Veridian Announces Solid Financial and Operational Performance at Annual Shareholders' Meeting



    PICKERING, ON, June 26 /CNW/ - Veridian shareholders received good news
at the company's annual general meeting last Thursday. The company reported
consolidated net earnings of $8.9 million in 2007, just under the $9.0 million
earned in 2006.
    Michael Angemeer, Veridian's President and CEO, provided municipal
shareholders from Ajax, Belleville, Clarington and Pickering with an overview
of the corporation's accomplishments during the past year. "Through
investments in infrastructure, the environment and communities, I'm proud to
report that we have delivered results that balance the interests of all
stakeholders," he said. "We achieved a return on shareholders' equity of 10.2
percent, maintained an unblemished workplace safety record, and improved
distribution system reliability performance. And, through our leadership role
in the deployment of smart meters and delivery of conservation programs, we
keenly supported the development of a conservation culture in Ontario."

    
    The highlights of Veridian Corporation's 2007 financial results are:

    -  Customer growth of 1.9%
    -  Average customer consumption decrease of 1.6%
    -  Return on municipal shareholders equity of 10.2%
    -  $8.6 million interest and dividends payments to municipal shareholders
    -  New and replacement capital investment of $13.7 million to support the
       rapidly growing customer base
    

    A copy of the corporation's annual report is available for public review
at www.veridian.on.ca.
    Angemeer, acknowledged the important contributions of the company's
employees. "Our employees are skilled and productive people who deliver
excellent service and work safely at all times," he said. "On behalf of the
Board of Directors I want to express our appreciation for all of the
contributions that they have made to the communities that Veridian serves."

    Through its subsidiary Veridian Connections Inc, Veridian Corporation
safely and reliably delivers electricity to more than 109,000 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

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Veridian

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