BELLEVILLE, ON, June 22, 2012 /CNW/ - During its annual shareholders'
meeting held today in Belleville, Veridian Corporation Chair Doug
Dickerson together with company President and CEO Michael Angemeer
provided shareholders with an update on Veridian's business operations
and announced the company achieved consolidated net earnings of $9.4
million in 2011.
"Despite a very fragile economy and tough regulatory climate, we
delivered on our commitment to shareholders by driving excellence in
every aspect of our business - building on the foundation laid in
previous years," said Dickerson. "We successfully managed our costs in
2011, reducing them by $3 per customer compared with 2010. This,
combined with one per cent growth in our customer base, allowed us to
meet our dividend and interest payment forecast for 2011."
Highlights from Veridian's 2011 financial results include:
A return on shareholder's equity of 9.2 per cent.
$9.5 million in interest and dividend payments to shareholders.
The company has paid amounts to shareholders totalling $49 million, or
108 per cent, of its five year target (2007 to 2011) for dividend and
The sale of the water heater business to Reliance Comfort Limited
Partnership for a one-time gain of $4.4 million.
Distribution revenues of $47.9 million increased a marginal $0.4 million
over 2010, or one per cent, due to a nominal increase in distribution
rates approved by the Ontario Energy Board, weather impacts and energy
conservation by customers.
In addition to Veridian's solid financial performance, Angemeer
applauded Veridian and its employees for the awards and recognition the
company received in 2011. "We're delighted to have been recognized as
one of Canada's Greenest Employers for a second consecutive year, voted
the number one Energy Service Provider in Durham Region and recognized
as Durham Region's Smart Commute Employer of the Year," commented
Angemeer. "This recognition confirms Veridian's status as a leader in
environment-first thinking, earth-friendly business practices and
Veridian's commitment to investing in smart grid technologies carried
through 2011 as the company was part of two electric vehicle projects
with Better Place and the Durham Strategic Energy Alliance (DSEA). Both
projects support Ontario's vision of having at least one out of every
20 cars in the province be an electric vehicle (EV), as well as the
government's efforts to raise awareness about EVs and their benefits.
Additionally, Angemeer donated his modified Toyota Prius - Canada's
first plug-in hybrid solar electric vehicle - to the University of
Ontario Institute of Technology (UOIT). The vehicle is being used as
part of the Automotive Engineering program's participation in Auto21 -
Canada's national automotive research program - and vehicle-to-grid
Recognizing that conservation is a key piece to the puzzle when it comes
to addressing Ontario's electricity supply mix and protecting the
environment, Veridian - together with the Ontario Power Authority and
other large distributors - was instrumental in developing the new
saveONenergyOM province-wide conservation programs for homes and business. Several of
Veridian's large business customers took advantage of the conservation
programs, as did many of the company's residential customers.
Both Dickerson and Angemeer are optimistic about the business
opportunities that lie ahead for Veridian and remain committed to
focusing the company's efforts on increasing shareholder value,
continuing to serve customers to a high standard, pursuing the goals
and opportunities of the province's Green Energy Act, and seeking growth and economies of scale through mergers and
A copy of the company's 2011 annual report is available at www.veridiancorporation.ca.
OM Official Mark of the Ontario Power Authority. Used under licence.
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.
For further information:
Sales & PR Representative - Corporate Communications
Veridian Connections Inc.
905-427-9870, extension 2218