BELLEVILLE, ON, June 18 /CNW/ - During its annual shareholders' meeting
held in Belleville today, Veridian Corporation's President and CEO Michael
Angemeer provided municipal representatives with an update on the company's
business operations. He announced that the utility achieved consolidated net
earnings of $8.7 million in 2008.
"We're very pleased with Veridian's financial performance over the past
year," said Angemeer. "Despite a deteriorating economic climate in the latter
part of 2008, annual earnings exceeded expectations and were almost level with
the $8.9 million earned in 2007."
Highlights of Veridian's 2008 financial results include:
- A return on shareholders' equity of 9.5%.
- $8.8 million in interest and dividend payments to shareholders, up
from $8.6 million in 2007.
- No new debt incurred.
- Lower electricity distribution revenues due to energy conservation by
customers, weather impacts and a slower pace of new customer
- An increase in the book value of capital assets of $4.7 million
during 2008, higher than the 2007 increase of $2.1 million. The
growing value of investments in capital assets will support growth,
replace aging equipment and improve system reliability.
In addition to the company's solid financial results, Angemeer reported
that Veridian recorded exceptional operational performance in a number of key
areas during 2008. "Our employees continue to lead the way when it comes to
customer service and workplace safety," he said. "We reached new plateaus in
both of these areas during the past year, recording a 95% customer
satisfaction rating and 2,100,000 hours worked without a lost-time injury.
These are amazing achievements that show the dedication and commitment of our
"We're also delighted to have been recognized as one of the Top 75
Employers in Greater Toronto," said Angemeer. "This award is welcome evidence
of our success in creating a workplace that not only attracts and retains new
talent, but one that helps motivate employees to achieve their full
Angemeer is optimist about the business opportunities that lie ahead for
Veridian. "The Green Energy Act seeks to make Ontario a leader in sustainable
energy production and use," he said. "Investments in smart grid technologies
and renewable energy will play a crucial role in achieving these goals. We
look forward to enabling 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 sponsorship and local economic development will make
Veridian an increasingly valuable partner for sustainable communities of the
A copy of Veridian's full annual report is available for public review at
Veridian Corporation is one of Ontario's largest, best performing
electricity distribution companies with a track record of successful mergers
and acquisitions. Through its subsidiary Veridian Connections Inc, Veridian
Corporation safely and reliably delivers electricity to more than 111,000
customers in the Cities of Pickering and Belleville, the Towns of Ajax, Port
Hope and Gravenhurst, and the communities of Uxbridge, Bowmanville, Newcastle,
Orono, Port Perry, Beaverton, Sunderland and Cannington. The Corporation also
owns Veridian Energy Inc., a Pickering, Ontario based company that provides
water heater rental and fibre optic communications services. The City of
Pickering, the Town of Ajax, the Municipality of Clarington and the City of
Belleville jointly own Veridian Corporation.
For further information:
For further information: George Armstrong, Manager of Regulatory Affairs
and Key Projects, Veridian Connections Inc., (905) 427-9870 extension 2202