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Chesapeake Utilities Corporation Reports Second Quarter Results
For the six months ended
"Growth in our businesses will drive our future earnings. We have continued to expand our internal capabilities to manage and cultivate growth, while aggressively pursuing opportunities that will position the Company for future growth," stated
A more detailed discussion and analysis of the Company's results for each segment is provided in the following pages.
Comparative Results for the Quarters Ended
Operating income for the second quarter decreased by
Regulated Energy Segment
Operating income for the Regulated Energy segment decreased by
The significant components of the
$532,000 generated from additional GRIP investments in theFlorida natural gas distribution operations;$478,000 generated from recently completed natural gas transmission expansions, which are more fully discussed in the "Major Projects and Initiatives" section later in this press release; and$325,000 from customer growth in natural gas distribution and transmission services over and above recent service expansions.
The foregoing increases were offset by
The significant components of the increase in other operating expenses included:
$1.2 million in higher depreciation, asset removal and property tax costs associated with recent capital investments;$358,000 in higher outside services to support growth and higher facility maintenance costs to maintain system integrity;$295,000 in increased regulatory expenses, due primarily to costs associated withEastern Shore 's rate case filing in 2017; and$255,000 in higher benefits and employee-related costs, while payroll costs remained flat in the second quarter of 2017. As the Company is self-insured, benefits costs will fluctuate depending upon actual claims experience.
Unregulated Energy Segment
Operating income for the Unregulated Energy segment decreased
The significant components of the
$2.1 million of additional gross margin from Eight Flags' CHP plant, which commenced operations inJune 2016 ; and$271,000 of additional gross margin from Aspire Energy as a result of pricing amendments to long-term gas sales agreements.
The above gross margin increases were offset by the following factors:
$450,000 of lower margin from PESCO, due primarily to a customer supply agreement that expired onMarch 31, 2017 ; and$368,000 from lower customer consumption of energy for the Company's propane distribution operations inFlorida and on theDelmarva Peninsula .
The significant components of the increase in other operating expenses included:
$1.3 million incurred by Eight Flags' CHP plant, which commenced operations inJune 2016 ; and$645,000 in higher staffing and associated costs for additional personnel to support growth. As the Company is self-insured, benefits costs will fluctuate depending upon actual claims experience.
The Company also incurred
Comparative Results for the Six Months Ended
Operating income for the six months ended
Regulated Energy Segment
Operating income for the Regulated Energy segment decreased by
The significant components of the
$1.2 million generated from recently completed natural gas transmission expansions, which are more fully discussed in the "Major Projects and Initiatives" section later in this press release;$1.2 million generated by additional GRIP investments in theFlorida natural gas distribution operations;$1.1 million from customer growth in natural gas distribution and transmission services over and above the growth attributable to recent service expansions;$535,000 from new natural gas transmission and distribution services provided to Eight Flags' CHP plant; and$417,000 generated as a result of the settlement of the Company'sDelaware division's rate case.
The foregoing increases were offset by
The significant components of the increase in other operating expenses included:
$2.1 million in higher depreciation, asset removal and property tax costs associated with recent capital investments;$1.5 million in higher outside services to support growth and higher facility maintenance costs to maintain system integrity;$1.3 million in higher payroll costs for additional personnel to support growth;$1.2 million in higher benefits and employee-related costs in 2017 (as the Company is self-insured, benefits costs will fluctuate depending upon actual claims experience); and$664,000 in increased regulatory expenses, due primarily to costs associated withEastern Shore 's rate case filing in 2017.
Unregulated Energy Segment
Operating income for the Unregulated Energy segment for the six months ended
The significant components of the
$3.9 million of additional gross margin from Eight Flags' CHP plant, which commenced operations inJune 2016 ;$1.7 million from PESCO, due to an increase in the number of contracts and customers served as well as additional revenue from providing natural gas to a customer inOhio under a supplier agreement, which expired onMarch 31, 2017 ; and$844,000 of additional gross margin from Aspire Energy as a result of pricing amendments to long-term gas sales agreements.
The above gross margin increases were offset by the following:
$836,000 of lower gross margin due to warmer than normal temperatures inOhio and on theDelmarva Peninsula , resulting in less consumption of propane and lower sales of natural gas by Aspire Energy; and$305,000 of lower gross margin from the Company's propane distribution operations as propane retail margins per gallon were slightly lower than 2016 levels.
The significant components of the increase in other operating expenses included:
$2.5 million incurred by Eight Flags' CHP plant, which commenced operations inJune 2016 ;$935,000 in higher payroll costs for additional personnel to support growth;$809,000 in higher benefits and employee-related costs in 2017 (as the Company is self-insured, benefits costs will fluctuate depending upon actual claims experience);$609,000 in higher depreciation expense, of which$382,000 relates to a credit adjustment in 2016 recorded in conjunction with the final valuation for Aspire Energy;$514,000 in higher outside services costs associated primarily with growth and ongoing compliance activities; and$355,000 in higher operating expenses associated with the wind-down ofXeron's operations.
The Company also incurred
Matters discussed in this release may include forward-looking statements that involve risks and uncertainties. Actual results may differ materially from those in the forward-looking statements. Please refer to the Safe Harbor for Forward-Looking Statements in the Company's 2016 Annual Report on Form 10-K for further information on the risks and uncertainties related to the Company's forward-looking statements.
The discussions of the results use the term "gross margin," a non-Generally Accepted Accounting Principles ("GAAP") financial measure, which management uses to evaluate the performance of the Company's business segments. For an explanation of the calculation of "gross margin," see the footnote to the Financial Summary.
Unless otherwise noted, earnings per share are presented on a diluted basis.
Conference Call
About
Please note that
For more information, contact:
Senior Vice President & Chief Financial Officer
302.734.6799
Financial Summary | |||||||||||||||
(in thousands, except per share data) | |||||||||||||||
Three Months Ended |
Six Months Ended | ||||||||||||||
|
| ||||||||||||||
2017 |
2016 |
2017 |
2016 | ||||||||||||
Gross Margin (1) |
|||||||||||||||
Regulated Energy segment |
$ |
46,829 |
$ |
45,760 |
$ |
104,239 |
$ |
100,071 |
|||||||
Unregulated Energy segment |
13,736 |
12,077 |
40,555 |
35,178 |
|||||||||||
Other businesses and eliminations |
(154) |
(64) |
(221) |
(109) |
|||||||||||
Total Gross Margin |
$ |
60,411 |
$ |
57,773 |
$ |
144,573 |
$ |
135,140 |
|||||||
Operating Income |
|||||||||||||||
Regulated Energy segment |
$ |
13,730 |
$ |
15,226 |
$ |
36,747 |
$ |
39,545 |
|||||||
Unregulated Energy segment |
(38) |
412 |
11,492 |
12,347 |
|||||||||||
Other businesses and eliminations |
(26) |
104 |
102 |
230 |
|||||||||||
Total Operating Income |
13,666 |
15,742 |
48,341 |
52,122 |
|||||||||||
Other Expense, net |
(607) |
(8) |
(884) |
(42) |
|||||||||||
Interest Charges |
3,073 |
2,624 |
5,811 |
5,274 |
|||||||||||
Pre-tax Income |
9,986 |
13,110 |
41,646 |
46,806 |
|||||||||||
Income Taxes |
3,940 |
5,081 |
16,456 |
18,410 |
|||||||||||
Net Income |
$ |
6,046 |
$ |
8,029 |
$ |
25,190 |
$ |
28,396 |
|||||||
Earnings Per Share of Common Stock |
|||||||||||||||
Basic |
$ |
0.37 |
$ |
0.52 |
$ |
1.54 |
$ |
1.86 |
|||||||
Diluted |
$ |
0.37 |
$ |
0.52 |
$ |
1.54 |
$ |
1.85 |
(1)"Gross margin" is determined by deducting the cost of sales from operating revenue. Cost of sales includes the purchased fuel cost for natural gas, electricity and propane and the cost of labor spent on direct revenue-producing activities and excludes depreciation, amortization and accretion. Gross margin should not be considered an alternative to operating income or net income, which are determined in accordance with GAAP.
Financial Summary Highlights | ||||||||||||
Key variances between the three months ended | ||||||||||||
(in thousands, except per share data) |
Pre-tax |
Net |
Earnings | |||||||||
Second Quarter of 2016 Reported Results |
$ |
13,110 |
$ |
8,029 |
$ |
0.52 |
||||||
Adjusting for unusual items: |
||||||||||||
Weather impact |
(675) |
(409) |
(0.03) |
|||||||||
Wind-down of |
(351) |
(213) |
(0.01) |
|||||||||
(1,026) |
(622) |
(0.04) |
||||||||||
Increased (Decreased) Gross Margins: |
||||||||||||
Eight Flags' CHP plant* |
2,128 |
1,289 |
0.08 |
|||||||||
GRIP* |
532 |
322 |
0.02 |
|||||||||
Service expansions* |
478 |
289 |
0.02 |
|||||||||
Natural gas marketing |
(450) |
(272) |
(0.02) |
|||||||||
Natural gas growth (excluding service expansions) |
325 |
197 |
0.01 |
|||||||||
Pricing amendments to Aspire Energy's long-term agreements |
271 |
164 |
0.01 |
|||||||||
3,284 |
1,989 |
0.12 |
||||||||||
Increased Other Operating Expenses: |
||||||||||||
Higher depreciation, asset removal and property tax costs due to new capital investments |
(1,337) |
(810) |
(0.05) |
|||||||||
Eight Flags' operating expenses |
(1,260) |
(763) |
(0.05) |
|||||||||
Higher staffing and associated costs |
(976) |
(591) |
(0.04) |
|||||||||
Higher outside services and facilities maintenance costs |
(335) |
(203) |
(0.01) |
|||||||||
Higher regulatory expenses |
(295) |
(179) |
(0.01) |
|||||||||
(4,203) |
(2,546) |
(0.16) |
||||||||||
Interest charges |
(449) |
(272) |
(0.02) |
|||||||||
Change in other expense |
(253) |
(153) |
(0.01) |
|||||||||
Net other changes |
(477) |
(379) |
(0.02) |
|||||||||
(1,179) |
(804) |
(0.05) |
||||||||||
EPS impact of increase in outstanding shares due to |
— |
— |
(0.02) |
|||||||||
Second Quarter of 2017 Reported Results |
$ |
9,986 |
$ |
6,046 |
$ |
0.37 |
*See the Major Projects and Initiatives table later in this press release.
Key variances between the six months ended
(in thousands, except per share data) |
Pre-tax |
Net |
Earnings | |||||||||
Six Months Ended |
$ |
46,806 |
$ |
28,396 |
$ |
1.85 |
||||||
Adjusting for unusual items: |
||||||||||||
Weather impact |
(1,363) |
(825) |
(0.05) |
|||||||||
Wind-down of |
(886) |
(536) |
(0.03) |
|||||||||
(2,249) |
(1,361) |
(0.08) |
||||||||||
Increased (Decreased) Gross Margins: |
||||||||||||
Eight Flags' CHP plant* |
4,424 |
2,676 |
0.17 |
|||||||||
Natural gas marketing |
1,704 |
1,031 |
0.07 |
|||||||||
Service expansions* |
1,237 |
748 |
0.05 |
|||||||||
GRIP* |
1,213 |
734 |
0.05 |
|||||||||
Natural gas growth (excluding service expansions) |
1,130 |
683 |
0.04 |
|||||||||
Pricing amendments to Aspire Energy's long-term agreements |
844 |
510 |
0.03 |
|||||||||
Implementation of Delaware Division new rates* |
417 |
252 |
0.02 |
|||||||||
Lower retail propane margins |
(305) |
(184) |
(0.01) |
|||||||||
10,664 |
6,450 |
0.42 |
||||||||||
Increased Other Operating Expenses: |
||||||||||||
Higher depreciation, asset removal and property tax costs due to new capital investments |
(2,696) |
(1,631) |
(0.11) |
|||||||||
Eight Flags' operating expenses |
(2,528) |
(1,529) |
(0.10) |
|||||||||
Higher payroll expense |
(2,219) |
(1,342) |
(0.09) |
|||||||||
Higher outside services and facilities maintenance costs |
(2,054) |
(1,243) |
(0.08) |
|||||||||
Higher benefits and other employee-related expenses |
(1,966) |
(1,189) |
(0.08) |
|||||||||
Higher regulatory expenses |
(664) |
(401) |
(0.03) |
|||||||||
(12,127) |
(7,335) |
(0.49) |
||||||||||
Interest charges |
(537) |
(325) |
(0.02) |
|||||||||
Change in other expense |
(476) |
(288) |
(0.02) |
|||||||||
Net other changes |
(435) |
(347) |
(0.02) |
|||||||||
(1,448) |
(960) |
(0.06) |
||||||||||
EPS impact of increase in outstanding shares due to |
— |
— |
(0.10) |
|||||||||
Six Months Ended |
$ |
41,646 |
$ |
25,190 |
$ |
1.54 |
*See the Major Projects and Initiatives table later in this press release.
Major Projects and Initiatives
The following table summarizes gross margin for the Company's major projects and initiatives recently completed and initiatives currently underway, but which will be completed in the future. Gross margin reflects operating revenue less cost of sales, excluding depreciation, amortization and accretion (dollars in thousands):
Gross Margin for the Period | ||||||||||||||||||||||||||||||||||||||
Three Months Ended |
Six Months Ended |
Year Ended |
||||||||||||||||||||||||||||||||||||
|
|
|
Estimate for | |||||||||||||||||||||||||||||||||||
2017 |
2016 |
Variance |
2017 |
2016 |
Variance |
2016 |
2017 |
2018 |
2019 | |||||||||||||||||||||||||||||
Major Projects and Initiatives Recently Completed |
||||||||||||||||||||||||||||||||||||||
Capital Investment Projects |
$ |
9,601 |
$ |
6,463 |
$ |
3,138 |
$ |
18,922 |
$ |
12,049 |
$ |
6,873 |
$ |
29,819 |
$ |
35,393 |
$ |
32,125 |
$ |
33,035 |
||||||||||||||||||
Settled Delaware Division Rate Case |
425 |
555 |
(130) |
1,295 |
878 |
417 |
1,487 |
2,250 |
2,250 |
2,250 |
||||||||||||||||||||||||||||
Total Major Projects and Initiatives Recently Completed |
10,026 |
7,018 |
3,008 |
20,217 |
12,927 |
7,290 |
31,306 |
37,643 |
34,375 |
35,285 |
||||||||||||||||||||||||||||
Future Major Projects and Initiatives |
||||||||||||||||||||||||||||||||||||||
Capital Investment Projects |
||||||||||||||||||||||||||||||||||||||
2017 Eastern Shore System Expansion |
— |
— |
— |
— |
— |
— |
— |
126 |
9,313 |
15,799 |
||||||||||||||||||||||||||||
Northwest Florida Expansion |
— |
— |
— |
— |
— |
— |
— |
— |
3,970 |
5,100 |
||||||||||||||||||||||||||||
Eastern Shore System Reliability (1) |
— |
— |
— |
— |
— |
— |
— |
1,875 |
4,500 |
4,500 |
||||||||||||||||||||||||||||
Total Future Major Projects and Initiatives |
— |
— |
— |
— |
— |
— |
— |
2,001 |
17,783 |
25,399 |
||||||||||||||||||||||||||||
Total |
$ |
10,026 |
$ |
7,018 |
$ |
3,008 |
$ |
20,217 |
$ |
12,927 |
$ |
7,290 |
$ |
31,306 |
$ |
39,644 |
$ |
52,158 |
$ |
60,684 |
(1) In
Major Projects and Initiatives Recently Completed
The following table summarizes gross margin generated from the Company's major projects and initiatives recently completed (dollars in thousands):
Gross Margin for the Period (1) | |||||||||||||||||||||||||||||||||||||
Three Months Ended |
Six Months Ended |
Year Ended |
|||||||||||||||||||||||||||||||||||
|
|
|
Estimate for | ||||||||||||||||||||||||||||||||||
2017 |
2016 |
Variance |
2017 |
2016 |
Variance |
2016 |
2017 |
2018 |
2019 | ||||||||||||||||||||||||||||
Capital Investment Projects: |
|||||||||||||||||||||||||||||||||||||
Service Expansions: |
|||||||||||||||||||||||||||||||||||||
Short-term contracts ( |
$ |
1,194 |
$ |
2,648 |
$ |
(1,454) |
$ |
3,857 |
$ |
5,191 |
$ |
(1,334) |
$ |
11,454 |
$ |
5,689 |
$ |
1,407 |
$ |
1,407 |
|||||||||||||||||
Long-term contracts ( |
2,387 |
455 |
1,932 |
3,481 |
911 |
2,570 |
1,815 |
7,611 |
7,605 |
7,583 |
|||||||||||||||||||||||||||
Total Service Expansions |
3,581 |
3,103 |
478 |
$ |
7,338 |
$ |
6,102 |
$ |
1,236 |
13,269 |
13,300 |
9,012 |
8,990 |
||||||||||||||||||||||||
Florida GRIP |
3,341 |
2,809 |
532 |
6,609 |
5,396 |
1,213 |
11,552 |
13,727 |
14,407 |
15,085 |
|||||||||||||||||||||||||||
Eight Flags' CHP Plant |
2,679 |
551 |
2,128 |
4,975 |
551 |
4,424 |
4,998 |
8,366 |
8,706 |
8,960 |
|||||||||||||||||||||||||||
Total Capital Investment Projects |
9,601 |
6,463 |
3,138 |
18,922 |
12,049 |
6,873 |
29,819 |
35,393 |
32,125 |
33,035 |
|||||||||||||||||||||||||||
Settled Delaware Division Rate Case |
425 |
555 |
(130) |
1,295 |
878 |
417 |
1,487 |
2,250 |
2,250 |
2,250 |
|||||||||||||||||||||||||||
Total Major Projects and Initiatives Recently Completed |
$ |
10,026 |
$ |
7,018 |
$ |
3,008 |
$ |
20,217 |
$ |
12,927 |
$ |
7,290 |
$ |
31,306 |
$ |
37,643 |
$ |
34,375 |
$ |
35,285 |
(1) Does not include gross margin of
Service Expansions
In
In
GRIP
GRIP is a natural gas pipe replacement program approved by the
Eight Flags' CHP plant
In
The CHP plant is powered by natural gas transported by FPU through its distribution system and by
Major Projects and Initiatives Currently Underway
2017
Other major factors influencing gross margin
Weather and Consumption
Warmer temperatures in 2017 had a negative impact on the Company's earnings. As compared to the prior year, warmer temperatures during 2017 reduced gross margin for the quarter and six months ended
HDD and CDD Information |
|||||||||||||||||
Three Months Ended |
Six months ended |
||||||||||||||||
|
|
||||||||||||||||
2017 |
2016 |
Variance |
2017 |
2016 |
Variance | ||||||||||||
Delmarva |
|||||||||||||||||
Actual HDD |
288 |
485 |
(197) |
2,246 |
2,579 |
(333) |
|||||||||||
10-Year Average HDD ("Delmarva Normal") |
429 |
452 |
(23) |
2,783 |
2,854 |
(71) |
|||||||||||
Variance from Delmarva Normal |
(141) |
33 |
(537) |
(275) |
|||||||||||||
|
|||||||||||||||||
Actual HDD |
13 |
9 |
4 |
298 |
514 |
(216) |
|||||||||||
10-Year Average HDD ("Florida Normal") |
19 |
19 |
— |
602 |
553 |
49 |
|||||||||||
Variance from Florida Normal |
(6) |
(10) |
(304) |
(39) |
|||||||||||||
|
|||||||||||||||||
Actual HDD |
508 |
766 |
(258) |
2,992 |
3,557 |
(565) |
|||||||||||
10-Year Average HDD ("Ohio Normal") |
637 |
630 |
7 |
3,774 |
3,762 |
12 |
|||||||||||
Variance from Ohio Normal |
(129) |
136 |
(782) |
(205) |
|||||||||||||
|
|||||||||||||||||
Actual CDD |
935 |
986 |
(51) |
1,080 |
1,113 |
(33) |
|||||||||||
10-Year Average CDD ("Florida CDD Normal") |
955 |
948 |
7 |
1,037 |
1,025 |
12 |
|||||||||||
Variance from Florida CDD Normal |
(20) |
38 |
43 |
88 |
Propane prices
Lower retail propane margins per gallon for the Company's Delmarva and
PESCO
PESCO provides natural gas supply and supply management services to residential, commercial, industrial and wholesale customers. PESCO operates primarily in
In 2017, the Company's Delmarva natural gas distribution operations entered into asset management agreements with PESCO to manage a portion of their natural gas transportation and storage capacity. The asset management agreements were effective
For the three months ended
As disclosed previously, the Company's management determined that there was no viable strategy to restore
Other Natural Gas Growth - Distribution Operations
In addition to service expansions, the Company's natural gas distribution operations on the
Regulatory Proceedings
Delaware Division Rate Case
In
Eastern
In
Investing for Future Growth
To support and continue its growth, the Company has expanded, and will continue to expand, its resources and capabilities.
Condensed Consolidated Statements of Income (Unaudited) (in thousands, except shares and per share data) | |||||||||||||||
Three Months Ended |
Six Months Ended | ||||||||||||||
|
| ||||||||||||||
2017 |
2016 |
2017 |
2016 | ||||||||||||
Operating Revenues |
|||||||||||||||
Regulated Energy |
$ |
70,996 |
$ |
67,395 |
$ |
168,650 |
$ |
156,611 |
|||||||
Unregulated Energy and other |
54,088 |
34,947 |
141,594 |
92,027 |
|||||||||||
Total Operating Revenues |
125,084 |
102,342 |
310,244 |
248,638 |
|||||||||||
Operating Expenses |
|||||||||||||||
Regulated Energy cost of sales |
24,167 |
21,635 |
64,411 |
56,540 |
|||||||||||
Unregulated Energy and other cost of sales |
40,505 |
22,934 |
101,260 |
56,958 |
|||||||||||
Operations |
30,408 |
28,087 |
63,321 |
55,246 |
|||||||||||
Maintenance |
3,403 |
2,904 |
6,634 |
5,383 |
|||||||||||
Gain from a settlement |
(130) |
(130) |
(130) |
(130) |
|||||||||||
Depreciation and amortization |
9,094 |
7,780 |
17,906 |
15,283 |
|||||||||||
Other taxes |
3,971 |
3,390 |
8,501 |
7,236 |
|||||||||||
Total operating expenses |
111,418 |
86,600 |
261,903 |
196,516 |
|||||||||||
Operating Income |
13,666 |
15,742 |
48,341 |
52,122 |
|||||||||||
Other expense, net |
(607) |
(8) |
(884) |
(42) |
|||||||||||
Interest charges |
3,073 |
2,624 |
5,811 |
5,274 |
|||||||||||
Income Before Income Taxes |
9,986 |
13,110 |
41,646 |
46,806 |
|||||||||||
Income taxes |
3,940 |
5,081 |
16,456 |
18,410 |
|||||||||||
Net Income |
$ |
6,046 |
$ |
8,029 |
$ |
25,190 |
$ |
28,396 |
|||||||
Weighted Average Common Shares Outstanding: |
|||||||||||||||
Basic |
16,340,665 |
15,315,020 |
16,329,009 |
15,300,931 |
|||||||||||
Diluted |
16,382,207 |
15,352,702 |
16,373,038 |
15,342,287 |
|||||||||||
Earnings Per Share of Common Stock: |
|||||||||||||||
Basic |
$ |
0.37 |
$ |
0.52 |
$ |
1.54 |
$ |
1.86 |
|||||||
Diluted |
$ |
0.37 |
$ |
0.52 |
$ |
1.54 |
$ |
1.85 |
Condensed Consolidated Balance Sheets (Unaudited) | ||||||||
Assets |
|
| ||||||
(in thousands, except shares and per share data) |
||||||||
Property, Plant and Equipment |
||||||||
Regulated Energy |
$ |
1,038,929 |
$ |
957,681 |
||||
Unregulated Energy |
202,707 |
196,800 |
||||||
Other businesses and eliminations |
25,623 |
21,114 |
||||||
Total property, plant and equipment |
1,267,259 |
1,175,595 |
||||||
Less: Accumulated depreciation and amortization |
(260,428) |
(245,207) |
||||||
Plus: Construction work in progress |
44,556 |
56,276 |
||||||
Net property, plant and equipment |
1,051,387 |
986,664 |
||||||
Current Assets |
||||||||
Cash and cash equivalents |
2,419 |
4,178 |
||||||
Accounts receivable (less allowance for uncollectible accounts of |
41,113 |
62,803 |
||||||
Accrued revenue |
11,812 |
16,986 |
||||||
Propane inventory, at average cost |
4,649 |
6,457 |
||||||
Other inventory, at average cost |
9,996 |
4,576 |
||||||
Regulatory assets |
7,167 |
7,694 |
||||||
Storage gas prepayments |
4,415 |
5,484 |
||||||
Income taxes receivable |
14,409 |
22,888 |
||||||
Prepaid expenses |
3,939 |
6,792 |
||||||
Mark-to-market energy assets |
229 |
823 |
||||||
Other current assets |
2,287 |
2,470 |
||||||
Total current assets |
102,435 |
141,151 |
||||||
Deferred Charges and Other Assets |
||||||||
|
15,070 |
15,070 |
||||||
Other intangible assets, net |
1,664 |
1,843 |
||||||
Investments, at fair value |
5,952 |
4,902 |
||||||
Regulatory assets |
76,128 |
76,803 |
||||||
Receivables and other deferred charges |
4,352 |
2,786 |
||||||
Total deferred charges and other assets |
103,166 |
101,404 |
||||||
Total Assets |
$ |
1,256,988 |
$ |
1,229,219 |
Condensed Consolidated Balance Sheets (Unaudited) | ||||||||
Capitalization and Liabilities |
|
| ||||||
(in thousands, except shares and per share data) |
||||||||
Capitalization |
||||||||
Stockholders' equity |
||||||||
Preferred stock, par value |
$ |
— |
$ |
— |
||||
Common stock, par value |
7,955 |
7,935 |
||||||
Additional paid-in capital |
252,071 |
250,967 |
||||||
Retained earnings |
206,896 |
192,062 |
||||||
Accumulated other comprehensive loss |
(5,244) |
(4,878) |
||||||
Deferred compensation obligation |
3,336 |
2,416 |
||||||
Treasury stock |
(3,336) |
(2,416) |
||||||
Total stockholders' equity |
461,678 |
446,086 |
||||||
Long-term debt, net of current maturities |
201,590 |
136,954 |
||||||
Total capitalization |
663,268 |
583,040 |
||||||
Current Liabilities |
||||||||
Current portion of long-term debt |
12,124 |
12,099 |
||||||
Short-term borrowing |
145,591 |
209,871 |
||||||
Accounts payable |
52,101 |
56,935 |
||||||
Customer deposits and refunds |
30,725 |
29,238 |
||||||
Accrued interest |
1,637 |
1,312 |
||||||
Dividends payable |
5,312 |
4,973 |
||||||
Accrued compensation |
6,683 |
10,496 |
||||||
Regulatory liabilities |
5,609 |
1,291 |
||||||
Mark-to-market energy liabilities |
188 |
773 |
||||||
Other accrued liabilities |
12,084 |
7,063 |
||||||
Total current liabilities |
272,054 |
334,051 |
||||||
Deferred Credits and Other Liabilities |
||||||||
Deferred income taxes |
234,716 |
222,894 |
||||||
Regulatory liabilities |
42,427 |
43,064 |
||||||
Environmental liabilities |
8,457 |
8,592 |
||||||
Other pension and benefit costs |
31,920 |
32,828 |
||||||
Deferred investment tax credits and other liabilities |
4,146 |
4,750 |
||||||
Total deferred credits and other liabilities |
321,666 |
312,128 |
||||||
Total Capitalization and Liabilities |
$ |
1,256,988 |
$ |
1,229,219 |
Distribution Utility Statistical Data (Unaudited) | ||||||||||||||||||||||||||||||||
For the Three Months Ended |
For the Three Months Ended | |||||||||||||||||||||||||||||||
Delmarva NG Distribution |
Chesapeake Utilities NG Division |
FPU NG Distribution |
FPU Electric Distribution |
Delmarva NG Distribution |
Chesapeake Utilities Florida NG Division |
FPU NG Distribution |
FPU Electric Distribution | |||||||||||||||||||||||||
Operating Revenues (in thousands) |
||||||||||||||||||||||||||||||||
Residential |
$ |
11,096 |
$ |
1,365 |
$ |
7,633 |
$ |
10,477 |
$ |
10,480 |
$ |
1,267 |
$ |
6,294 |
$ |
10,418 |
||||||||||||||||
Commercial |
6,424 |
1,395 |
7,449 |
10,075 |
5,779 |
1,230 |
6,926 |
10,280 |
||||||||||||||||||||||||
Industrial |
1,849 |
1,577 |
4,775 |
733 |
1,658 |
1,590 |
5,041 |
661 |
||||||||||||||||||||||||
Other (1) |
(3,136) |
966 |
(1,271) |
(207) |
(1,740) |
840 |
(1,578) |
(1,471) |
||||||||||||||||||||||||
Total Operating Revenues |
$ |
16,233 |
$ |
5,303 |
$ |
18,586 |
$ |
21,078 |
$ |
16,177 |
$ |
4,927 |
$ |
16,683 |
$ |
19,888 |
||||||||||||||||
Volume (in Dts/MWHs) |
||||||||||||||||||||||||||||||||
Residential |
583,108 |
76,365 |
304,669 |
69,298 |
612,620 |
74,658 |
290,174 |
67,872 |
||||||||||||||||||||||||
Commercial |
614,311 |
2,710,729 |
459,354 |
74,766 |
670,593 |
1,356,421 |
532,434 |
75,071 |
||||||||||||||||||||||||
Industrial |
1,206,698 |
1,501,779 |
1,100,430 |
4,750 |
1,175,665 |
2,797,836 |
1,004,336 |
4,900 |
||||||||||||||||||||||||
Other |
20,216 |
— |
(23,024) |
1,874 |
26,581 |
— |
(16,406) |
1,961 |
||||||||||||||||||||||||
Total |
2,424,333 |
4,288,873 |
1,841,429 |
150,688 |
2,485,459 |
4,228,915 |
1,810,538 |
149,804 |
||||||||||||||||||||||||
Average Customers |
||||||||||||||||||||||||||||||||
Residential |
68,442 |
15,786 |
54,352 |
24,582 |
66,085 |
15,328 |
53,286 |
24,268 |
||||||||||||||||||||||||
Commercial |
6,836 |
1,430 |
4,072 |
7,429 |
6,745 |
1,388 |
4,265 |
7,410 |
||||||||||||||||||||||||
Industrial |
144 |
78 |
2,055 |
2 |
122 |
72 |
1,749 |
2 |
||||||||||||||||||||||||
Other |
7 |
— |
— |
4 |
— |
— |
||||||||||||||||||||||||||
Total |
75,429 |
17,294 |
60,479 |
32,013 |
72,956 |
16,788 |
59,300 |
31,680 |
||||||||||||||||||||||||
Distribution Utility Statistical Data (Unaudited) | ||||||||||||||||||||||||||||||||
For the Six Months Ended |
For the Six Months Ended | |||||||||||||||||||||||||||||||
Delmarva NG Distribution |
Chesapeake Utilities NG Division |
FPU NG Distribution |
FPU Electric Distribution |
Delmarva NG Distribution |
Chesapeake Utilities NG Division |
FPU NG Distribution |
FPU Electric Distribution | |||||||||||||||||||||||||
Operating Revenues (in thousands) |
||||||||||||||||||||||||||||||||
Residential |
$ |
36,806 |
$ |
2,917 |
$ |
18,401 |
$ |
19,804 |
$ |
31,747 |
$ |
2,838 |
$ |
15,582 |
$ |
21,725 |
||||||||||||||||
Commercial |
17,836 |
2,918 |
17,043 |
19,489 |
15,440 |
2,646 |
15,160 |
19,822 |
||||||||||||||||||||||||
Industrial |
3,683 |
3,336 |
10,702 |
1,204 |
3,579 |
3,227 |
10,573 |
1,478 |
||||||||||||||||||||||||
Other (1) |
(1,678) |
1,866 |
(4,054) |
(1,796) |
(1,088) |
1,757 |
(3,411) |
(3,604) |
||||||||||||||||||||||||
Total Operating Revenues |
$ |
56,647 |
$ |
11,037 |
$ |
42,092 |
$ |
38,701 |
$ |
49,678 |
$ |
10,468 |
$ |
37,904 |
$ |
39,421 |
||||||||||||||||
Volume (in Dts/MWHs) |
||||||||||||||||||||||||||||||||
Residential |
2,391,008 |
199,640 |
775,480 |
130,624 |
2,318,217 |
213,130 |
797,086 |
141,795 |
||||||||||||||||||||||||
Commercial |
1,995,719 |
5,668,445 |
1,060,557 |
140,628 |
2,069,483 |
2,804,168 |
1,224,765 |
143,186 |
||||||||||||||||||||||||
Industrial |
2,580,496 |
3,269,209 |
2,289,693 |
7,910 |
2,545,306 |
6,091,648 |
2,130,091 |
11,580 |
||||||||||||||||||||||||
Other |
30,754 |
— |
(15,876) |
3,747 |
40,085 |
— |
23,976 |
4,599 |
||||||||||||||||||||||||
Total |
6,997,977 |
9,137,294 |
4,109,854 |
282,909 |
6,973,091 |
9,108,946 |
4,175,918 |
301,160 |
||||||||||||||||||||||||
Average Customers |
||||||||||||||||||||||||||||||||
Residential |
68,572 |
15,725 |
54,196 |
24,510 |
66,084 |
15,285 |
53,165 |
24,218 |
||||||||||||||||||||||||
Commercial |
6,874 |
1,420 |
4,123 |
7,438 |
6,771 |
1,383 |
4,263 |
7,398 |
||||||||||||||||||||||||
Industrial |
143 |
77 |
1,997 |
2 |
121 |
72 |
1,732 |
2 |
||||||||||||||||||||||||
Other |
6 |
— |
— |
4 |
— |
— |
||||||||||||||||||||||||||
Total |
75,595 |
17,222 |
60,316 |
31,950 |
72,980 |
16,740 |
59,160 |
31,618 |
||||||||||||||||||||||||
(1) Operating Revenues from "Other" sources include unbilled revenue, under (over) recoveries of fuel cost, conservation revenue, other miscellaneous charges, fees for billing services provided to third parties and adjustments for pass-through taxes.
View original content:http://www.prnewswire.com/news-releases/chesapeake-utilities-corporation-reports-second-quarter-results-300498778.html
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