of $20.1 million, or $0.83 per share, in the third quarter of 2005, an increase of $0.48 per share. The increase in earnings for the third quarter was primarily due to non-recurring earnings related to accumulated deferred investment tax credits and excess deferred federal income taxes related to generation assets formerly owned by UI of $6.5 million and the regulatory recovery of gross earnings tax in the amount of $2.9 million.
For the first nine months, net income for UI was $48.6 million, or $2.00 per share, compared to net income of $37.0 million, or $1.53 per share, for the same period in 2005, an increase of $0.47 per share. The increase in year-to-date earnings was primarily due to the non-recurring gains discussed above and higher retail rates, which were partially offset by lower retail kilowatt-hour (kWh) volume, along with increases in outside services, payroll and incentive costs, and pension expense. Actual kWh volume consumption was 2.6% lower than the first nine months of 2005, mainly due to the impact of milder weather in 2006 compared to 2005.
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On October 31, 2006, the Federal Energy Regulatory Commission (FERC) issued a final decision authorizing a return on equity (ROE) for the owners of the ISO New England transmission grid, including an incentive rate to encourage transmission expansion and ensure grid reliability in the New England region. The order sets a base ROE of 10.20%, based on a proxy group made up of northeast utility companies. In addition, the FERC approved three ROE adders as follows: (i) a 50 basis point incentive for regional transmission organization participation; (ii) a 100 basis point incentive for new transmission investment; and (iii) a 74 basis point adjustment reflecting updated bond data, applicable to the period commencing with the date of the order. The new ROEs are effective February 1, 2005, with the exception of the adder related to updated bond data, which is effective prospectively from the date of the decision. Looking forward, the total ROE on new transmission investment is 12.44%.
UI’s preliminary analysis of the FERC decision resulted in a reduction to net income of approximately $1.9 million in order to establish a reserve for a refund for the period February 1, 2005 through September 30, 2006. The FERC decision is complex and subject to interpretation and clarification. UI will continue to evaluate the impact of this decision and will make revisions, if necessary, in the fourth quarter of 2006.
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 $0.5 million, or $0.02 per share, in the third quarter compared to $1.0 million or $0.05 per share, in the third quarter of 2005.
For the first nine months, UIL Corporate incurred unallocated after-tax costs of $2.5 million, or $0.10 per share, compared to $3.5 million, or $0.16 per share, for the same period in 2005. The decline in costs for the third 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 passive minority investments, reported minimal earnings for the third quarter and first nine months of 2006, and a loss of $0.2 million for the third quarter 2005 and $0.4 million, or $0.01 per share, for the first nine months of 2005.
Divested Minority Ownership Interests
Due to the completion of the divestitures of UIL’s interests in BE and CSC in the first quarter of 2006, no results were reported for divested businesses in continuing operations in the third quarter of 2006. Net losses of $0.4 million, or $0.02 per share, were reported for the same period in 2005.
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For the first nine months, divested businesses in continuing operations earned $10.5 million, or $0.43 per share, compared to a loss of $4.1 million, or $0.17 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 third quarter and year-to-date compared to last year was mainly due to the absence of losses from BE.
Discontinued Operations
Xcelecom, Inc.
Xcelecom incurred a loss of $17.8 million, or $0.73 per share, in the third quarter, compared to earnings of $0.1 million, in the third quarter of 2005. The decrease from the prior year was primarily due to an $18.2 million, or $0.74 per share, after-tax non-cash impairment charge to reflect Xcelecom at fair value and to recognize a state tax valuation allowance. In accordance with SFAS No. 144, an impairment charge was recorded in the third quarter to bring the carrying value of the remaining Xcelecom businesses in line with their estimated fair value based on indicative third party bids. Absent the impairment, Xcelecom earned $0.4 million, or $0.01 per share, mainly due to a gain resulting from the sale of the Systems Integration business, which was partially offset by project losses at Xcelecom’s subsidiary, Allan/Briteway Electrical Contractors, Inc. and costs associated with the planned divestiture.
For the first nine months, Xcelecom incurred a loss of $79.7 million, or $3.27 per share, compared to a loss of $3.8 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, the non-cash impairment charge mentioned above and project losses.
On October 30, 2006, Xcelecom, Inc. entered into an agreement to sell all of the outstanding capital stock of Orlando Diefenderfer Electrical Contractors, Inc. to ODEC Holding Corp. for approximately $3.3 million. The $3.3 million sale price includes $1.0 million in cash and a right to receive approximately $2.3 million of net outstanding receivables.
Looking Forward
UIL Revises 2006 Earnings Guidance
Management is revising 2006 earnings guidance to reflect the impact of the Xcelecom impairment charge described above and other divestiture related costs. The guidance for Discontinued Operations and Total UIL Holdings has been revised accordingly. Guidance for UI and the remaining components of Continuing Operations is the same as previously reported.
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The table below shows the previous earnings guidance issued on September 8, 2006 and the currently revised earnings guidance.
2006 | |||||||||
Previous Guidance | Revised Guidance | ||||||||
Continuing Operations | |||||||||
| UI | $2.00 - $2.16 | $2.00 - $2.16 | |||||||
| Corporate | (0.15) - (0.09) | (0.15) - (0.09) | |||||||
Subtotal | $1.91 - $2.01 | $1.91 - $2.01 | |||||||
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 | $2.30 - $2.46 | $2.30 - $2.46 | |||||||
Discontinued Operations | |||||||||
| Xcelecom | $(2.50) - $(2.35) | $(3.45) - $(3.30) | |||||||
Total UIL Holdings | $(0.14) - $(0.06) | $(1.10) - $(0.90) | |||||||
Note: Business unit expectations are not intended to be additive to derive consolidated expectations.
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 by line of business 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.
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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.
The following are summaries of UIL Holdings’ unaudited consolidated and segmented financial information for the third quarter and first nine months of 2006:
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UIL HOLDINGS CORPORATION | |||||||||||||
CONSOLIDATED STATEMENT OF INCOME (LOSS) | |||||||||||||
(Thousands except per share amounts) | |||||||||||||
(Unaudited) | |||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||
| September 30, | September 30, | ||||||||||||
2006 | 2005 | 2006 | 2005 | ||||||||||
Operating Revenues | |||||||||||||
| Utility | $ | 261,140 | $ | 259,442 | $ | 661,154 | $ | 632,271 | |||||
| Non-utility businesses | 4 | 5 | 13 | 14 | |||||||||
| Total Operating Revenues | 261,144 | 259,447 | 661,167 | 632,285 | |||||||||
Operating Expenses | |||||||||||||
| Operation | |||||||||||||
| Fuel and energy | 124,699 | 130,919 | 324,416 | 319,997 | |||||||||
| Operation and maintenance | 63,071 | 57,805 | 174,127 | 156,164 | |||||||||
| Depreciation and amortization | 21,065 | 22,024 | 54,562 | 54,713 | |||||||||
| Taxes - other than income taxes | 12,616 | 12,480 | 33,602 | 32,043 | |||||||||
| Total Operating Expenses | 221,451 | 223,228 | 586,707 | 562,917 | |||||||||
Operating Income | 39,693 | 36,219 | 74,460 | 69,368 | |||||||||
Other Income and (Deductions), net | 4,816 | 2,610 | 11,008 | 7,202 | |||||||||
Interest Charges, net | |||||||||||||
| Interest on long-term debt | 5,332 | 5,158 | 16,075 | 15,582 | |||||||||
| Other interest, net | 374 | 755 | 1,100 | 1,250 | |||||||||
| 5,706 | 5,913 | 17,175 | 16,832 | ||||||||||
| Amortization of debt expense and redemption premiums | 393 | 387 | 1,163 | 1,156 | |||||||||
| Total Interest Charges, net | 6,099 | 6,300 | 18,338 | 17,988 | |||||||||
Income Before Gain on Sale of Equity Investments, Income | |||||||||||||
Taxes, Equity Earnings and Discontinued Operations | 38,410 | 32,529 | 67,130 | 58,582 | |||||||||
Gain on Sale of Equity Investments | - | - | 18,908 | - | |||||||||
Income Before Income Taxes, Equity Earnings and | |||||||||||||
Discontinued Operations | 38,410 | 32,529 | 86,038 | 58,582 | |||||||||
Income Taxes | 9,199 | 14,109 | 29,414 | 24,927 | |||||||||
Income Before Equity Earnings and Discontinued Operations | 29,211 | 18,420 | 56,624 | 33,655 | |||||||||
Gain (Loss) from Equity Investments | 446 | 65 | 104 | (4,729 | ) | ||||||||
Income from Continuing Operations | 29,657 | 18,485 | 56,728 | 28,926 | |||||||||
Discontinued Operations, Net of Tax | (17,858 | ) | (33 | ) | (79,717 | ) | (3,887 | ) | |||||
Net Income (Loss) | $ | 11,799 | $ | 18,452 | $ | (22,989 | ) | $ | 25,039 | ||||
Average Number of Common Shares Outstanding - Basic | 24,455 | 24,283 | 24,382 | 24,223 | |||||||||
Average Number of Common Shares Outstanding - Diluted | 24,852 | 24,490 | 24,760 | 24,442 | |||||||||
Earnings Per Share of Common Stock - Basic: | |||||||||||||
Continuing Operations | $ | 1.21 | $ | 0.76 | $ | 2.33 | $ | 1.19 | |||||
Discontinued Operations | (0.73 | ) | - | $ | (3.27 | ) | (0.16 | ) | |||||
Net Earnings (Loss) | $ | 0.48 | $ | 0.76 | $ | (0.94 | ) | $ | 1.03 | ||||
Earnings Per Share of Common Stock - Diluted: | |||||||||||||
Continuing Operations | $ | 1.19 | $ | 0.75 | $ | 2.29 | $ | 1.18 | |||||
Discontinued Operations | (0.72 | ) | - | (3.22 | ) | (0.16 | ) | ||||||
Net Earnings (Loss) | $ | 0.47 | $ | 0.75 | $ | (0.93 | ) | $ | 1.02 | ||||
Cash Dividends Declared per share of Common Stock | $ | 0.43 | $ | 0.43 | $ | 1.29 | $ | 1.29 | |||||
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| September 30, | December 31, | ||||||
| (thousands of dollars) | 2006 | 2005 | |||||
ASSETS | |||||||
| Current assets | $ | 293,629 | $ | 213,014 | |||
| Current assets of discontinued operations held for sale | 103,472 | 126,784 | |||||
| Property, plant and equipment, net | 608,159 | 581,752 | |||||
| Regulatory assets | 576,159 | 603,949 | |||||
| Other long-term assets | 91,355 | 175,255 | |||||
| Long-term assets of discontinued operations held for sale | 10,086 | 98,301 | |||||
| Total Assets | $ | 1,682,860 | $ | 1,799,055 | |||
LIABILITIES AND CAPITALIZATION | |||||||
| Current liabilities | $ | 148,967 | $ | 159,622 | |||
| Current liabilities of discontinued operations held for sale | 50,363 | 75,572 | |||||
| Noncurrent liabilities | 109,360 | 127,703 | |||||
| Long-term liabilities of discontinued operations held for sale | 1,053 | 7,756 | |||||
| Deferred income taxes | 332,044 | 336,871 | |||||
| Regulatory liabilities | 59,505 | 60,064 | |||||
| Total Liabilities | 701,292 | 767,588 | |||||
| Net long-term debt | 482,603 | 486,889 | |||||
| Net common stock equity | 498,965 | 544,578 | |||||
| Total Capitalization | 981,568 | 1,031,467 | |||||
| Total Liabilities and Capitalization | $ | 1,682,860 | $ | 1,799,055 | |||
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UIL HOLDINGS CORPORATION | |||||||||||||
SEGMENTED CONSOLIDATED INCOME STATEMENT | |||||||||||||
Quarter Ended | Quarter Ended | Nine Months Ended | Nine Months Ended | ||||||||||
(In Millions) | Sept. 30, 2006 | Sept. 30, 2005 | Sept. 30, 2006 | Sept. 30, 2005 | |||||||||
Operating Revenue - UI | $ | 261.1 | $ | 259.5 | $ | 661.1 | $ | 632.3 | |||||
Fuel and energy expense - UI | $ | 124.7 | $ | 130.9 | $ | 324.4 | $ | 320.0 | |||||
Operation and maintenance expense | |||||||||||||
| UI | $ | 62.0 | $ | 56.6 | $ | 169.5 | $ | 151.7 | |||||
| Minority Interest Investment and Other (1) | 1.1 | 1.2 | 4.6 | 4.4 | |||||||||
Total | $ | 63.1 | $ | 57.8 | $ | 174.1 | $ | 156.1 | |||||
Depreciation and amortization | |||||||||||||
| Depreciation - UI | $ | 7.9 | $ | 7.8 | $ | 23.4 | $ | 22.8 | |||||
| Amortization of regulatory assets - UI | 13.2 | 14.3 | 31.2 | 31.9 | |||||||||
Total - UI | $ | 21.1 | $ | 22.1 | $ | 54.6 | $ | 54.7 | |||||
Taxes - other than income taxes | |||||||||||||
State gross earnings tax - UI | $ | 9.2 | $ | 9.0 | $ | 22.3 | $ | 20.9 | |||||
| Other - UI | 3.4 | 3.5 | 11.3 | 11.2 | |||||||||
Total - UI | $ | 12.6 | $ | 12.5 | $ | 33.6 | $ | 32.1 | |||||
Other Income (Deductions) | |||||||||||||
| Other - UI | $ | 3.6 | $ | 2.5 | $ | 8.3 | $ | 6.6 | |||||
| Minority Interest Investment and Other (1) | 1.2 | 0.1 | 2.7 | 0.6 | |||||||||
Total | $ | 4.8 | $ | 2.6 | $ | 11.0 | $ | 7.2 | |||||
Interest Charges | |||||||||||||
| Interest - UI | $ | 4.7 | $ | 4.3 | $ | 13.4 | $ | 12.2 | |||||
| Amortization: debt expense, redemption premiums - UI | 0.4 | 0.4 | 1.1 | 1.1 | |||||||||
| Minority Interest Investment and Other | 1.0 | 1.6 | 3.8 | 4.7 | |||||||||
Total | $ | 6.1 | $ | 6.3 | $ | 18.3 | $ | 18.0 | |||||
Gain on Sale of Equity Investments -Minority Interest Investment and Other (1) (2) | $ | 0.0 | $ | 0.0 | $ | 18.9 | $ | 0.0 | |||||
Income Taxes | |||||||||||||
| UI | $ | 9.5 | $ | 15.2 | $ | 23.8 | $ | 30.3 | |||||
| Minority Interest Investment and Other (1) | (0.4 | ) | (1.1 | ) | 5.6 | (5.4 | ) | ||||||
Total | $ | 9.1 | $ | 14.1 | $ | 29.4 | $ | 24.9 | |||||
Income (Losses) from Equity Investments | |||||||||||||
| UI | $ | 0.4 | $ | 0.1 | ($0.4 | ) | $ | 0.2 | |||||
| Minority Interest Investment (2) | 0.0 | 0.0 | 0.5 | (4.9 | ) | ||||||||
Total | $ | 0.4 | $ | 0.1 | $ | 0.1 | ($4.7 | ) | |||||
Net Income | |||||||||||||
| UI | $ | 30.1 | $ | 20.1 | $ | 48.6 | $ | 37.0 | |||||
| Minority Interest Investment and Other (1) (2) | (0.5 | ) | (1.6 | ) | 8.1 | (8.0 | ) | ||||||
Subtotal Net Income from Continuing Operations | 29.6 | 18.5 | 56.7 | 29.0 | |||||||||
| Discontinued Operations | (17.8 | ) | 0.0 | (79.7 | ) | (3.9 | ) | ||||||
Total Net Income | $ | 11.8 | $ | 18.5 | ($23.0 | ) | $ | 25.1 | |||||
| (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 | ||||||||||
Sept. 30, 2006 | Sept. 30, 2005 | Sept. 30, 2006 | Sept. 30, 2005 | ||||||||||
| Income from Continuing Operations, net of tax | $ | 29.6 | $ | 18.5 | $ | 56.7 | $ | 29.0 | |||||
| Net Income (Loss) | $ | 11.8 | $ | 18.5 | $ | (23.0 | ) | $ | 25.1 | ||||
| Earnings per Share - basic | $ | 0.48 | $ | 0.76 | $ | (0.94 | ) | $ | 1.03 | ||||
THE UNITED ILLUMINATING COMPANY | |||||||||||||
Quarter Ended | Quarter Ended | Year to Date | Year to Date | ||||||||||
Sept. 30, 2006 | Sept. 30, 2005 | Sept. 30, 2006 | Sept. 30, 2005 | ||||||||||
| Net Income | $ | 30.1 | $ | 20.1 | $ | 48.6 | $ | 37.0 | |||||
| Earnings per Share - basic | $ | 1.23 | $ | 0.83 | $ | 2.00 | $ | 1.53 | |||||
| Retail Sales (millions of KWH) | 1,691 | 1,779 | 4,529 | 4,649 | |||||||||
NON-UTILITY BUSINESSES | |||||||||||||
Quarter Ended | Quarter Ended | Year to Date | Year to Date | ||||||||||
Sept. 30, 2006 | Sept. 30, 2005 | Sept. 30, 2006 | Sept. 30, 2005 | ||||||||||
MINORITY INTEREST INVESTMENT | |||||||||||||
AND OTHER | |||||||||||||
| Net Income (Loss) | $ | (0.5 | ) | $ | (1.6 | ) | $ | 8.1 | $ | (8.0 | ) | ||
| Earnings per Share - basic | $ | (0.02 | ) | $ | (0.07 | ) | $ | 0.33 | $ | (0.34 | ) | ||
DISCONTINUED OPERATIONS | |||||||||||||
| Net Income (Loss) | $ | (17.8 | ) | $ | - | $ | (79.7 | ) | $ | (3.9 | ) | ||
| Earnings per Share - basic | $ | (0.73 | ) | $ | - | $ | (3.27 | ) | $ | (0.16 | ) | ||
TOTAL NON-UTILITY BUSINESSES | |||||||||||||
| Net Income (Loss) | $ | (18.3 | ) | $ | (1.6 | ) | $ | (71.6 | ) | $ | (11.9 | ) | |
| Earnings per Share - basic | $ | (0.75 | ) | $ | (0.07 | ) | $ | (2.94 | ) | $ | (0.50 | ) | |
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