Florida Public Utilities Announces Second Quarter 2004 Results
WEST PALM BEACH, Fla., Aug. 9 /PRNewswire-FirstCall/ -- Florida Public
Utilities (AMEX:FPU) reported second quarter ended June 30, 2004 income of
$522,000 or $ .13 per share, compared with income from continuing operations
for the same period last year of $482,000 or $.13 per share. Total revenues
for the quarter increased by $320,000 or 1%. Income from continuing operations
for the six months ended June 2004 was $1,935,000 or $.49 per share, compared
to the same period last year of $2,295,000 or $.59 per share. Income from
discontinued operations for the six months ended June 30, 2003 was $9,821,000
or $2.52 per share.
The Company experienced a significant increase in electric revenues in the
quarter and year-to-date, primarily attributable to the rate relief granted in
March 2004. Revenue for propane also increased in both the quarter and year-
to-date due to customer growth. Revenue from natural gas was lower than last
year, primarily due to revenue associated with a non-recurring termination fee
of $1,500,000 recorded in the first and second quarters of 2003.
Impacting the quarter and year-to-date income from continuing operations were
increased total operating expenses. Higher revenues were offset by increased
pension, insurance, and benefit-related expenses during the first and second
quarter of 2004. Other expense increases included higher depreciation and
amortization due to normal plant growth.
The Company successfully completed a request for rate relief with the Florida
Public Service Commission (FPSC) for the electric segment in the first quarter. Rate relief in the annual amount of approximately $1,800,000 was granted
mid-March 2004.
The Company was granted natural gas interim rate relief of approximately
$1,200,000 annually, effective in the third quarter of 2004. The Company is
requesting approximately $8,200,000 in annual rate relief. This amount is
subject to review by the FPSC, which may not grant the full amount requested. If an increase is granted, it is anticipated the final rate relief will take
effect in the fourth quarter of 2004.
Statements in this press release regarding Florida Public Utilities Company's
business that are not historical facts are "forward-looking statements" that
involve risks and uncertainties. For a discussion of such risks and
uncertainties, which could cause actual results to differ from those contained
in the forward-looking statements, see the disclosures in the Company's filings
with the Securities and Exchange Commission.
Key operating results for the second quarter and year-to-date 2004 compared to
the second quarter and year-to-date 2003 are summarized below: Florida Public Utilities
(dollars in thousands except per share data) Three Months Ended Six Months Ended
June 30, June 30,
2004 2003 2004 2003
Total Revenues $24,729 $24,409 $55,454 $55,558 Income from Continuing Operations $ 522 $ 482 $ 1,935 $ 2,295 Income from Discontinued
Operations -- water division -- $ (61) -- $ 9,821 Net Income $ 522 $ 421 $1,935 $12,116 Earnings applicable Common Stock $ 515 $ 414 $1,921 $12,102 Earnings Per Common Share --
basic & diluted:
Continuing Operations $ .13 $ .13 $ .49 $ .59 Discontinued Operations --
water division -- $ (.02) -- $ 2.52
Total $ .13 $ .11 $ .49 $ 3.11 Average Shares Outstanding 3,932,009 3,899,488 3,930,306 3,897,233 Average Customers 91,000 86,000 91,000 86,000 Florida Public Utilities is primarily in the business of providing natural gas,
electric and propane gas distribution services throughout Florida. DATASOURCE: Florida Public Utilities Company CONTACT: George M. Bachman, CFO and Treasurer, Florida Public Utilities Company, +1-561-838-1731 Web site: http://www.fpuc.com/
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