PORTLAND, Maine, May 1 /PRNewswire-FirstCall/ -- Energy East Corporation 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: http://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%)
