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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
_____________________
FORM 8-K
CURRENT REPORT
Date of Report (Date of earliest event reported): May 1, 2008
_____________________
Commission |
Exact name of Registrant as specified in its charter, |
IRS Employer |
1-14766 |
Energy East Corporation (Incorporated in New York) 52 Farm View Drive New Gloucester, Maine 04260-5116 (207) 688-6300 www.energyeast.com |
14-1798693 |
Not Applicable
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
[ ] |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
[ ] |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
[ ] |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
[ ] |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02 Results of Operations and Financial Condition and Item 7.01 Regulation FD Disclosure
News Release Concerning First Quarter 2008 Financial Results
On May 1, 2008, Energy East Corporation issued a news release concerning its financial results for the quarter ended March 31, 2008.
The news release is attached as Exhibit 99-1 to this document and is being furnished pursuant to Item 2.02, Results of Operations and Financial Condition and Item 7.01, Regulation FD Disclosure, of Form 8-K.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
99-1 Energy East Corporation's news release dated May 1, 2008.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|
ENERGY EAST CORPORATION |
Exhibit 99-1
ENERGY EAST CORPORATION ANNOUNCES FIRST QUARTER 2008 FINANCIAL RESULTS
FOR IMMEDIATE RELEASE
Portland, Maine, May 1, 2008 - Energy East Corporation [NYSE:EAS] today announced its first quarter financial results. Earnings per basic share for the first quarter 2008 were 84 cents compared to 90 cents per share earned in the first quarter 2007.
For the 12 months ended March 31, 2008, earnings per basic share were $1.59 per share compared with $1.77 per share for the 12 months ended March 31, 2007.
Earnings per basic share for the first quarter of 2008 were 6 cents lower than first quarter 2007 earnings of 90 cents per share. The major factors affecting first quarter earnings include:
Those decreases were partially offset by increases in earnings per share of:
Unaudited Consolidated Statements of Income and Energy Distribution and Weather Statistics are presented on the following pages.
In addition, today Energy East filed its Form 10-Q with the Securities and Exchange Commission. The document contains additional details regarding first quarter 2008 financial results and is available on Energy East's website: www.energyeast.com. Shareholders may obtain a free copy of our Form 10-Q by contacting Investor Relations at (207) 688-4386.
About Energy East:
Energy East is a respected super-regional energy services and delivery company serving about 3 million customers throughout upstate New York and New England. By providing outstanding customer service and meeting customers' energy requirements in an environmentally friendly manner, Energy East will continue to be a valuable asset to the communities we serve.
Energy East Corporation
Consolidated Statements of Income
Three Months |
Twelve Months |
|||
Period Ended March 31, |
2008 |
2007 |
2008 |
2007 |
(Thousands, except per share amounts) |
||||
Operating Revenues |
||||
Utility |
$1,511,663 |
$1,564,064 |
$4,600,382 |
$4,741,554 |
Other |
154,987 |
149,674 |
530,638 |
506,295 |
Total Operating Revenues |
1,666,650 |
1,713,738 |
5,131,020 |
5,247,849 |
Operating Expenses |
||||
Electricity purchased and fuel used in generation |
||||
Utility |
338,894 |
385,273 |
1,394,622 |
1,475,001 |
Other |
92,928 |
88,853 |
367,867 |
352,864 |
Natural gas purchased |
||||
Utility |
546,883 |
538,506 |
1,124,469 |
1,108,717 |
Other |
41,344 |
42,375 |
89,387 |
78,073 |
Other operating expenses |
190,529 |
193,723 |
839,802 |
803,967 |
Maintenance |
40,875 |
40,818 |
175,674 |
206,853 |
Depreciation and amortization |
68,502 |
68,799 |
277,193 |
281,963 |
Other taxes |
78,174 |
75,713 |
258,142 |
251,682 |
Total Operating Expenses |
1,398,129 |
1,434,060 |
4,527,156 |
4,559,120 |
Operating Income |
268,521 |
279,678 |
603,864 |
688,729 |
Other (Income) |
(6,889) |
(8,955) |
(36,818) |
(44,681) |
Other Deductions |
1,006 |
3,231 |
9,257 |
23,792 |
Interest Charges, Net |
68,736 |
68,401 |
276,274 |
298,505 |
Preferred Stock Dividends of Subsidiaries |
282 |
282 |
1,128 |
1,129 |
Income Before Income Taxes |
205,386 |
216,719 |
354,023 |
409,984 |
Income Taxes |
73,431 |
83,425 |
104,064 |
150,099 |
Net Income |
$131,955 |
$133,294 |
$249,959 |
$259,885 |
Earnings per Share, basic |
$.84 |
$.90 |
$1.59 |
$1.77 |
Earnings per Share, diluted |
$.83 |
$.90 |
$1.58 |
$1.76 |
Dividends Declared per Share |
$.31 |
$.30 |
$1.22 |
$1.18 |
Average Common Shares Outstanding, basic |
157,090 |
147,517 |
157,161 |
147,082 |
Average Common Shares Outstanding, diluted |
158,251 |
148,406 |
158,233 |
147,896 |
Energy East Corporation
Energy Distribution Statistics
Three Months |
Twelve Months |
||||||
Periods Ended March 31, |
2008 |
2007 |
% change |
2008 |
2007 |
% change |
|
Electricity (thousands of megawatt-hours) |
|||||||
Residential |
3,381 |
3,427 |
(1)% |
12,393 |
12,252 |
1% |
|
Commercial |
2,434 |
2,461 |
(1)% |
10,009 |
9,852 |
2% |
|
Industrial |
1,722 |
1,596 |
8 % |
7,425 |
6,963 |
7% |
|
Other |
615 |
598 |
3 % |
2,317 |
2,295 |
1% |
|
Total retail |
8,152 |
8,082 |
1 % |
32,144 |
31,362 |
2% |
|
Wholesale |
1,310 |
1,935 |
(32)% |
6,617 |
8,749 |
(24)% |
|
Total |
9,462 |
10,017 |
(6)% |
38,761 |
40,111 |
(3)% |
|
Natural Gas (thousands of dekatherms) |
|||||||
Residential |
36,332 |
38,688 |
(6)% |
75,705 |
75,489 |
- |
|
Commercial |
11,920 |
12,416 |
(4)% |
25,190 |
25,182 |
- |
|
Industrial |
1,496 |
1,537 |
(3)% |
3,551 |
3,568 |
- |
|
Other |
4,084 |
4,396 |
(7)% |
13,027 |
13,780 |
(5)% |
|
Transportation of customer-owned gas |
28,086 |
26,484 |
6 % |
79,273 |
78,193 |
1 % |
|
Total retail |
81,918 |
83,521 |
(2)% |
196,746 |
196,212 |
- |
|
Wholesale |
556 |
351 |
58 % |
1,958 |
416 |
NM |
|
Total |
82,474 |
83,872 |
(2)% |
198,704 |
196,628 |
1% |
|
NM = Not meaningful
Energy East Corporation
Weather Statistics
Three months ended March 31, |
2008 |
2007 |
Normal |
New York |
|||
Heating degree days |
3,287 |
3,350 |
3,411 |
(Warmer) than prior year |
(2%) |
||
(Warmer) than normal |
(4%) |
||
New England |
|||
Heating degree days |
3,033 |
3,176 |
3,175 |
(Warmer) than prior year |
(5%) |
||
(Warmer) than normal |
(5%) |
||
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