PICKERING, ON, June 25, 2013 /CNW/ - During its annual shareholders' meeting held today in Pickering,
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 that the company
achieved consolidated net earnings of $10.2 million in 2012.
"We are extremely pleased with Veridian's financial performance over the
past year," said Dickerson. "Despite an economy that's still very much
in recovery mode, the company's 9.6 per cent return on equity was
impressive, operating cost per customer came in under budget and
shareholder equity increased 5.3 per cent, to $109.1 million.
Additionally, a performance benchmarking report issued by the Ontario
Energy Board ranked Veridian as a top quartile performer in spending
efficiency when compared to the 75 electricity distributors in the
Highlights from Veridian's 2012 financial results include:
$8.2 million in interest and dividend payments to shareholders.
Distribution revenues increased $2.7 million or 6 per cent over 2011
levels, supported by investments in smart meter assets and increased
energy consumption by customers (2,707 GWh in 2012 compared to 2,667
GWh in 2011).
The Board of Directors has approved a dividend policy for the years 2012
to 2016 with base dividends of $4.7 million each year, subject to
In addition to Veridian's financial results, Angemeer reported that the
company recorded exceptional operational performance in a number of key
areas during 2012. "Our employees continue to be industry leaders when
it comes to customer service and workplace safety," he said. "We
recorded a 95 per cent customer satisfaction rating - exceeding last
year's score by four per cent - and recording more than 500,000 hours
without a lost-time injury. These are outstanding achievements that
show the dedication and commitment to performance excellence among our
Angemeer also noted the recognition the company received in 2012. "We
were thrilled to be named one of Canada's Greenest Employers for a
third consecutive year - a designation that recognizes our leadership
in creating a culture of environmental awareness in our workplace; and
honoured to have received the Smart Commute Workplace - Silver
designation for our efforts in providing enhanced commuter options for
our employees and promoting sustainable transportation."
A major accomplishment in 2012 was the completion of a rooftop-mounted
solar array at the company's headquarters in Ajax. The array,
consisting of more than 400 photovoltaic panels occupying roughly
45,000 square feet of the building garage roof, will generate
approximately 160,000 kWh of clean, carbon-free electricity annually -
an amount equivalent to that consumed by about 20 typical households.
"The project is another example of the Board's commitment to make
Veridian a leader in renewable electricity generation and smart grid
development, while at the same time championing initiatives that
provide real value to our shareholders and the communities we serve,"
2012 was also a year of internal change, which Angemeer highlighted in
his remarks. "Veridian bid farewell to two executives: Dave Clark, who
served as General Manager of Clarington Hydro before becoming Executive
Vice President, Chief Financial Officer and Corporate Secretary, and
Axel Starck, the former General Manager of Ajax Hydro who became
Veridian's first Executive Vice President of Asset Services and Chief
Operating Officer. We have taken this opportunity to look at deriving
efficiencies with a new executive structure that best reflects the
needs of today's Veridian. A flatter organizational structure was
adopted that avoided a need for new external hires and, in the end,
customers and shareholders have benefited from a more nimble,
responsive, efficient organization."
Dickerson and Angemeer are optimistic about the business opportunities
that lie ahead for Veridian and remain committed to focusing the
company's efforts on providing reliable, efficient and sustainable
energy services to its customers, while delivering optimal returns on
investment to shareholders and promoting economic growth in its service
territories. Both agree that Veridian has the people, plans,
partnerships and strategic investments that are building stronger, more
resilient communities. "The smart grid is just a hint of what's to
come. We're connected to power's future - the utility providers,
municipalities and post-secondary institutions that provide essential
services to our rural and urban communities. Working together, we will
ensure tomorrow's power is driven by multi-disciplinary best practices
and delivered in an efficient, cost effective, sustainable way,"
A copy of Veridian's 2012 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 116,000 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