Cap Rock Energy Reports Earnings for 2005
2006年4月6日 - 2:48AM
PRニュース・ワイアー (英語)
MIDLAND, Texas, April 5 /PRNewswire-FirstCall/ -- Cap Rock Energy
Corporation (AMEX:RKE) reported a net loss of $4.2 million for the
year ended December 31, 2005, or a $2.58 net loss per common share,
diluted, compared to net earnings of $3.5 million, or $2.21 per
common share, diluted, for the year ended December 31, 2004.
Detailed below are financial highlights for Cap Rock Energy for the
years ended 2005 and 2004: Year ended December 31, (in thousands,
except share and per share data) 2005 2004 Operating revenues
$86,975 $82,624 Operating income $225 $10,219 Net income (loss)
$(4,226) $3,525 Earnings (loss) per share: Basic $(2.58) $2.28
Diluted $(2.58) $2.21 Weighted average number of common shares
outstanding: Basic 1,640,276 1,546,271 Diluted 1,686,613 1,596,796
Total assets $187,561 $199,687 Total debt $134,202 $144,037 Equity
$31,228 $33,444 The increase in revenues from the 2004 period to
the 2005 period was caused by an increase in power cost recovery,
related to increases in fuel expenses from suppliers; an increase
in kWh sales; primarily offset by a refund of over collection of
prior period purchased power. Purchased power increased in 2005
because of an increase in the price of fuel from suppliers, as well
as increased kWh sales. Operations and maintenance expense
increased in 2005 compared to 2004 because of increases in salaries
and benefits, vehicle costs and outsourced and professional
services. General and administrative expenses increased in 2005
compared to 2004 because of increased legal and settlement costs,
penalties related to Notice of Violations from the Public Utility
Commission of Texas, fees related to the transaction described
below, professional services, bad debt expense, outsourced IT
support and related functions. On November 4, 2005, Cap Rock Energy
entered into an agreement and plan of share exchange with Cap Rock
Holding Corporation. Subject to the terms and conditions set forth
in the agreement, Cap Rock Holding Corporation will acquire all the
outstanding shares of Cap Rock Energy common stock for $21.75 per
share. On March 10, 2006, the shareholders of Cap Rock Energy
approved the agreement and plan of share exchange. For more
information, please see Cap Rock Energy's public filings with the
Securities and Exchange Commission, which are publicly available at
http://www.sec.gov/ . Cap Rock Energy provides electric
distribution services to approximately 35,000 meters in 28 counties
in Texas. Its corporate office is located in Midland, Texas, with
service divisions in Stanton, Colorado City, Brady and Celeste,
Texas. The Company also provides management services to the
Farmersville Municipal Electric System. The Company's predecessor,
Cap Rock Electric Cooperative, Inc., was incorporated as an
electric cooperative in the State of Texas in 1939. All statements,
other than statements of historical fact included in this news
release, are forward-looking statements as that term is defined in
the Private Securities Litigation Reform Act of 1995. Any such
forward-looking statements involve risks and uncertainties and
actual results, performance or achievements of the Company may be
different from those express or implied in the forward-looking
statements. DATASOURCE: Cap Rock Energy Corporation CONTACT:
Valerie Newsom of Cap Rock Energy Corporation, +1-432-684-0301, or
Copyright
Cap Rock Energy (AMEX:RKE)
過去 株価チャート
から 8 2024 まで 9 2024
Cap Rock Energy (AMEX:RKE)
過去 株価チャート
から 9 2023 まで 9 2024