HALIFAX, Nov. 6 /CNW/ - (EMA-TSX): Emera Inc.'s consolidated net earnings were $34.9 million in Q3 2009, compared to $6.5 million for the same period in 2008. Earnings per share in the quarter were $0.31 compared to $0.05 in Q3 2008. In Q3 2008, two significant accounting adjustments at Nova Scotia Power and Bear Swamp negatively impacted earnings in that quarter. Excluding these accounting adjustments, earnings per share would have been $0.22 in Q3 2008.
Year to date earnings were $135.8 million for the first three quarters of 2009 compared to $118.8 million for the same period in 2008. Earnings per share were $1.21 for the nine months ended September 30, 2009 compared to $1.06 for the same period in 2008.
"We had another strong quarter and are pleased with the momentum in our business," said Chris Huskilson, President and CEO of Emera. "Brunswick Pipeline went in-service and began shipping gas in mid-July. We closed the Bayside Power acquisition in September, successfully issued debt in both NSPI and Emera and were upgraded by S&P. In light of our strategic progress, the Board of Directors increased our annual dividend by almost 8% to $1.09 per share."
Nova Scotia Power's (NSPI) earnings were $16.6 million in Q3 2009, in comparison to $2.3 million in Q3 2008. This increase in earnings is primarily attributable to a valuation of a long term receivable in Q3 2008. Excluding the effect of this long term receivable, NSPI's earnings would have been $13.1 million in Q3 2008.
Bangor Hydro Electric contributed $8.8 million to consolidated net earnings in Q3 2009, compared to $6.5 million in Q3 2008. The increase was due to an increase in transmission rates and the stronger US dollar.
Emera's Other operations contributed $9.5 million to net earnings in Q3 2009, compared to a net loss of $2.3 million in Q3 2008. This increase relates mainly to increased earnings from Brunswick Pipeline. As well, mark-to-market adjustments in Bear Swamp reduced earnings by $7.3 million in the third quarter of last year.
Emera's Management Discussion and Analysis and Financial Statements are available on our website at www.emera.com.
Forward Looking Information
This news release contains forward looking information. Actual future results may differ materially. Additional financial and operational information is filed electronically with various securities commissions in Canada through the System for Electronic Document Analysis and Retrieval (SEDAR).
The company will be hosting a teleconference at 4:00 pm Atlantic time today (3:00 pm Toronto/Montreal/New York; 2:00 pm Winnipeg; 12:00 pm Vancouver) to discuss the Q3 2009 financial results.
Analysts and other interested parties wanting to participate in the call should dial1-866-223-7781 (in Toronto 416-340-8018) at least 10 minutes prior to the start of the call. No pass code is required. The teleconference will be recorded. If you are unable to join the teleconference live, you can dial for playback toll-free at 1-800-408-3053 (in Toronto 416-695-5800), access code 3322523# (available until midnight, Friday, November 20, 2009). The teleconference will also be web cast live at www.emera.com and available for playback for one year.
Emera Inc. (EMA-TSX) is an energy and services company with $5.2 billion in assets. Electricity is Emera's core business. Approximately 90% of Emera's revenues are earned by Nova Scotia Power Inc (NSPI), Bangor Hydro-Electric Company (BHE) and the Brunswick Pipeline. NSPI and BHE are wholly-owned regulated electric utilities which together serve 600,000 customers. The Brunswick Pipeline is a 145 km gas pipeline in New Brunswick. Emera also owns 19% of St. Lucia Electricity Services Limited, which serves more than 50,000 customers on the Caribbean island of St. Lucia and 25% of Grand Bahama Power Company which serves 19,000 customers on the Caribbean island of Grand Bahama. In addition to its electric utility investments, Emera owns Bayside Power, a 260 MW gas-fired power plant in Saint John, New Brunswick; Emera Energy Services, a physical natural gas and power marketing and asset management business; a joint venture interest in Bear Swamp, a 600 megawatt pumped storage hydro-electric facility in northern Massachusetts; a 12.9% interest in the Maritimes & Northeast Pipeline; a 8.2% interest in Open Hydro. Visit Emera on the web at www.emera.com.
SOURCE Emera Inc.
For further information: For further information: Nancy Tower, FCA, Chief Financial Officer, (902) 428-6991; Jennifer Nicholson, CA, Director, Investor Relations and Strategic Development, (902) 428-6347