Caribbean Utilities Company, Ltd. is listed for trading in United States
dollars on the Toronto Stock Exchange under the trading symbol "CUP.U".
GRAND CAYMAN, Cayman Islands, Nov. 26 /CNW/ - Caribbean Utilities
Company, Ltd. ("CUC" or "the Company") announced today its unaudited results
for the second quarter ended October 31, 2007 (all figures in United States
"We continued to experience growth in demand for electricity in the
second quarter of fiscal 2008 as commercial and residential construction
continued at a healthy pace. Electricity sales were up 4% over fiscal 2007 and
a new peak load high of 92.7 MW was achieved despite above average rainfall
and below average temperatures resulting in reduced air conditioning use,"
remarked Richard Hew, CUC President and Chief Executive Officer.
Second quarter earnings on Class A Ordinary Shares were $6.1 million or
$0.24 per share, compared to $6.7 million or $0.27 per share for the second
quarter of fiscal 2007. Earnings on Class A Ordinary Shares for the six month
period were $13.4 million or $0.53 per Class A Ordinary Share, compared to
$14.4 million or $0.57 per Class A Ordinary Share, for the six months ended
October 31, 2006. The 7% decline in earnings per share for the six month
period was due to higher transmission and distribution and generator
maintenance expenses partially offset by 6% kiloWatt-hour ("kWh") sales
Operating revenues for the second quarter were $45.6 million, a 6%
increase over $42.9 million for the same period last year. This $2.7 million
increase was driven by strong kWh sales growth and an 8% increase in fuel
factor revenues, which were offset by higher fuel expenses. Total electricity
sales for the quarter increased 4% to 139.7 million kWh from 134.6 million kWh
for the same period last year. Total customers as at October 31, 2007 were
23,428, an increase of 6% over last year. Total operating expenses increased
9% to $37.4 million and were primarily driven by higher power generation and
Demand peaked in August at 92.7 MW, a 9% increase over the same period
last year, but was reliably met by the Company's 136.6 MW of installed
generating capacity. Customers experienced an Average System Availability
Index for the quarter of 99.95%, compared to 99.93% for the same period last
year. "CUC's focus on proactive maintenance practices reflects its commitment
to overall system reliability as an essential element of effectively managed
growth," stated Mr. Hew.
Company negotiators remain actively engaged in licence discussions with
the Cayman Islands Government. The current Licence remains in full force and
effect until January 2011 or until replaced by a new Licence by mutual
CUC's Second Quarter Report for the period ended October 31, 2007 is
attached to this release and incorporated by reference and can be accessed by
clicking the link below:
The Management's Discussion and Analysis section of this report contains
a detailed discussion of CUC's unaudited second quarter financial results, the
Cayman Islands economy, liquidity and capital resources, capital expenditures
and the business risks facing the Company. The release and Second Quarter
Report can be accessed at www.cuc-cayman.com (Investor Relations/Press
Releases) and at www.sedar.com.
CUC is the sole provider of electricity to Grand Cayman, Cayman Islands
and operates under a 25-year exclusive Licence with the Government of the
Cayman Islands, which expires in January 2011. Further information is
available at www.cuc-cayman.com.
Caribbean Utilities Company, Ltd. ("CUC" or "the Company"), on occasion,
includes forward-looking statements in its media releases, Canadian securities
regulatory authorities filings, shareholder reports and other communications.
Forward-looking statements are based on underlying assumptions by their very
nature and are subject to certain risks and uncertainties that may cause
actual results to vary from plans, targets and estimates. Such risks and
uncertainties include but are not limited to general economic, market and
business conditions, regulatory developments and weather conditions. CUC
cautions readers that actual results may vary significantly from those
expected should certain risks or uncertainties materialize or should
underlying assumptions prove incorrect. The Company disclaims any intention or
obligation to update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise.
For further information:
For further information: Letitia Lawrence, Vice President Finance and
Chief Financial Officer, Phone: (345) 914-1124, E-Mail: firstname.lastname@example.org