Veridian announces financial performance and highlights major accomplishments in 2010 at annual shareholders' meeting

AJAX, ON, June 24, 2011 /CNW/ - During its annual shareholders' meeting held in Ajax today, Veridian Corporation's Chair Doug Dickerson along with President and CEO Michael Angemeer provided shareholders with an update on the company's business operations and announced the company achieved consolidated net earnings of $8.5 million in 2010.

"We are pleased with the company's financial performance over the past year," said Dickerson. "Through investments in infrastructure, communities and the environment, we have delivered results that balance the interests of all shareholders. We maintained an unblemished workplace safety record; initiated technological advancements in distribution system automation for improved reliability performance; and through our leadership role in the deployment of smart meters and delivery of conservation programs, Veridian actively supported the development of a culture of conservation in Ontario."

Highlights from Veridian's 2010 financial results include:

  • $9.3 million in interest and dividend payments to shareholders.
  • Electricity distribution revenues have increased $4.5 million to $47.5 million from 2006.
  • The company has paid amounts to shareholders totalling $39.5 million, achieving more than 87 per cent of its five-year target (2007 to 2011) for dividend and interest payments.
  • Growth and a more efficient corporate structure have contributed to a reduction in costs per customer
  • Distribution revenues decreased $1.5 million from 2009 due to a $3.2 million decrease in smart meter revenue ($1.8 million in 2010 compared to $5 million in 2009, which included amounts for prior years).

In addition to Veridian's financial results, Angemeer reported that the company recorded exceptional operational performance in a number of key areas during 2010. "Our employees continue to lead the way when it comes to customer service and workplace safety," he said. "We recorded a 94 per cent customer satisfaction rating and celebrated 2,500,000 hours without a lost time injury - over 2,800,000 by year's end, 2010. These are amazing achievements that show the dedication and commitment to excellence among our employees."

"We're also delighted to have been recognized as one of Canada's Greenest Employers for our leadership in creating a culture of environmental awareness in our workplace; being named ENERGY STAR® Utility of the Year - Regional for our outstanding success in the promotion of ENERGY STAR qualified products; and winning the 2010 PeakBuster Utility Challenge for having the largest percentage increase of households participating in the peaksaver® conservation program," commented Angemeer. "These awards and recognition confirms Veridian's status as a leader in sustainable development and, more specifically, environmental friendliness."

A major accomplishment in 2010 was the completion of a 26,000 square foot expansion to the company's head office in Ajax. The project was undertaken to accommodate the consolidation of key business operations to support service improvements and operating efficiencies. The expansion is bright and open with lots of windows and flooded with natural light, built with materials that offer an optimum indoor environment, barrier free, and a showcase of energy efficiency and green building best practices. These and other design attributes will make the building expansion eligible for Leadership in Energy and Environmental Design (LEED) certification - Silver. LEED is a thirdparty certification program and an internationally accepted benchmark for the design, construction and operation of high-performance buildings.

As part of the expansion, work has begun on a wetland, walkway and sitting areas to provide employees with an opportunity to enjoy the outdoors. The wetland is a unique feature that will provide for the required parking lot drainage in a more sustainable way, and the walkway will tie-in to the Town of Ajax's extensive trail system. High-occupancy vehicle (HOV) parking spots, electric vehicle charging spots and bike racks have been added, and bus shelters will be erected for the comfort of those taking public transit in inclement weather.

Dickerson and Angemeer are optimistic about the business opportunities that lie ahead for Veridian and remain committed to focusing the company's efforts on investments in smart grid technologies. They agree that the province's Green Energy Act seeks to make Ontario a leader in sustainable energy production and use. "Investments in smart grid technologies and renewable energy will play a crucial role in achieving these goals. We are excited at the opportunities that exist to enable a smart society that will offer a better quality of life in the communities that we serve. A holistic approach to investments in a smarter grid, community partnerships and local economic development will make Veridian an increasingly valuable partner for sustainable communities of the future."

An interactive copy of the company's 2010 annual report is available at www.veridiancorporation.ca.

Veridian Corporation, the seventh largest municipal electricity company in Ontario, owns and operates two subsidiary companies that distribute electricity and provide energy services to more than 115,000 customers located in nine municipalities in east central Ontario. Together, our employees focus on providing reliable, efficient, sustainable energy solutions and services, and equally share the job of making employee and public health and safety our number one priority. We are an important fixture in the communities that we serve. In addition to providing reasonable electricity rates, we promote economic growth, community building and sustainable living. Veridian Corporation is committed to providing value and healthy financial returns to our shareholders - the City of Pickering, the Town of Ajax, the Municipality of Clarington and the City of Belleville. For more information, visit www.veridiancorporation.ca.

SOURCE Veridian

For further information:

Chris Mace
Sales & PR Representative - Corporate Communications
Veridian Connections Inc.
905-427-9870, extension 2218

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