Toronto Hydro Corporation Releases its First Quarter Financial Statements and Related MD&A

     
Three Months ended March 31
in millions of dollars, unaudited
  2011 2010
Net Income $25.5 $12.6
Net Revenues $140.1 $127.1
Capital Expenditures $100.3 $72.5

TORONTO, May 25, 2011 /CNW/ - Toronto Hydro Corporation (the "Corporation") announced today that it has filed with Canadian securities regulators its financial statements and related MD&A for the three months ended March 31, 2011.  Copies may be obtained from the Corporation or accessed through www.sedar.com.

  • Net income was $25.5 million for the three months ended March 31, 2011 compared with $12.6 million for the same period in 2010.
  • Net revenues were higher at $140.1 million compared to $127.1 million for the same period in 2010.
  • Capital Expenditures were higher at $100.3 million compared to $72.5 million in 2010.

"We are proud to report another solid financial quarter as we enter our 100th year of service to Toronto," said Anthony Haines, President and Chief Executive Officer. "These strong results are commensurate with the on-going ramp-up of our capital construction programs which form the foundation of our focus on customer service."

Financial Highlights

Net income was $25.5 million for the three months ended March 31, 2011, compared to $12.6 million for the same period in 2010.  The increase in net income was mainly due to:

  • higher revenue resulting from our construction programs ($13.0 million)
  • lower depreciation expense arising from the implementation of longer useful lives on regulated Property, Plant and Equipment ("PP&E") ($6.2 million)
  • lower provision for Payment in Lieu of Taxes ($2.8 million); and
  • higher gain on disposals of surplus PP&E ($2.3 million).

These favourable variances were partially offset by higher operating expenses ($9.1 million) and higher financing charges ($2.3 million).

Financial Highlights
Three months ended March 31
        in millions of dollars
  2011 2010 Variance —
Favourable /
(Unfavourable)
Net Income $25.5 $12.6 $12.9
Net Revenues 140.1 127.1 13.0
Capital Expenditures 100.3 72.5 (27.8)
Operating Expenses 62.9 53.8 (9.1)
Depreciation and Amortization 33.5 39.7 6.2
Gain on disposals of Property, Plant & Equipment 3.0 0.7 2.3
Provision for Payment in Lieu of Corporate Taxes 2.3 5.1 2.8
Net Financing Charges 18.9 16.6 (2.3)

About Toronto Hydro

The Corporation is a holding company which through its principal subsidiaries:

  • Toronto Hydro-Electric System Limited ("LDC") — distributes electricity and engages in Conservation and Demand Management activities; and
  • Toronto Hydro Energy Services Inc.— provides street lighting services.

The principal business of the Corporation is the distribution of electricity by LDC.  LDC owns and operates an electricity distribution system that delivers electricity to approximately 703,000 customers located in the City of Toronto.

SOURCE Toronto Hydro Corporation

For further information:

Blair Peberdy, Vice-President, Marketing,
Communications and Public Affairs and Chief
Conservation Officer: 416-542-2515;
bpeberdy@torontohydro.com
Pankaj Sardana, VP, Treasurer and Regulatory Affairs;
psardana@torontohydro.com: 416-542-2707


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