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Chesapeake Utilities Corporation Reports Higher Earnings For The Second Quarter
For the six months ended
"Our quarterly and year-to-date performance remains strong, driven by additional gross margin generated from our regulated and unregulated energy businesses," stated
"Across the Company, our employees continue to develop attractive growth opportunities both within and beyond our current markets. In April, we completed the merger of
A more detailed discussion and analysis of the Company's results for each segment is provided in the following pages.
Comparative Results for the Quarters Ended
The Company's operating income for the three months ended
Regulated Energy Segment
Operating income for the Regulated Energy segment increased by
$1.3 million from customer growth in natural gas distribution and transmission services beyond recent service expansions;$1.1 million generated by additional Gas Reliability Infrastructure Program ("GRIP") investments by theFlorida natural gas distribution operations;$919,000 generated from natural gas service expansions completed in 2014 and 2015, as more fully discussed in the Major Projects Section below; and$731,000 from a base rate increase in theFlorida electric distribution operation that was approved by theFlorida Public Service Commission ("PSC") inSeptember 2014 .
The significant components of the increase in other operating expenses included:
$614,000 in higher payroll and benefits costs as a result of additional personnel to support growth;$426,000 in higher depreciation, asset removal and property tax costs associated with recent capital investments to support growth;$417,000 in legal and consulting costs associated with the billing system settlement and other initiatives;$374,000 in higher accruals for incentive compensation as a result of the higher quarterly results; and$187,000 in additional amortization expense due to a change in the amortization of regulatory assets and liabilities, primarily in theFlorida electric distribution operation.
Unregulated Energy Segment
The Unregulated Energy segment reported an operating loss of
Comparative Results for the Six Months Ended
The Company's operating income for the six months ended
Regulated Energy Segment
Operating income for the Regulated Energy segment increased by
$2.4 million in customer growth in natural gas distribution and transmission services beyond recent service expansions;$2.4 million generated from natural gas service expansions completed in 2014 and 2015, as more fully discussed in the Major Projects section below;$1.8 million generated by the Florida GRIP; and$1.7 million from a base rate increase for theFlorida electric distribution operation.
The significant components of the increase in other operating expenses included:
$1.2 million in higher payroll and benefit costs as a result of additional personnel to support growth and increased overtime on theDelmarva Peninsula in early 2015 due to colder weather;$987,000 in legal and consulting costs associated with the billing system settlement and other transactions;$837,000 in higher service contractor and other consulting costs;$805,000 in higher depreciation, asset removal and property tax costs associated with recent capital investments to support growth;$601,000 in higher accruals for incentive compensation as a result of year-to-date performance;$404,000 in additional costs for facility maintenance; and$332,000 in additional amortization expense due to a change in the amortization of regulatory assets and liabilities, primarily in theFlorida electric distribution operation.
Unregulated Energy Segment
Operating income for the Unregulated Energy segment increased by
$5.7 million generated from higher retail propane margins per gallon due to the retail pricing strategy, guided by local market conditions, and lower propane inventory costs as a result of favorable supply management and hedging activities; and$984,000 in decreased trading margin for Xeron due to lower volatility in wholesale propane prices.
Other operating expenses increased by
$588,000 in higher payroll and benefits expense due to increased seasonal overtime and additional resources to support growth;$253,000 in additional costs for facility maintenance;$240,000 in increased accruals for incentive compensation as a result of year-to-date financial results in 2015; and$269,000 in lower expenses for credit and collections activities, which partially offset these increases in expenses.
Matters discussed in this release may include forward-looking statements that involve risks and uncertainties. Actual results may differ materially from those in the forward-looking statements. Please refer to the Safe Harbor for Forward-Looking Statements in the Company's 2014 Annual Report on Form 10-K for further information on the risks and uncertainties related to the Company's forward-looking statements.
The discussions of the results use the term "gross margin," a non-Generally Accepted Accounting Principles ("GAAP") financial measure, which management uses to evaluate the performance of the Company's business segments. For an explanation of the calculation of "gross margin," see the footnote to the Financial Summary.
Share and per share amounts for all periods presented reflect the three-for-two stock split declared on
Unless otherwise noted, earnings per share information is presented on a diluted basis.
Conference Call
About
For more information, contact:
Senior Vice President & Chief Financial Officer
302.734.6799
Financial Summary | |||||||||||||||
(in thousands, except per share) | |||||||||||||||
Three Months Ended |
Six Months Ended | ||||||||||||||
|
| ||||||||||||||
2015 |
2014 |
2015 |
2014 | ||||||||||||
Gross Margin (1) |
|||||||||||||||
Regulated Energy segment |
$ |
40,936 |
$ |
36,974 |
$ |
93,389 |
$ |
84,832 |
|||||||
Unregulated Energy segment |
10,403 |
8,301 |
35,722 |
29,115 |
|||||||||||
Other businesses and eliminations |
(53) |
2,108 |
(108) |
4,141 |
|||||||||||
Total Gross Margin |
$ |
51,286 |
$ |
47,383 |
$ |
129,003 |
$ |
118,088 |
|||||||
Operating Income (Loss) |
|||||||||||||||
Regulated Energy segment |
$ |
13,605 |
$ |
10,711 |
$ |
35,788 |
$ |
31,802 |
|||||||
Unregulated Energy segment |
(540) |
(43) |
14,689 |
10,815 |
|||||||||||
Other businesses and eliminations |
105 |
(211) |
201 |
(538) |
|||||||||||
Total Operating Income |
13,170 |
10,457 |
50,678 |
42,079 |
|||||||||||
Other Income (Loss), net of Other Expenses |
(171) |
405 |
(38) |
413 |
|||||||||||
Interest Charges |
2,485 |
2,303 |
4,933 |
4,459 |
|||||||||||
Pre-tax Income |
10,514 |
8,559 |
45,707 |
38,033 |
|||||||||||
Income Taxes |
4,220 |
3,425 |
18,304 |
15,218 |
|||||||||||
Net Income |
$ |
6,294 |
$ |
5,134 |
$ |
27,403 |
$ |
22,815 |
|||||||
Earnings Per Share of Common Stock |
|||||||||||||||
Basic |
$ |
0.41 |
$ |
0.35 |
$ |
1.84 |
$ |
1.57 |
|||||||
Diluted |
$ |
0.41 |
$ |
0.35 |
$ |
1.83 |
$ |
1.57 |
(1)"Gross margin" is determined by deducting the cost of sales from operating revenue. Cost of sales includes the purchased fuel cost for natural gas, electricity and propane and the cost of labor spent on direct revenue-producing activities. Gross margin should not be considered an alternative to operating income or net income, which are determined in accordance with GAAP. Chesapeake believes that gross margin, although a non-GAAP measure, is useful and meaningful to investors as a basis for making investment decisions. It provides investors with information that demonstrates the profitability achieved by the Company under its allowed rates for regulated operations and under its competitive pricing structure for non-regulated segments. Chesapeake's management uses gross margin in measuring its business units' performance and has historically analyzed and reported gross margin information publicly. Other companies may calculate gross margin in a different manner.
Financial Summary Highlights | ||||||||||||
Key variances for the three months ended | ||||||||||||
(in thousands, except per share) |
Pre-tax Income |
Net Income |
Earnings Per Share | |||||||||
Second Quarter of 2014 Reported Results |
$ |
8,559 |
$ |
5,134 |
$ |
0.35 |
||||||
Adjusting for Unusual Items: |
||||||||||||
Gain from a settlement |
1,500 |
900 |
0.06 |
|||||||||
Gain on sale of business, recorded in 2014 |
(397) |
(238) |
(0.02) |
|||||||||
Absence of |
319 |
191 |
0.01 |
|||||||||
1,422 |
853 |
0.05 |
||||||||||
Increased (Decreased) Gross Margins: |
||||||||||||
Contribution from Aspire Energy of |
1,624 |
974 |
0.07 |
|||||||||
Natural gas growth (excluding service expansions) |
1,347 |
808 |
0.06 |
|||||||||
GRIP |
1,067 |
640 |
0.04 |
|||||||||
Service expansions (See Major Projects Highlights table) |
919 |
551 |
0.04 |
|||||||||
|
731 |
439 |
0.03 |
|||||||||
Higher retail propane margins |
649 |
389 |
0.03 |
|||||||||
Decrease in customer consumption |
(203) |
(122) |
(0.01) |
|||||||||
6,134 |
3,679 |
0.26 |
||||||||||
Increased Other Operating Expenses: |
||||||||||||
Expenses from Aspire Energy of |
(1,895) |
(1,137) |
(0.08) |
|||||||||
Higher payroll and benefits costs |
(802) |
(481) |
(0.03) |
|||||||||
Increased accrual for incentive compensation |
(606) |
(364) |
(0.02) |
|||||||||
Higher depreciation, asset removal and property tax costs due to recent capital investments |
(495) |
(297) |
(0.02) |
|||||||||
Costs associated with billing system settlement and other initiatives |
(465) |
(279) |
(0.02) |
|||||||||
Higher facility maintenance |
(194) |
(116) |
(0.01) |
|||||||||
Higher amortization expense |
(172) |
(103) |
(0.01) |
|||||||||
(4,629) |
(2,777) |
(0.19) |
||||||||||
Interest Charges |
(182) |
(109) |
(0.01) |
|||||||||
Net Other Changes (1) |
(790) |
(486) |
(0.05) |
|||||||||
Second Quarter of 2015 Reported Results |
$ |
10,514 |
$ |
6,294 |
$ |
0.41 |
||||||
(1) The earnings per share impact net of other changes shown above includes |
Key variances for the six months ended | ||||||||||||
(in thousands, except per share) |
Pre-tax Income |
Net Income |
Earnings Per Share | |||||||||
Six months ended |
$ |
38,033 |
$ |
22,815 |
$ |
1.57 |
||||||
Adjusting for Unusual Items: |
||||||||||||
Gain from a settlement |
1,500 |
900 |
0.06 |
|||||||||
Absence of |
757 |
454 |
0.03 |
|||||||||
Gain on sale of business, recorded in 2014 |
(397) |
(238) |
(0.02) |
|||||||||
Weather impact |
320 |
192 |
0.01 |
|||||||||
2,180 |
1,308 |
0.08 |
||||||||||
Increased (Decreased) Gross Margins: |
||||||||||||
Higher retail propane margins |
5,650 |
3,387 |
0.23 |
|||||||||
Natural gas growth (excluding service expansions) |
2,378 |
1,426 |
0.10 |
|||||||||
Service expansions (See Major Projects Highlights table) |
2,377 |
1,425 |
0.10 |
|||||||||
GRIP |
1,822 |
1,092 |
0.07 |
|||||||||
|
1,693 |
1,015 |
0.07 |
|||||||||
Contribution from Aspire Energy of |
1,624 |
974 |
0.07 |
|||||||||
Propane wholesale marketing |
(984) |
(590) |
(0.04) |
|||||||||
Increase in customer consumption |
408 |
245 |
0.02 |
|||||||||
14,968 |
8,974 |
0.62 |
||||||||||
Increased Other Operating Expenses: |
||||||||||||
Expenses from Aspire Energy of |
(1,895) |
(1,136) |
(0.08) |
|||||||||
Higher payroll and benefits costs |
(1,654) |
(992) |
(0.07) |
|||||||||
Costs associated with billing system settlement and other transactions |
(1,081) |
(648) |
(0.04) |
|||||||||
Higher depreciation, asset removal costs and property tax costs due to recent capital investments |
(944) |
(566) |
(0.04) |
|||||||||
Higher service contractor and other consulting costs |
(853) |
(511) |
(0.04) |
|||||||||
Increased accruals for incentive compensation |
(837) |
(502) |
(0.03) |
|||||||||
Higher facility maintenance |
(657) |
(394) |
(0.03) |
|||||||||
Higher amortization expense |
(302) |
(181) |
(0.01) |
|||||||||
(8,223) |
(4,930) |
(0.34) |
||||||||||
Interest Charges |
(474) |
(284) |
(0.02) |
|||||||||
Net Other Changes (1) |
(777) |
(480) |
(0.08) |
|||||||||
Six months ended |
$ |
45,707 |
$ |
27,403 |
$ |
1.83 |
||||||
(1) The earnings per share impact net of other changes shown above includes |
Major Projects
Service Expansions
During 2014,
In
On
In
On
The following Major Project Highlights table summarizes our major projects initiated since 2014 (dollars in thousands):
Gross Margin for the Period (1) | |||||||||||||||||||||||||||||||
Three Months Ended |
Six Months Ended |
Estimate |
Total | ||||||||||||||||||||||||||||
|
|
for |
2014 | ||||||||||||||||||||||||||||
2015 |
2014 |
Variance |
2015 |
2014 |
Variance |
2015 |
Margin | ||||||||||||||||||||||||
Acquisition: |
|||||||||||||||||||||||||||||||
Aspire Energy of |
$ |
1,624 |
$ |
— |
$ |
1,624 |
$ |
1,624 |
$ |
— |
$ |
1,624 |
$ |
8,797 |
$ |
— |
|||||||||||||||
Service Expansions |
|||||||||||||||||||||||||||||||
Natural Gas Transmission: |
|||||||||||||||||||||||||||||||
Short-term |
|||||||||||||||||||||||||||||||
|
$ |
523 |
$ |
599 |
$ |
(76) |
$ |
1,491 |
$ |
599 |
$ |
892 |
$ |
2,505 |
$ |
2,026 |
|||||||||||||||
|
398 |
— |
398 |
398 |
— |
398 |
2,516 |
— |
|||||||||||||||||||||||
Total short-term |
921 |
599 |
322 |
1,889 |
599 |
1,290 |
5,021 |
2,026 |
|||||||||||||||||||||||
Long-term |
|||||||||||||||||||||||||||||||
|
463 |
— |
463 |
926 |
— |
926 |
1,844 |
463 |
|||||||||||||||||||||||
|
134 |
— |
134 |
161 |
— |
161 |
908 |
— |
|||||||||||||||||||||||
Total long-term |
$ |
597 |
$ |
— |
$ |
597 |
$ |
1,087 |
$ |
— |
$ |
1,087 |
$ |
2,752 |
$ |
463 |
|||||||||||||||
Total Service Expansions |
$ |
1,518 |
$ |
599 |
$ |
919 |
$ |
2,976 |
$ |
599 |
$ |
2,377 |
$ |
7,773 |
$ |
2,489 |
|||||||||||||||
Total Major Projects |
$ |
3,142 |
$ |
599 |
$ |
2,543 |
$ |
4,600 |
$ |
599 |
$ |
4,001 |
$ |
16,570 |
$ |
2,489 |
|||||||||||||||
(1) Gross margin of | |||||||||||||||||||||||||||||||
(2) During the three and six months ended | |||||||||||||||||||||||||||||||
(3) The gross margin is attributable to interruptible service |
Future Service Expansion Initiatives
Eight
In
The following table summarizes our future major expansion initiatives and opportunities with executed contracts (dollars in thousands):
Project |
Estimated In Service Date |
Projected Capital Cost |
Estimated | |||
20-year OPT ≤ 90 Service to an industrial customer in |
Late first quarter or early second quarter of 2016 |
|
| |||
Eight Flags CHP plant in |
Third quarter of 2016 |
|
|
Other Natural Gas Growth - Distribution Operations
In addition to these service expansions, the natural gas distribution operations on the
Gatherco Acquisition
On
The Company's results for the three and six months ended
Weather and Consumption
Weather was not a significant factor in the second quarter as the negative impact of warmer temperatures on the
HDD and CDD Information
Three Months Ended |
Six Months Ended |
||||||||||||||||
|
|
||||||||||||||||
2015 |
2014 |
Variance |
2015 |
2014 |
Variance | ||||||||||||
Delmarva |
|||||||||||||||||
Actual HDD |
386 |
456 |
(70) |
3,208 |
3,173 |
35 |
|||||||||||
10-Year Average HDD ("Normal") |
443 |
459 |
(16) |
2,843 |
2,820 |
23 |
|||||||||||
Variance from Normal |
(57) |
(3) |
365 |
353 |
|||||||||||||
|
|||||||||||||||||
Actual HDD |
— |
17 |
(17) |
501 |
574 |
(73) |
|||||||||||
10-Year Average HDD ("Normal") |
24 |
26 |
(2) |
557 |
555 |
2 |
|||||||||||
Variance from Normal |
(24) |
(9) |
(56) |
19 |
|||||||||||||
|
|||||||||||||||||
Actual CDD |
1,114 |
928 |
186 |
1,236 |
970 |
266 |
|||||||||||
10-Year Average CDD ("Normal") |
909 |
908 |
1 |
982 |
982 |
— |
|||||||||||
Variance from Normal |
205 |
20 |
254 |
(12) |
Gross Margin Variance attributed to Weather
(in thousands) |
Q2 2015 vs. Q2 2014 |
Q2 2015 vs. Normal |
YTD 2015 vs. YTD 2014 |
YTD 2015 vs. Normal | |||||||||||
Delmarva |
|||||||||||||||
Regulated Energy segment |
$ |
(138) |
$ |
(182) |
$ |
185 |
$ |
906 |
|||||||
Unregulated Energy segment |
(253) |
2 |
77 |
978 |
|||||||||||
|
|||||||||||||||
Regulated Energy segment |
151 |
229 |
68 |
(199) |
|||||||||||
Unregulated Energy segment |
— |
— |
(10) |
122 |
|||||||||||
Total |
$ |
(240) |
$ |
49 |
$ |
320 |
$ |
1,807 |
Propane prices
Higher retail margins per gallon generated
Xeron, which benefits from wholesale price volatility by entering into trading transactions, did not have a significant quarter-over-quarter variance for the three months ended
Regulatory Initiatives
GRIP
GRIP is a natural gas pipe replacement program approved by the Florida PSC, designed to expedite the replacement of qualifying distribution mains and services (any material other than coated steel or plastic) to enhance reliability and integrity of natural gas distribution systems. This program allows recovery through rates of capital and other program-related costs, inclusive of a return on investment, associated with the replacement of the mains and services. Since the program's inception in
Florida Electric Rate Case
On
Capital Expenditures
The Company forecasts its capital expenditures in 2015, excluding amounts expended to acquire Gatherco, to be in the range of
In order to fund the 2015 capital expenditures currently budgeted, the Company expects to increase the level of borrowings during 2015 to supplement cash provided by operating activities. The Company will look at other financing options as needed. The Company's target ratio of equity to total capitalization, including short-term borrowings, is between 50 and 60 percent, and it has maintained equity between 54 and 60 percent of total capitalization, including short-term borrowings, in the past three years. If the Company increases the level of debt during 2015 to fund the budgeted capital expenditures, the ratio of equity to total capitalization, including short-term borrowings, will temporarily decline until the Company issues equity. The timing of any equity issuance(s) will be based on market conditions. The Company will seek to align, as much as feasible, any such equity issuance(s) with the commencement of service, and associated earnings, for larger revenue generating projects.
Condensed Consolidated Statements of Income (Unaudited) (in thousands, except shares and per share data) | |||||||||||||||
Three Months Ended |
Six Months Ended | ||||||||||||||
|
| ||||||||||||||
2015 |
2014 |
2015 |
2014 | ||||||||||||
Operating Revenues |
|||||||||||||||
Regulated Energy |
$ |
62,060 |
$ |
61,646 |
$ |
171,642 |
$ |
163,812 |
|||||||
Unregulated Energy and other |
30,622 |
38,851 |
91,121 |
123,022 |
|||||||||||
Total Operating Revenues |
92,682 |
100,497 |
262,763 |
286,834 |
|||||||||||
Operating Expenses |
|||||||||||||||
Regulated Energy cost of sales |
21,124 |
24,672 |
78,253 |
78,979 |
|||||||||||
Unregulated Energy and other cost of sales |
20,272 |
28,442 |
55,507 |
89,766 |
|||||||||||
Operations |
26,190 |
24,615 |
53,133 |
51,242 |
|||||||||||
Maintenance |
2,727 |
2,457 |
5,431 |
4,606 |
|||||||||||
Gain from a settlement |
(1,500) |
— |
(1,500) |
— |
|||||||||||
Depreciation and amortization |
7,543 |
6,736 |
14,518 |
13,371 |
|||||||||||
Other taxes |
3,156 |
3,118 |
6,743 |
6,791 |
|||||||||||
Total operating expenses |
79,512 |
90,040 |
212,085 |
244,755 |
|||||||||||
Operating Income |
13,170 |
10,457 |
50,678 |
42,079 |
|||||||||||
Other income (loss), net of other expenses |
(171) |
405 |
(38) |
413 |
|||||||||||
Interest charges |
2,485 |
2,303 |
4,933 |
4,459 |
|||||||||||
Income Before Income Taxes |
10,514 |
8,559 |
45,707 |
38,033 |
|||||||||||
Income taxes |
4,220 |
3,425 |
18,304 |
15,218 |
|||||||||||
Net Income |
$ |
6,294 |
$ |
5,134 |
$ |
27,403 |
$ |
22,815 |
|||||||
Weighted Average Common Shares Outstanding: |
|||||||||||||||
Basic |
15,235,860 |
14,556,242 |
14,922,094 |
14,522,133 |
|||||||||||
Diluted |
15,280,657 |
14,606,779 |
14,970,190 |
14,573,643 |
|||||||||||
Earnings Per Share of Common Stock: |
|||||||||||||||
Basic |
$ |
0.41 |
$ |
0.35 |
$ |
1.84 |
$ |
1.57 |
|||||||
Diluted |
$ |
0.41 |
$ |
0.35 |
$ |
1.83 |
$ |
1.57 |
Condensed Consolidated Balance Sheets (Unaudited) | ||||||||
Assets |
|
| ||||||
(in thousands, except shares) |
||||||||
Property, Plant and Equipment |
||||||||
Regulated Energy |
$ |
795,331 |
$ |
766,855 |
||||
Unregulated Energy |
139,174 |
84,773 |
||||||
Other businesses and eliminations |
19,051 |
18,497 |
||||||
Total property, plant and equipment |
953,556 |
870,125 |
||||||
Less: Accumulated depreciation and amortization |
(205,030) |
(193,369) |
||||||
Plus: Construction work in progress |
41,923 |
13,006 |
||||||
Net property, plant and equipment |
790,449 |
689,762 |
||||||
Current Assets |
||||||||
Cash and cash equivalents |
2,104 |
4,574 |
||||||
Accounts receivable (less allowance for uncollectible accounts of |
42,270 |
53,300 |
||||||
Accrued revenue |
8,091 |
13,617 |
||||||
Propane inventory, at average cost |
4,151 |
7,250 |
||||||
Other inventory, at average cost |
4,305 |
3,699 |
||||||
Regulatory assets |
7,587 |
8,967 |
||||||
Storage gas prepayments |
2,498 |
4,258 |
||||||
Income taxes receivable |
2,518 |
18,806 |
||||||
Deferred income taxes |
128 |
— |
||||||
Prepaid expenses |
4,223 |
6,652 |
||||||
Mark-to-market energy assets |
358 |
1,055 |
||||||
Other current assets |
285 |
195 |
||||||
Total current assets |
78,518 |
122,373 |
||||||
Deferred Charges and Other Assets |
||||||||
Goodwill |
16,048 |
4,952 |
||||||
Other intangible assets, net |
2,415 |
2,404 |
||||||
Investments, at fair value |
3,665 |
3,678 |
||||||
Regulatory assets |
77,657 |
78,136 |
||||||
Receivables and other deferred charges |
1,884 |
3,164 |
||||||
Total deferred charges and other assets |
101,669 |
92,334 |
||||||
Total Assets |
$ |
970,636 |
$ |
904,469 |
Condensed Consolidated Balance Sheets (Unaudited) | ||||||||
Capitalization and Liabilities |
|
| ||||||
(in thousands, except shares and per share data) |
||||||||
Capitalization |
||||||||
Stockholders' equity |
||||||||
Common stock, par value |
||||||||
(authorized 25,000,000 shares) |
$ |
7,419 |
$ |
7,100 |
||||
Additional paid-in capital |
187,903 |
156,581 |
||||||
Retained earnings |
161,333 |
142,317 |
||||||
Accumulated other comprehensive loss |
(5,479) |
(5,676) |
||||||
Deferred compensation obligation |
1,843 |
1,258 |
||||||
Treasury stock |
(1,843) |
(1,258) |
||||||
Total stockholders' equity |
351,176 |
300,322 |
||||||
Long-term debt, net of current maturities |
156,247 |
158,486 |
||||||
Total capitalization |
507,423 |
458,808 |
||||||
Current Liabilities |
||||||||
Current portion of long-term debt |
9,127 |
9,109 |
||||||
Short-term borrowing |
94,713 |
88,231 |
||||||
Accounts payable |
38,173 |
44,610 |
||||||
Customer deposits and refunds |
21,449 |
25,197 |
||||||
Accrued interest |
1,256 |
1,352 |
||||||
Dividends payable |
4,382 |
3,939 |
||||||
Deferred income taxes |
— |
832 |
||||||
Accrued compensation |
6,500 |
10,076 |
||||||
Regulatory liabilities |
15,205 |
3,268 |
||||||
Mark-to-market energy liabilities |
47 |
1,018 |
||||||
Other accrued liabilities |
8,756 |
6,603 |
||||||
Total current liabilities |
199,608 |
194,235 |
||||||
Deferred Credits and Other Liabilities |
||||||||
Deferred income taxes |
173,821 |
160,232 |
||||||
Regulatory liabilities |
43,307 |
43,419 |
||||||
Environmental liabilities |
9,043 |
8,923 |
||||||
Other pension and benefit costs |
33,614 |
35,027 |
||||||
Deferred investment tax credits and other liabilities |
3,820 |
3,825 |
||||||
Total deferred credits and other liabilities |
263,605 |
251,426 |
||||||
Total Capitalization and Liabilities |
$ |
970,636 |
$ |
904,469 |
Distribution Utility Statistical Data (Unaudited) | |||||||||||||||||||||||||
For the Three Months Ended |
For the Three Months Ended | ||||||||||||||||||||||||
Delmarva NG Distribution |
Chesapeake Florida NG Division |
FPU NG Distribution |
FPU Electric Distribution |
Delmarva NG Distribution |
Chesapeake Florida NG Division |
FPU NG Distribution |
FPU Electric Distribution | ||||||||||||||||||
Operating Revenues (in thousands) |
|||||||||||||||||||||||||
Residential |
$ |
11,600 |
$ |
1,175 |
$ |
4,929 |
$ |
10,263 |
$ |
12,113 |
$ |
1,144 |
$ |
5,756 |
$ |
8,961 |
|||||||||
Commercial |
6,544 |
1,135 |
6,026 |
10,262 |
7,103 |
1,069 |
8,333 |
8,855 |
|||||||||||||||||
Industrial |
1,636 |
1,561 |
4,112 |
567 |
1,468 |
1,266 |
3,224 |
1,001 |
|||||||||||||||||
Other (1) |
(4,357) |
767 |
407 |
(2,308) |
(3,972) |
739 |
(1,670) |
(281) |
|||||||||||||||||
Total Operating Revenues |
$ |
15,423 |
$ |
4,638 |
$ |
15,474 |
$ |
18,784 |
$ |
16,712 |
$ |
4,218 |
$ |
15,643 |
$ |
18,536 |
|||||||||
Volume (in Dts/MWHs) |
|||||||||||||||||||||||||
Residential |
609,797 |
66,072 |
258,428 |
66,636 |
619,752 |
72,960 |
280,610 |
65,100 |
|||||||||||||||||
Commercial |
675,668 |
1,373,449 |
580,233 |
73,849 |
690,650 |
323,371 |
621,159 |
74,619 |
|||||||||||||||||
Industrial |
1,059,440 |
2,848,051 |
1,024,294 |
2,140 |
998,147 |
3,302,814 |
1,016,923 |
7,240 |
|||||||||||||||||
Other |
18,089 |
— |
(27,076) |
10,128 |
19,524 |
— |
(53,204) |
6,351 |
|||||||||||||||||
Total |
2,362,994 |
4,287,572 |
1,835,879 |
152,753 |
2,328,073 |
3,699,145 |
1,865,488 |
153,310 |
|||||||||||||||||
Average Customers |
|||||||||||||||||||||||||
Residential |
63,686 |
14,833 |
51,973 |
24,045 |
62,055 |
14,387 |
50,939 |
23,894 |
|||||||||||||||||
Commercial |
6,629 |
1,343 |
4,264 |
7,390 |
6,540 |
1,363 |
4,392 |
7,412 |
|||||||||||||||||
Industrial |
117 |
67 |
1,608 |
2 |
108 |
59 |
1,273 |
2 |
|||||||||||||||||
Other |
6 |
— |
— |
— |
7 |
— |
— |
— |
|||||||||||||||||
Total |
70,438 |
16,243 |
57,845 |
31,437 |
68,710 |
15,809 |
56,604 |
31,308 |
|||||||||||||||||
Distribution Utility Statistical Data (Unaudited) | |||||||||||||||||||||||||
For the Six Months Ended |
For the Six Months Ended | ||||||||||||||||||||||||
Delmarva NG Distribution |
Chesapeake Florida NG Division |
FPU NG Distribution |
FPU Electric Distribution |
Delmarva NG Distribution |
Chesapeake Florida NG Division |
FPU NG Distribution |
FPU Electric Distribution | ||||||||||||||||||
Operating Revenues (in thousands) |
|||||||||||||||||||||||||
Residential |
$ |
48,206 |
$ |
2,685 |
$ |
13,570 |
$ |
22,673 |
$ |
45,841 |
$ |
2,581 |
$ |
13,742 |
$ |
20,514 |
|||||||||
Commercial |
22,983 |
2,493 |
15,543 |
19,939 |
22,751 |
2,302 |
17,896 |
17,466 |
|||||||||||||||||
Industrial |
3,767 |
3,058 |
8,486 |
1,549 |
3,004 |
2,560 |
6,667 |
2,433 |
|||||||||||||||||
Other (1) |
(3,728) |
1,531 |
(1,515) |
(4,959) |
(3,682) |
1,575 |
(1,015) |
(3,569) |
|||||||||||||||||
Total Operating Revenues |
$ |
71,228 |
$ |
9,767 |
$ |
36,084 |
$ |
39,202 |
$ |
67,914 |
$ |
9,018 |
$ |
37,290 |
$ |
36,844 |
|||||||||
Volume (in Dts/MWHs) |
|||||||||||||||||||||||||
Residential |
2,951,229 |
206,792 |
773,393 |
147,488 |
2,778,338 |
209,616 |
764,767 |
149,590 |
|||||||||||||||||
Commercial |
2,493,359 |
2,764,538 |
1,417,065 |
144,573 |
2,380,520 |
729,069 |
1,421,313 |
146,423 |
|||||||||||||||||
Industrial |
2,329,581 |
5,683,848 |
2,154,061 |
9,650 |
2,172,339 |
7,030,959 |
2,145,937 |
16,870 |
|||||||||||||||||
Other |
28,432 |
— |
(108,633) |
5,348 |
26,052 |
— |
(83,207) |
(6,016) |
|||||||||||||||||
Total |
7,802,601 |
8,655,178 |
4,235,886 |
307,059 |
7,357,249 |
7,969,644 |
4,248,810 |
306,867 |
|||||||||||||||||
Average Customers |
|||||||||||||||||||||||||
Residential |
64,056 |
14,814 |
51,811 |
23,981 |
62,379 |
14,368 |
50,826 |
23,855 |
|||||||||||||||||
Commercial |
6,670 |
1,349 |
4,276 |
7,380 |
6,572 |
1,354 |
4,403 |
7,414 |
|||||||||||||||||
Industrial |
116 |
67 |
1,577 |
2 |
107 |
60 |
1,247 |
2 |
|||||||||||||||||
Other |
6 |
— |
— |
— |
7 |
— |
— |
— |
|||||||||||||||||
Total |
70,848 |
16,230 |
57,664 |
31,363 |
69,065 |
15,782 |
56,476 |
31,271 |
|||||||||||||||||
(1) Operating Revenues from "Other" sources include unbilled revenue, under (over) recoveries of fuel cost, conservation revenue, other miscellaneous charges, fees for billing services provided to third parties and adjustments for pass-through taxes. |
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/chesapeake-utilities-corporation-reports-higher-earnings-for-the-second-quarter-300124095.html
SOURCE
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