PORTLAND, Maine, Feb. 28 /PRNewswire-FirstCall/ -- Energy East Corporation today announced the following financial results.
Earnings per share, basic for the 12 months ended December 31, 2007, were $1.62 while earnings per share, basic for the quarter ended December 31, 2007, were 47 cents.
Earnings per share, basic for the 12 months ended December 31, 2007, decreased 15 cents as compared to earnings per share, basic for the 12 months ended December 31, 2006, of $1.77.
Major factors in the year over year earnings decline included: -- Electric margins that declined 40 cents primarily as a result of an adverse electric rate decision by the New York Public Service Commission for New York State Electric & Gas Corporation, which became effective January 1, 2007. -- Higher average shares outstanding as a result of the issuance of 10 million shares of common stock in the spring of 2007 that lowered earnings per share 9 cents. -- Merger-related costs that totaled 6 cents per share. Those items were partially offset by: -- Lower interest costs that added 13 cents. -- Lower income taxes of 14 cents, reflecting actual 2006 tax expense as filed and favorable variances in recurring flow-through items. -- Lower storm and bad debt costs that improved earnings 11 cents and 5 cents, respectively.
Earnings per share, basic for the fourth quarter of 2007 were 6 cents lower than fourth quarter 2006 earnings of 53 cents per share. The decrease was primarily due to lower electric margins of 12 cents per share, partially offset by higher natural gas margins of 7 cents per share.
Consolidated Statements of Income and Energy Distribution and Weather Statistics are presented on the following pages.
On February 29, 2008, Energy East will file its Form 10-K with the Securities and Exchange Commission. The Form 10-K will contain additional details regarding 2007 financial results and will be available on Energy East's website: http://www.energyeast.com/. Shareholders may obtain a free copy of our Form 10-K by contacting Investor Relations.
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 December 31, 2007 2006 2007 2006 (Thousands, except per share amounts) Operating Revenues Utility $1,205,118 $1,208,441 $4,652,783 $4,720,638 Other 139,541 123,434 525,325 510,027 Total Operating Revenues 1,344,659 1,331,875 5,178,108 5,230,665 Operating Expenses Electricity purchased and fuel used in generation Utility 323,174 333,915 1,441,000 1,467,068 Other 90,966 84,715 363,793 353,402 Natural gas purchased Utility 321,504 300,079 1,116,092 1,079,980 Other 28,203 18,429 90,418 79,472 Other operating expenses 221,876 206,335 842,996 796,350 Maintenance 44,425 64,776 175,618 218,499 Depreciation and amortization 71,129 73,183 277,490 282,568 Other taxes 63,952 59,209 255,680 249,834 Total Operating Expenses 1,165,229 1,140,641 4,563,087 4,527,173 Operating Income 179,430 191,234 615,021 703,492 Other (Income) (9,155) (18,943) (38,884) (46,126) Other Deductions 3,603 4,098 11,483 24,578 Interest Charges, Net 71,032 78,144 275,938 308,824 Preferred Stock Dividends of Subsidiaries 282 282 1,128 1,129 Income Before Income Taxes 113,668 127,653 365,356 415,087 Income Taxes 40,197 50,359 114,058 155,255 Net Income $73,471 $77,294 $251,298 $259,832 Earnings per Share, basic $.47 $.53 $1.62 $1.77 Earnings per Share, diluted $.46 $.53 $1.61 $1.76 Dividends Declared per Share $.31 $.30 $1.21 $1.17 Average Common Shares Outstanding, basic 157,221 147,010 154,801 146,962 Average Common Shares Outstanding, diluted 158,279 147,809 155,805 147,717 Energy East Corporation Energy Distribution Statistics Periods Ended Three Months Twelve Months December 31, 2007 2006 % change 2007 2006 % change Electricity (thousands of megawatt-hours) Residential 3,115 3,085 1% 12,439 12,142 2% Commercial 2,416 2,315 4% 10,036 9,618 4% Industrial 1,849 1,819 2% 7,298 7,235 1% Other 587 567 4% 2,300 2,227 3% Total retail 7,967 7,786 2% 32,073 31,222 3% Wholesale 1,859 2,179 (15%) 7,241 9,318 (22%) Total 9,826 9,965 (1%) 39,314 40,540 (3%) Natural Gas (thousands of dekatherms) Residential 23,246 20,584 13% 78,061 70,637 11% Commercial 7,455 6,443 16% 25,687 23,904 7% Industrial 1,040 952 9% 3,591 3,526 2% Other 3,502 3,449 2% 13,340 12,891 3% Transportation of customer-owned gas 20,539 20,244 1% 77,671 77,253 1% Total retail 55,782 51,672 8% 198,350 188,211 5% Wholesale 858 19 NM 1,753 110 NM Total 56,640 51,691 10% 200,103 188,321 6% NM = Not meaningful Energy East Corporation Weather Statistics Periods ended Three Months Twelve Months December 31, 2007 2006 Normal 2007 2006 Normal New York Heating degree days 2,192 1,951 2,380 6,595 5,991 6,974 (Warmer) colder than prior year 12% 10% (Warmer) colder than normal (8%) (5%) Cooling degree days NM NM NM 653 562 492 (Cooler) warmer than prior year NM 16% (Cooler) warmer than normal NM 33% New England Heating degree days 2,041 1,790 2,177 6,145 5,447 6,315 (Warmer) colder than prior year 14% 13% (Warmer) colder than normal (6%) (3%) Cooling degree days NM NM NM 409 444 388 (Cooler) warmer than prior year NM (8%) (Cooler) warmer than normal NM 5% NM = Not meaningful
