HALIFAX, Feb. 10, 2012 /CNW/ - (TSX: EMA): Emera Inc.'s consolidated net income for the year ended December 31,
2011 was $241.1 million, compared to $190.7 million in 2010. Earnings
per share were $1.99 compared to $1.67 in 2010. Excluding the effect
of mark-to-market accounting adjustments in Bear Swamp, and accounting
gains on an acquisition, 2011 net income was $213.7 million, compared
to $176.8 million in 2010; and 2011 earnings per share were $1.77
compared to $1.55 in 2010. Higher earnings year-over-year primarily
resulted from increased investment in the Caribbean, and a $12.8
million after-tax gain on Algonquin Power & Utilities Corp. (Algonquin)
subscription receipts recorded in Q1 2011.
Consolidated net income for the three months ended December 31, 2011 was
$46.8 million compared to $24.1 million for the fourth quarter of
2010. Quarterly earnings per share were $0.38 in 2011 and $0.21 for
the same period in 2010. Higher earnings in the quarter are primarily
due to increased investments in the Caribbean.
"2011 was another record year for earnings," said Chris Huskilson,
President and CEO of Emera Inc. "Our Caribbean investments made a
meaningful contribution to earnings, we have begun integrating Maine
Public Service with Bangor Hydro, the Lower Churchill project continues
to advance, and in December, we were pleased to have registered the
Maritime Link Project for its environmental approval process."
Nova Scotia Power Inc. (NSPI) contributed $123.5 million to consolidated
net income for the year ended December 31, 2011, compared to $119.2
million in 2010; and $22.2 million in Q4 2011 compared to $19.9 million
for the same period in 2010. The higher net income was primarily due
to $23.3 million of income tax recoveries arising from the amendment of
prior years' tax returns. This more than offset decreased electric
margin from industrial customers and increased pension costs. In
November 2011, the Nova Scotia Utility and Review Board approved a rate
settlement agreement for NSPI which resulted in an average rate
increase of approximately 5.1% for all customers effective January 1,
Maine Utility Operations contributed $37.0 million to consolidated net
income in 2011 compared to $31.9 million for the same period in 2010.
The increase is primarily due to increased returns from new
transmission investments, lower operating, maintenance and general
expenses and the acquisition of Maine and Maritimes Corporation in Q4
2010. Maine Utilities contributed $9.8 million to consolidated net
income in Q4 2011 compared to $7.8 million for the same period in 2010.
Excluding the impact of the accounting gains previously noted, Caribbean
Utility Operations (the Caribbean) contributed $18.6 million to
consolidated net income in 2011 compared to a loss of $2.7 million in
2010. For the fourth quarter of 2011, the Caribbean contributed $3.1
million to consolidated net income compared to a loss of $7.7 million
for the same period in 2010. The increased net income during the
quarter and year-over-year was due to increased investments in both
Grand Bahama Power Company (GBPC) and Barbados Light and Power; and
higher earnings at GBPC, which had expensed $6.1 million of acquisition
related costs in the fourth quarter of 2010.
Pipelines contributed $27.9 million to consolidated net income in 2011
compared to $28.9 million in 2010; and $6.9 million in Q4 2011 compared
to $8.0 million in Q4 2010.
Emera's Services Renewables and Other investments (SRO) contributed
$27.0 million to consolidated net income in 2011 compared to $8.6
million in 2010. Excluding the effect of the mark-to-market accounting
adjustments in Bear Swamp previously noted, SRO contributed $27.8
million in 2011, compared to $17.2 million in 2010. The increase is
primarily due to the $12.8 million after-tax gain realized on Algonquin
subscription receipts. This segment contributed $6.7 million to
consolidated net income in Q4 2011 compared to $4.4 million in Q4 2010.
The increase during the quarter is primarily due to stronger energy
Forward Looking Information
This news release contains forward looking information. Actual future
results may differ materially. Additional information related to Emera,
including the company's Annual Information Form, can be found on SEDAR
at www.sedar.com or on EDGAR at www.sec.gov.
The company will be hosting a teleconference at 4:00 pm Atlantic time
today (3:00 pm Toronto/Montreal/New York; 2:00 pm Winnipeg; 12:00 pm
Vancouver) to discuss the 2011 financial results.
Analysts and other interested parties wanting to participate in the call
should dial 1-866-225-0198 (in Toronto 416-340-8061) at least 10
minutes prior to the start of the call. No pass code is required. The
teleconference will be recorded. If you are unable to join the
teleconference live, you can dial for playback toll-free at
1-800-408-3053 (in Toronto 905-694-9451), access code 7847722#
(available until midnight, Friday, February 24, 2012). The
teleconference will also be web cast live at emera.com and available for playback for one year.
Emera Inc. is an energy and services company with $6.9 billion in assets
and 2011 revenues of $2.1 billion. The company invests in electricity
generation, transmission and distribution, as well as gas transmission
and utility energy services. Emera's strategy is focused on the
transformation of the electricity industry to cleaner generation and
the delivery of that clean energy to market. Emera has interests
throughout northeastern North America, in three Caribbean countries and
in California. More than 80% of the company's earnings come from
regulated investments. Emera common and preferred shares are listed on
the Toronto Stock Exchange and trade respectively under the symbol EMA
and EMA.PR.A. Additional information can be accessed at www.emera.com, www.sedar.com, or on www.sec.gov.
SOURCE EMERA INC.
For further information:
Jill MacDonald, CA
Manager, Investor Relations