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Chesapeake Utilities Corporation Reports Second Quarter Results
For the six months ended
"Our higher results for the second quarter reflect the success of our efforts to grow the services we provide on the
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 increased by
Regulated Energy Segment
Regulated Energy operating income grew by
$2.0 million generated from natural gas transmission expansions completed in 2015 and 2016, as well as interim services to customers pending construction of facilities, which are more fully discussed in the "Major Projects and Initiatives" section below;$1.0 million generated by additional Gas Reliability Infrastructure Program ("GRIP") investments in theFlorida natural gas distribution operations;$820,000 from customer growth in natural gas distribution and transmission services unrelated to recent service expansions;$555,000 generated from the implementation of interim rates for the Company'sDelaware division; and$432,000 from new natural gas transmission and distribution services provided toEight Flags Energy, LLC ("Eight Flags") combined heat and power ("CHP") plant.
The significant components of the increase in other operating expenses included:
- The absence of a
$1.5 million gain from a customer billing system settlement, recorded in 2015, which was partially offset by an associated gain of$130,000 during the second quarter of 2016, representing an additional current portion of the settlement recovery; $724,000 in higher payroll and benefits costs for additional personnel to support growth;$722,000 in higher service contractor and other consulting costs; and$385,000 in higher depreciation, asset removal and property tax costs associated with recent capital investments.
Unregulated Energy Segment
The Unregulated Energy segment reported operating income of
Aspire Energy of Ohio ("Aspire Energy") generated$708,000 in additional gross margin for the quarter endedJune 30, 2016 as a result of additional margins generated by pricing amendments to long-term gas sales agreements, the elimination of gas retainage volume credits associated with shrinkage for gas processing activities, and the optimization of gathering system receipts and deliveries through improved management and monitoring of system volumes and imbalance positions;$464,000 in additional gross margin generated by the Company's natural gas marketing operation in connection with customer growth, which included a new long-term sales agreement with anOhio distribution company, and the positive impact from favorable supply management and hedging activities, which generated additional gross margin as a result of a decrease in inventory costs. The increase in gross margin as a result of favorable supply management and hedging activities is not predictable and, therefore, is not included in the Company's long-term financial plans or forecasts; and$370,000 in additional gross margin generated by the Company's propane distribution operations due to increased deliveries of propane as a result of weather and the timing of bulk deliveries.
The increase in other operating expenses was due primarily to
Comparative Results for the Six Months Ended
Operating income for the six months ended
Regulated Energy Segment
Operating income for the Regulated Energy segment for the six months ended
$3.9 million generated from natural gas transmission expansions completed in 2015 and 2016, as well as interim services to customers pending construction of facilities, which are more fully discussed in the "Major Projects and Initiatives" section below;$2.1 million generated by additional GRIP investments in theFlorida natural gas distribution operations;$1.6 million from customer growth in natural gas distribution and transmission services unrelated to recent service expansions;$878,000 generated from the implementation of interim rates for the Company'sDelaware division; and$432,000 from new natural gas transmission and distribution services provided to Eight Flags' CHP plant.
The above increases were partially offset by
The significant components of the increase in other operating expenses included:
- The absence of a
$1.5 million gain from a customer billing system settlement, recorded in 2015, which was partially offset by an associated gain of$130,000 during the second quarter of 2016, representing an additional current portion of the settlement recovery; $1.0 million in higher depreciation, asset removal and property tax costs associated with recent capital investments; and$565,000 in higher payroll and benefits costs for additional personnel to support growth.
Unregulated Energy Segment
The Unregulated Energy segment reported operating income of
$3.9 million in decreased consumption of propane within the Company's distribution operations due largely to significantly warmer weather during the first quarter of 2016;$1.7 million in lower retail propane margins, reflecting an anticipated return to more normal margins, principally in the Company's Delmarva retail propane distribution operations; and$452,000 in decreased propane wholesale sales associated with the sales agreement with an affiliate ofEastern Shore Gas Company , that has a propane supply agreement with the Company's subsidiary,Sandpiper Energy, Inc. The lower sales are expected as more customers inOcean City, Maryland and surrounding areas are converted from propane to natural gas. Lower sales due to significantly warmer weather in the first six months of 2016 compared to the same period in 2015, also contributed to this decrease.
These decreases were partially offset by
The increase in other operating expenses was due primarily to
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 2015 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 is 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 | ||||||||||||||
|
| ||||||||||||||
2016 |
2015 |
2016 |
2015 | ||||||||||||
Gross Margin (1) |
|||||||||||||||
Regulated Energy segment |
$ |
45,760 |
$ |
40,936 |
$ |
100,071 |
$ |
93,389 |
|||||||
Unregulated Energy segment |
12,077 |
10,403 |
35,178 |
35,722 |
|||||||||||
Other businesses and eliminations |
(64) |
(53) |
(109) |
(108) |
|||||||||||
Total Gross Margin |
$ |
57,773 |
$ |
51,286 |
$ |
135,140 |
$ |
129,003 |
|||||||
Operating Income |
|||||||||||||||
Regulated Energy segment |
$ |
15,226 |
$ |
13,605 |
$ |
39,545 |
$ |
35,788 |
|||||||
Unregulated Energy segment |
412 |
(540) |
12,347 |
14,689 |
|||||||||||
Other businesses and eliminations |
104 |
105 |
230 |
201 |
|||||||||||
Total Operating Income |
15,742 |
13,170 |
52,122 |
50,678 |
|||||||||||
Other Expense, net |
(8) |
(171) |
(42) |
(38) |
|||||||||||
Interest Charges |
2,624 |
2,485 |
5,274 |
4,933 |
|||||||||||
Pre-tax Income |
13,110 |
10,514 |
46,806 |
45,707 |
|||||||||||
Income Taxes |
5,081 |
4,220 |
18,410 |
18,304 |
|||||||||||
Net Income |
$ |
8,029 |
$ |
6,294 |
$ |
28,396 |
$ |
27,403 |
|||||||
Earnings Per Share of Common Stock |
|||||||||||||||
Basic |
$ |
0.52 |
$ |
0.41 |
$ |
1.86 |
$ |
1.84 |
|||||||
Diluted |
$ |
0.52 |
$ |
0.41 |
$ |
1.85 |
$ |
1.83 |
|||||||
(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. 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 for the three months ended | ||||||||||||
(in thousands, except per share data) |
Pre-tax |
Net |
Earnings | |||||||||
Second Quarter of 2015 Reported Results |
$ |
10,514 |
$ |
6,294 |
$ |
0.41 |
||||||
Adjusting for Unusual Items: |
||||||||||||
Net gain from settlement agreement associated with customer billing system |
(1,370) |
(820) |
(0.05) |
|||||||||
(1,370) |
(820) |
(0.05) |
||||||||||
Increased (Decreased) Gross Margins: |
||||||||||||
Service expansions (See Major Projects and Initiatives table) |
1,992 |
1,192 |
0.08 |
|||||||||
GRIP |
1,040 |
623 |
0.04 |
|||||||||
Natural gas growth (excluding service expansions) |
820 |
491 |
0.03 |
|||||||||
Aspire Energy |
708 |
424 |
0.03 |
|||||||||
Implementation of |
555 |
332 |
0.02 |
|||||||||
Eight Flags |
551 |
330 |
0.02 |
|||||||||
Natural gas marketing |
464 |
278 |
0.02 |
|||||||||
Increase in customer consumption |
345 |
207 |
0.01 |
|||||||||
6,475 |
3,877 |
0.25 |
||||||||||
Decreased (Increased) Other Operating Expenses: |
||||||||||||
Higher payroll and benefit costs |
(1,100) |
(658) |
(0.04) |
|||||||||
Higher service contractor costs |
(786) |
(470) |
(0.03) |
|||||||||
Higher depreciation, asset removal, amortization and property tax costs due |
(493) |
(295) |
(0.02) |
|||||||||
(2,379) |
(1,423) |
(0.09) |
||||||||||
Interest Charges |
(139) |
(83) |
(0.01) |
|||||||||
Net Other Changes |
9 |
184 |
0.01 |
|||||||||
Second Quarter of 2016 Reported Results |
$ |
13,110 |
$ |
8,029 |
$ |
0.52 |
Key variances for the six months ended | ||||||||||||
(in thousands, except per share data) |
Pre-tax |
Net |
Earnings | |||||||||
Six months ended |
$ |
45,707 |
$ |
27,403 |
$ |
1.83 |
||||||
Adjusting for Unusual Items: |
||||||||||||
Weather impact, primarily in the first quarter |
(6,596) |
(3,954) |
(0.26) |
|||||||||
Net gain from settlement agreement associated with customer billing system |
(1,370) |
(821) |
(0.05) |
|||||||||
(7,966) |
(4,775) |
(0.31) |
||||||||||
Increased (Decreased) Gross Margins: |
||||||||||||
Service expansions (See Major Projects and Initiatives table) |
3,939 |
2,361 |
0.16 |
|||||||||
GRIP |
2,148 |
1,288 |
0.09 |
|||||||||
Lower retail propane margins |
(1,737) |
(1,041) |
(0.07) |
|||||||||
Natural gas growth (excluding service expansions) |
1,579 |
947 |
0.06 |
|||||||||
Natural gas marketing |
905 |
543 |
0.04 |
|||||||||
Implementation of |
878 |
526 |
0.03 |
|||||||||
Eight Flags |
551 |
330 |
0.02 |
|||||||||
8,263 |
4,954 |
0.33 |
||||||||||
Decreased (Increased) Other Operating Expenses: |
||||||||||||
Higher payroll and benefit costs |
(1,339) |
(803) |
(0.05) |
|||||||||
Higher depreciation, asset removal and property tax costs due to recent |
(1,253) |
(751) |
(0.05) |
|||||||||
Lower bad debt, sales and advertising |
482 |
289 |
0.02 |
|||||||||
Decreased incentive compensation |
466 |
279 |
0.02 |
|||||||||
(1,644) |
(986) |
(0.06) |
||||||||||
Net contribution from Aspire Energy, including impact of shares issued |
2,978 |
1,892 |
0.09 |
|||||||||
Interest Charges |
(341) |
(204) |
(0.01) |
|||||||||
Net Other Changes |
(191) |
112 |
(0.02) |
|||||||||
Six months ended |
$ |
46,806 |
$ |
28,396 |
$ |
1.85 |
Major Projects and Initiatives | ||||||||||||||||||||||||||||||
The following table summarizes gross margin for the Company's existing and future major projects and initiatives. 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 |
Total |
||||||||||||||||||||||||||||
|
|
2015 |
Estimate for | |||||||||||||||||||||||||||
2016 |
2015 |
2016 |
2015 |
Margin |
2016 |
2017 |
2018 | |||||||||||||||||||||||
Completed major |
$ |
10,487 |
$ |
5,642 |
$ |
22,256 |
$ |
9,791 |
$ |
25,270 |
$ |
47,769 |
$ |
53,991 |
$ |
54,646 |
||||||||||||||
Major projects and |
— |
— |
— |
— |
— |
2,250 |
4,500 |
|||||||||||||||||||||||
$ |
10,487 |
$ |
5,642 |
$ |
22,256 |
$ |
9,791 |
$ |
25,270 |
$ |
47,769 |
$ |
56,241 |
$ |
59,146 |
|||||||||||||||
(1) This represents gross margin for the 2017 |
Completed Major Projects and Initiatives | ||||||||||||||||||||||||||||||||||||||
The following table summarizes gross margin generated from the Company's major projects and initiatives completed since 2014 (dollars in thousands): | ||||||||||||||||||||||||||||||||||||||
Gross Margin for the Period | ||||||||||||||||||||||||||||||||||||||
Three Months Ended |
Six Months Ended |
Total |
||||||||||||||||||||||||||||||||||||
|
|
2015 |
Estimate for | |||||||||||||||||||||||||||||||||||
2016 |
2015 |
Variance |
2016 |
2015 |
Variance |
Margin |
2016 |
2017 |
2018 | |||||||||||||||||||||||||||||
Acquisition: |
||||||||||||||||||||||||||||||||||||||
Aspire Energy |
$ |
2,331 |
$ |
1,624 |
$ |
707 |
$ |
6,573 |
$ |
1,624 |
$ |
4,949 |
$ |
6,324 |
$ |
12,824 |
$ |
14,198 |
$ |
15,415 |
||||||||||||||||||
Natural Gas Transmission |
||||||||||||||||||||||||||||||||||||||
Short-term contracts |
||||||||||||||||||||||||||||||||||||||
|
$ |
616 |
$ |
523 |
$ |
93 |
$ |
1,375 |
$ |
1,491 |
$ |
(116) |
$ |
2,682 |
$ |
2,707 |
$ |
1,885 |
$ |
677 |
||||||||||||||||||
|
2,032 |
398 |
1,634 |
3,815 |
398 |
3,417 |
2,270 |
7,965 |
1,534 |
— |
||||||||||||||||||||||||||||
Total short-term contracts |
$ |
2,648 |
$ |
921 |
$ |
1,727 |
$ |
5,190 |
$ |
1,889 |
$ |
3,301 |
$ |
4,952 |
$ |
10,672 |
$ |
3,419 |
$ |
677 |
||||||||||||||||||
Long-term contracts |
||||||||||||||||||||||||||||||||||||||
|
$ |
455 |
$ |
463 |
$ |
(8) |
$ |
911 |
$ |
926 |
$ |
(15) |
$ |
1,844 |
$ |
1,815 |
$ |
7,629 |
$ |
7,605 |
||||||||||||||||||
|
407 |
134 |
273 |
814 |
161 |
653 |
908 |
1,627 |
1,627 |
1,627 |
||||||||||||||||||||||||||||
Total long-term contracts |
$ |
862 |
$ |
597 |
$ |
265 |
$ |
1,725 |
$ |
1,087 |
$ |
638 |
$ |
2,752 |
$ |
3,442 |
$ |
9,256 |
$ |
9,232 |
||||||||||||||||||
Total Expansions & Contracts |
$ |
3,510 |
$ |
1,518 |
$ |
1,992 |
$ |
6,915 |
$ |
2,976 |
$ |
3,939 |
$ |
7,704 |
$ |
14,114 |
$ |
12,675 |
$ |
9,909 |
||||||||||||||||||
Florida GRIP |
$ |
2,809 |
$ |
1,769 |
$ |
1,040 |
$ |
5,396 |
$ |
3,248 |
$ |
2,148 |
$ |
7,508 |
$ |
11,405 |
$ |
13,756 |
$ |
15,960 |
||||||||||||||||||
Florida Electric Rate Case |
$ |
731 |
$ |
731 |
$ |
— |
$ |
1,943 |
$ |
1,943 |
$ |
— |
$ |
3,734 |
$ |
3,562 |
$ |
3,562 |
$ |
3,562 |
||||||||||||||||||
Delaware Division Rate Case (2) |
$ |
555 |
$ |
— |
$ |
555 |
$ |
878 |
$ |
— |
$ |
878 |
$ |
— |
$ |
2,164 |
$ |
2,500 |
$ |
2,500 |
||||||||||||||||||
Eight Flags CHP Plant (3) |
$ |
551 |
$ |
— |
$ |
551 |
$ |
551 |
$ |
— |
$ |
551 |
$ |
— |
$ |
3,700 |
$ |
7,300 |
$ |
7,300 |
||||||||||||||||||
Total Completed Major Projects and |
$ |
10,487 |
$ |
5,642 |
$ |
4,845 |
$ |
22,256 |
$ |
9,791 |
$ |
12,465 |
$ |
25,270 |
$ |
47,769 |
$ |
53,991 |
$ |
54,646 |
||||||||||||||||||
(1) |
In | ||||||||||||||||||||||||||||||||||||||
(2) |
In | ||||||||||||||||||||||||||||||||||||||
(3) |
This amount includes gross margin of | ||||||||||||||||||||||||||||||||||||||
Aspire Energy
On
Aspire Energy generated
Service Expansions
On
In
On
GRIP
GRIP is a natural gas pipe replacement program approved by the Florida PSC, designed to expedite the replacement of qualifying distribution mains and services (any material other than coated steel or plastic) to enhance reliability and integrity of the Company's
Eight Flags
In
Major Projects and Initiatives Underway
2017
Other factors influencing gross margin
Weather and Consumption
Weather was not a significant factor in the second quarter. Temperatures on the
The following tables summarize the heating degree-day ("HDD") and cooling degree-day ("CDD") information for the three and six months ended
HDD and CDD Information | |||||||||||||||||
Three Months Ended |
Six Months Ended |
||||||||||||||||
|
|
||||||||||||||||
2016 |
2015 |
Variance |
2016 |
2015 |
Variance | ||||||||||||
Delmarva |
|||||||||||||||||
Actual HDD |
485 |
386 |
99 |
2,579 |
3,208 |
(629) |
|||||||||||
10-Year Average HDD ("Delmarva Normal") |
452 |
443 |
9 |
2,854 |
2,843 |
11 |
|||||||||||
Variance from Delmarva Normal |
33 |
(57) |
(275) |
365 |
|||||||||||||
|
|||||||||||||||||
Actual HDD |
49 |
— |
49 |
646 |
501 |
145 |
|||||||||||
10-Year Average HDD ("Florida Normal") |
19 |
24 |
(5) |
553 |
557 |
(4) |
|||||||||||
Variance from Florida Normal |
30 |
(24) |
93 |
(56) |
|||||||||||||
|
|||||||||||||||||
Actual HDD |
830 |
632 |
198 |
3,683 |
4,413 |
(730) |
|||||||||||
10-Year Average HDD ("Ohio Normal") |
666 |
669 |
(3) |
3,842 |
3,778 |
64 |
|||||||||||
Variance from Ohio Normal |
164 |
(37) |
(159) |
635 |
|||||||||||||
|
|||||||||||||||||
Actual CDD |
1,028 |
1,114 |
(86) |
1,214 |
1,236 |
(22) |
|||||||||||
10-Year Average CDD ("Florida CDD Normal") |
948 |
909 |
39 |
1,025 |
982 |
43 |
|||||||||||
Variance from Florida CDD Normal |
80 |
205 |
189 |
254 |
Propane prices
For the quarter ended
In
These market conditions, which are influenced by competition with other propane suppliers as well as the availability and price of alternative energy sources, may fluctuate based on changes in demand, supply and other energy commodity prices.
Other Natural Gas Growth - Distribution Operations
In addition to service expansions, the natural gas distribution operations on the
On
Capital Expenditures
The Company's capital expenditures for the six months ended
In order to fund the 2016 capital expenditures, the Company may further increase the level of borrowings during 2016 to supplement cash provided by operating activities. The Company's target ratio of equity to total capitalization, including short-term borrowings, is between 50 and 60 percent, and the Company has maintained a ratio of equity to total capitalization, including short-term borrowings, of between 52 and 54 percent during the past three years.
On
On
For larger capital projects, the Company will seek to align, as much as feasible, any such long-term debt or equity issuance(s) with the earnings associated with the commencement of long-term service for revenue-generating capital projects. The exact timing of any long-term debt or equity issuance(s) will be based on market conditions.
Condensed Consolidated Statements of Income (Unaudited) (in thousands, except shares and per share data) | |||||||||||||||
Three Months Ended |
Six Months Ended | ||||||||||||||
|
| ||||||||||||||
2016 |
2015 |
2016 |
2015 | ||||||||||||
Operating Revenues |
|||||||||||||||
Regulated Energy |
$ |
67,395 |
$ |
62,060 |
$ |
156,611 |
$ |
171,642 |
|||||||
Unregulated Energy and other |
34,947 |
30,622 |
92,027 |
91,121 |
|||||||||||
Total Operating Revenues |
102,342 |
92,682 |
248,638 |
262,763 |
|||||||||||
Operating Expenses |
|||||||||||||||
Regulated Energy cost of sales |
21,635 |
21,124 |
56,540 |
78,253 |
|||||||||||
Unregulated Energy and other cost of sales |
22,934 |
20,272 |
56,958 |
55,507 |
|||||||||||
Operations |
28,087 |
26,190 |
55,246 |
53,133 |
|||||||||||
Maintenance |
2,904 |
2,727 |
5,383 |
5,431 |
|||||||||||
Gain from a settlement |
(130) |
(1,500) |
(130) |
(1,500) |
|||||||||||
Depreciation and amortization |
7,780 |
7,543 |
15,283 |
14,518 |
|||||||||||
Other taxes |
3,390 |
3,156 |
7,236 |
6,743 |
|||||||||||
Total operating expenses |
86,600 |
79,512 |
196,516 |
212,085 |
|||||||||||
Operating Income |
15,742 |
13,170 |
52,122 |
50,678 |
|||||||||||
Other expense, net |
(8) |
(171) |
(42) |
(38) |
|||||||||||
Interest charges |
2,624 |
2,485 |
5,274 |
4,933 |
|||||||||||
Income Before Income Taxes |
13,110 |
10,514 |
46,806 |
45,707 |
|||||||||||
Income taxes |
5,081 |
4,220 |
18,410 |
18,304 |
|||||||||||
Net Income |
$ |
8,029 |
$ |
6,294 |
$ |
28,396 |
$ |
27,403 |
|||||||
Weighted Average Common Shares Outstanding: |
|||||||||||||||
Basic |
15,315,020 |
15,235,860 |
15,300,931 |
14,922,094 |
|||||||||||
Diluted |
15,352,702 |
15,280,657 |
15,342,287 |
14,970,190 |
|||||||||||
Earnings Per Share of Common Stock: |
|||||||||||||||
Basic |
$ |
0.52 |
$ |
0.41 |
$ |
1.86 |
$ |
1.84 |
|||||||
Diluted |
$ |
0.52 |
$ |
0.41 |
$ |
1.85 |
$ |
1.83 |
Condensed Consolidated Balance Sheets (Unaudited) | ||||||||
Assets |
|
| ||||||
(in thousands, except shares and per share data) |
||||||||
Property, Plant and Equipment |
||||||||
Regulated Energy |
$ |
868,016 |
$ |
842,756 |
||||
Unregulated Energy |
189,034 |
145,734 |
||||||
Other businesses and eliminations |
19,608 |
18,999 |
||||||
Total property, plant and equipment |
1,076,658 |
1,007,489 |
||||||
Less: Accumulated depreciation and amortization |
(229,826) |
(215,313) |
||||||
Plus: Construction work in progress |
61,975 |
62,774 |
||||||
Net property, plant and equipment |
908,807 |
854,950 |
||||||
Current Assets |
||||||||
Cash and cash equivalents |
3,266 |
2,855 |
||||||
Accounts receivable (less allowance for uncollectible accounts of |
41,851 |
41,007 |
||||||
Accrued revenue |
8,658 |
12,452 |
||||||
Propane inventory, at average cost |
4,285 |
6,619 |
||||||
Other inventory, at average cost |
4,025 |
3,803 |
||||||
Regulatory assets |
7,042 |
8,268 |
||||||
Storage gas prepayments |
5,014 |
3,410 |
||||||
Income taxes receivable |
7,395 |
24,950 |
||||||
Prepaid expenses |
4,184 |
7,146 |
||||||
Mark-to-market energy assets |
405 |
153 |
||||||
Other current assets |
771 |
1,044 |
||||||
Total current assets |
86,896 |
111,707 |
||||||
Deferred Charges and Other Assets |
||||||||
|
15,070 |
14,548 |
||||||
Other intangible assets, net |
2,033 |
2,222 |
||||||
Investments, at fair value |
4,325 |
3,644 |
||||||
Regulatory assets |
76,563 |
77,519 |
||||||
Receivables and other deferred charges |
3,353 |
2,831 |
||||||
Total deferred charges and other assets |
101,344 |
100,764 |
||||||
Total Assets |
$ |
1,097,047 |
$ |
1,067,421 |
||||
Condensed Consolidated Balance Sheets (Unaudited) | ||||||||
Capitalization and Liabilities |
|
| ||||||
(in thousands, except shares and per share data) |
||||||||
Capitalization |
||||||||
Stockholders' equity |
||||||||
Common stock, par value |
||||||||
(authorized 25,000,000 shares) |
$ |
7,456 |
$ |
7,432 |
||||
Additional paid-in capital |
191,776 |
190,311 |
||||||
Retained earnings |
185,490 |
166,235 |
||||||
Accumulated other comprehensive loss |
(5,168) |
(5,840) |
||||||
Deferred compensation obligation |
2,452 |
1,883 |
||||||
Treasury stock |
(2,452) |
(1,883) |
||||||
Total stockholders' equity |
379,554 |
358,138 |
||||||
Long-term debt, net of current maturities |
143,865 |
149,006 |
||||||
Total capitalization |
523,419 |
507,144 |
||||||
Current Liabilities |
||||||||
Current portion of long-term debt |
12,075 |
9,151 |
||||||
Short-term borrowing |
180,042 |
173,397 |
||||||
Accounts payable |
35,496 |
39,300 |
||||||
Customer deposits and refunds |
27,572 |
27,173 |
||||||
Accrued interest |
1,250 |
1,311 |
||||||
Dividends payable |
4,673 |
4,390 |
||||||
Accrued compensation |
6,742 |
10,014 |
||||||
Regulatory liabilities |
6,808 |
7,365 |
||||||
Mark-to-market energy liabilities |
256 |
433 |
||||||
Other accrued liabilities |
8,978 |
7,059 |
||||||
Total current liabilities |
283,892 |
279,593 |
||||||
Deferred Credits and Other Liabilities |
||||||||
Deferred income taxes |
199,623 |
192,600 |
||||||
Regulatory liabilities |
43,093 |
43,064 |
||||||
Environmental liabilities |
8,765 |
8,942 |
||||||
Other pension and benefit costs |
32,695 |
33,481 |
||||||
Deferred investment tax credits and other liabilities |
5,560 |
2,597 |
||||||
Total deferred credits and other liabilities |
289,736 |
280,684 |
||||||
Total Capitalization and Liabilities |
$ |
1,097,047 |
$ |
1,067,421 |
Distribution Utility Statistical Data (Unaudited) | ||||||||||||||||||||||||||||||||
For the Three Months Ended |
For the Three Months Ended | |||||||||||||||||||||||||||||||
Delmarva NG |
Chesapeake |
FPU NG |
|
Delmarva NG |
Chesapeake |
FPU NG |
| |||||||||||||||||||||||||
Operating Revenues (in thousands) |
||||||||||||||||||||||||||||||||
Residential |
$ |
10,480 |
$ |
1,267 |
$ |
6,294 |
$ |
10,418 |
$ |
11,600 |
$ |
1,175 |
$ |
4,929 |
$ |
10,263 |
||||||||||||||||
Commercial |
5,779 |
1,230 |
6,926 |
10,280 |
6,544 |
1,135 |
6,026 |
10,262 |
||||||||||||||||||||||||
Industrial |
1,658 |
1,590 |
5,041 |
661 |
1,636 |
1,561 |
4,112 |
567 |
||||||||||||||||||||||||
Other (1) |
(1,740) |
840 |
(1,578) |
(1,471) |
(4,357) |
767 |
407 |
(2,308) |
||||||||||||||||||||||||
Total Operating |
$ |
16,177 |
$ |
4,927 |
$ |
16,683 |
$ |
19,888 |
$ |
15,423 |
$ |
4,638 |
$ |
15,474 |
$ |
18,784 |
||||||||||||||||
Volume (in Dts/MWHs) |
||||||||||||||||||||||||||||||||
Residential |
612,620 |
74,658 |
290,174 |
67,872 |
609,797 |
66,072 |
258,428 |
66,636 |
||||||||||||||||||||||||
Commercial |
670,593 |
1,356,421 |
532,434 |
75,071 |
675,668 |
1,373,449 |
580,233 |
73,849 |
||||||||||||||||||||||||
Industrial |
1,175,665 |
2,797,836 |
1,004,336 |
4,900 |
1,059,440 |
2,848,051 |
1,024,294 |
2,140 |
||||||||||||||||||||||||
Other |
26,581 |
— |
(16,406) |
1,961 |
18,089 |
— |
(27,076) |
10,128 |
||||||||||||||||||||||||
Total |
2,485,459 |
4,228,915 |
1,810,538 |
149,804 |
2,362,994 |
4,287,572 |
1,835,879 |
152,753 |
||||||||||||||||||||||||
Average Customers |
||||||||||||||||||||||||||||||||
Residential |
66,085 |
15,328 |
53,286 |
24,268 |
63,686 |
14,833 |
51,973 |
24,045 |
||||||||||||||||||||||||
Commercial |
6,745 |
1,388 |
4,265 |
4,406 |
6,629 |
1,343 |
4,264 |
7,390 |
||||||||||||||||||||||||
Industrial |
122 |
72 |
1,749 |
3,006 |
117 |
67 |
1,608 |
2 |
||||||||||||||||||||||||
Other |
4 |
— |
— |
— |
6 |
— |
— |
— |
||||||||||||||||||||||||
Total |
72,956 |
16,788 |
59,300 |
31,680 |
70,438 |
16,243 |
57,845 |
31,437 |
||||||||||||||||||||||||
(1) |
Operating Revenues from "Other" sources include unbilled revenue, under (over) recoveries of fuel cost, conservation revenue, other miscellaneous charges, fees |
Distribution Utility Statistical Data (Unaudited) | ||||||||||||||||||||||||||||||||
For the Six Months Ended |
For the Six Months Ended | |||||||||||||||||||||||||||||||
Delmarva NG |
Chesapeake |
FPU NG |
|
Delmarva NG |
Chesapeake |
FPU NG |
| |||||||||||||||||||||||||
Operating Revenues (in thousands) |
||||||||||||||||||||||||||||||||
Residential |
$ |
31,747 |
$ |
2,838 |
$ |
15,582 |
$ |
21,725 |
$ |
48,206 |
$ |
2,685 |
$ |
13,570 |
$ |
22,673 |
||||||||||||||||
Commercial |
15,440 |
2,646 |
15,160 |
19,822 |
22,983 |
2,493 |
15,543 |
19,939 |
||||||||||||||||||||||||
Industrial |
3,579 |
3,227 |
10,573 |
1,478 |
3,767 |
3,058 |
8,486 |
1,549 |
||||||||||||||||||||||||
Other (1) |
(1,088) |
1,757 |
(3,411) |
(3,604) |
(3,728) |
1,531 |
(1,515) |
(4,959) |
||||||||||||||||||||||||
Total Operating |
$ |
49,678 |
$ |
10,468 |
$ |
37,904 |
$ |
39,421 |
$ |
71,228 |
$ |
9,767 |
$ |
36,084 |
$ |
39,202 |
||||||||||||||||
Volume (in Dts/MWHs) |
||||||||||||||||||||||||||||||||
Residential |
2,318,217 |
213,130 |
797,086 |
141,795 |
2,951,229 |
206,792 |
773,393 |
147,488 |
||||||||||||||||||||||||
Commercial |
2,069,483 |
2,804,168 |
1,224,765 |
143,186 |
2,493,359 |
2,764,538 |
1,417,065 |
144,573 |
||||||||||||||||||||||||
Industrial |
2,545,306 |
6,091,648 |
2,130,091 |
11,580 |
2,329,581 |
5,683,848 |
2,154,061 |
9,650 |
||||||||||||||||||||||||
Other |
40,085 |
— |
23,976 |
4,599 |
28,432 |
— |
(108,633) |
5,348 |
||||||||||||||||||||||||
Total |
6,973,091 |
9,108,946 |
4,175,918 |
301,160 |
7,802,601 |
8,655,178 |
4,235,886 |
307,059 |
||||||||||||||||||||||||
Average Customers |
||||||||||||||||||||||||||||||||
Residential |
66,084 |
15,285 |
53,165 |
24,218 |
64,056 |
14,814 |
51,811 |
23,981 |
||||||||||||||||||||||||
Commercial |
6,771 |
1,383 |
4,263 |
4,404 |
6,670 |
1,349 |
4,276 |
7,380 |
||||||||||||||||||||||||
Industrial |
121 |
72 |
1,732 |
2,996 |
116 |
67 |
1,577 |
2 |
||||||||||||||||||||||||
Other |
4 |
— |
— |
— |
6 |
— |
— |
— |
||||||||||||||||||||||||
Total |
72,980 |
16,740 |
59,160 |
31,618 |
70,848 |
16,230 |
57,664 |
31,363 |
||||||||||||||||||||||||
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/chesapeake-utilities-corporation-reports-second-quarter-results-300308988.html
SOURCE
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