UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) May 9, 2012
CENTRAL VERMONT PUBLIC SERVICE CORPORATION
(Exact name of registrant as specified in its charter)
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Vermont
(State or other jurisdiction
of incorporation)
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1-8222
(Commission
File Number)
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03-0111290
(IRS Employer
Identification No.)
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77 Grove Street, Rutland, Vermont 05701
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code (800) 649-2877
N/A
(Former name or former address, if changed since last report)
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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:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Item 2.02.
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Results of Operations and Financial Condition.
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Attached hereto as Exhibit 99.1 and incorporated herein by reference is the text of the registrant's news release issued on May 9, 2012 announcing its financial results for the first quarter ended
March 31, 2012. As discussed in Exhibit 99.1, the news release contains forward-looking statements within the meaning of the federal securities laws. These statements are present expectations, and are subject to the limitations listed therein, and in Central Vermont's other filings with the Securities and Exchange Commission, including that actual events or results may differ materially from those in the forward looking statements.
The foregoing information (including Exhibit 99.1) is being furnished under "Item 2.02. Results of Operations and Financial Condition" and "Item 7.01. Regulation FD Disclosure." Such information (including Exhibit 99.l) is furnished and shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934.
An analyst conference call to review the first quarter 2012 results will be held on Thursday, May 10, 2012 at 11:00 a.m. Eastern Time. A live audio web cast of the conference call will be available to the public on a listen-only basis. To listen to the web cast go to the Event Calendar section on the Investor Relations page of the company's web site at www.cvps.com and select the "CVPS 2012 1st Quarter Earnings Conference Call" link. Central Vermont's news releases, current financial information, SEC filings, and Investor Relations presentations are accessible at the same web site.
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Item 7.01.
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Regulation FD Disclosure.
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See "Item 2.02. Results of Operations and Financial Condition" above.
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Item 9.01.
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Financial Statements and Exhibits.
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(d) Exhibits.
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Exhibit Number
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Description of Exhibit
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99.1
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Central Vermont's News Release dated May 9, 2012.
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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.
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CENTRAL VERMONT PUBLIC SERVICE CORPORATION
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By
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/s/ Edmund F. Ryan
Edmund F. Ryan
Acting Chief Financial Officer and Treasurer
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May 9, 2012
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§
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First-quarter earnings of $9.2 million, or 67 cents per diluted share, 5 cents higher than 2011, excluding merger-related costs of $0.3 million after-tax, or 2 cents per diluted share
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Ø
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$5.3 million increase in retail revenues (4.78% rate increase effective Jan. 1, 2012 and higher sales due to new customers, partially offset by lower volume due to warmer weather)
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Ø
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$1.0 million decrease in service restoration (No major storms in 2012)
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Ø
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$0.5 million increase in merger-related costs (None in 2011)
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§
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Due to pending merger, earnings guidance has been discontinued
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2012
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||||||||
Net Income
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Earnings Per
Diluted Share
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(in millions)
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Net earnings excluding merger-related expenses
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$ | 9.2 | $ | 0.67 | ||||
Merger-related expenses, after-tax
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(0.3 | ) | (0.02 | ) | ||||
Net earnings
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$ | 8.9 | $ | 0.65 |
Reconciliation of Earnings Per Diluted Share
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||||
Three Months
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2012 vs. 2011
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2011 Earnings per diluted share
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$ | 0.62 | ||
Major Year-overYear Effects on Earnings:
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Lower service restoration due to no major storms in 2012
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0.02 | |||
Lower salaries expense
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0.02 | |||
Variable life insurance
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0.02 | |||
Lower retail revenue sales volume due to weather
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(0.03 | ) | ||
Merger-related fees
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(0.02 | ) | ||
Other (includes income tax adjustments, and various items)
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0.02 | |||
2012 Earnings per diluted share
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$ | 0.65 |
Media Inquiries:
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Steve Costello, Director of Public Affairs
(802) 747-5427; e-mail: scostel@cvps.com
(802) 742-3062 (pager)
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Contact:
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Edmund Ryan, Acting Chief Financial Officer and Treasurer
(802) 747-5422; e-mail: eryan@cvps.com
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Central Vermont Public Service Corporation - Consolidated
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Earnings Release
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(dollars in thousands, except per share amounts)
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Three months ended March 31
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Condensed Income statement
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2012
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2011
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Operating revenues:
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Retail sales
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$ | 88,575 | $ | 83,258 | ||||
Resale sales
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5,743 | 7,695 | ||||||
Provision for rate refund
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(1,047 | ) | 3,391 | |||||
Other
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2,971 | 2,741 | ||||||
Total operating revenues
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96,242 | 97,085 | ||||||
Operating expenses:
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Purchased power - affiliates and other
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40,488 | 41,352 | ||||||
Other operating expenses
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44,871 | 45,948 | ||||||
Income tax expense
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3,138 | 2,857 | ||||||
Total operating expense
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88,497 | 90,157 | ||||||
Utility operating income
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7,745 | 6,928 | ||||||
Other income:
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Equity in earnings of affiliates
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6,800 | 6,941 | ||||||
Other, net
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372 | 105 | ||||||
Merger-related expenses
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(242 | ) | 0 | |||||
Income tax expense
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(2,220 | ) | (2,302 | ) | ||||
Total other income
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4,710 | 4,744 | ||||||
Interest expense
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3,580 | 3,247 | ||||||
Net income
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8,875 | 8,425 | ||||||
Dividends declared on preferred stock
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92 | 92 | ||||||
Earnings available for common stock
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$ | 8,783 | $ | 8,333 | ||||
Per common share data
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Earnings per share of common stock - basic
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$ | 0.65 | $ | 0.62 | ||||
Earnings per share of common stock - diluted
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$ | 0.65 | $ | 0.62 | ||||
Average shares of common stock outstanding - basic
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13,491,377 | 13,353,973 | ||||||
Average shares of common stock outstanding - diluted
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13,570,720 | 13,406,926 | ||||||
Dividends declared per share of common stock
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$ | 0.23 | $ | 0.46 | ||||
Dividends paid per share of common stock
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$ | 0.23 | $ | 0.23 | ||||
Supplemental financial statement data
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Balance sheet
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Investments in affiliates
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$ | 181,832 | $ | 174,893 | ||||
Total assets
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$ | 774,630 | $ | 700,016 | ||||
Common stock equity
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$ | 276,259 | $ | 275,248 | ||||
Long-term debt (excluding current portions)
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$ | 228,448 | $ | 188,300 | ||||
Cash Flows
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Cash and cash equivalents at beginning of period
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$ | 1,734 | $ | 2,676 | ||||
Cash provided by operating activities
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18,164 | 32,382 | ||||||
Cash used for investing activities
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(4,978 | ) | (2,824 | ) | ||||
Cash used for financing activities
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(13,196 | ) | (17,105 | ) | ||||
Cash and cash equivalents at end of period
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$ | 1,724 | $ | 15,129 | ||||
Refer to our 2012 Form 10-Q for additional information
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