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
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.
For further information:
Sales & PR Representative - Corporate Communications
Veridian Connections Inc.
905-427-9870, extension 2218