Energy Savings Income Fund: Second Quarter Results for 3 and 6 Months Ending September 30, 2006
Market Wire, November, 2006
Distributable cash and cash distributions
For the three months ended September 30
(thousands of dollars except per unit amounts)
2006 2005
------- -------
Per Unit Per Unit
-------- --------
Cash available for distribution
Gross margin per financial statements $31,305 $0.29 $23,124 $0.22
Adjustments required to reflect net
cash receipts from gas sales 12,940 16,217
------- -------
Seasonally adjusted gross margin $44,245 $0.41 $39,341 $0.37
------- -------
General and administrative (10,999) (8,500)
Capital tax expense (180) (207)
Bad debt expense (2,441) (1,644)
Income tax recovery - 2,517
Interest and other bank charges (868) (16)
------- -------
(14,488) (7,850)
------- -------
Cash available for distribution
before marketing expenses 29,757 $0.28 31,491 $0.29
Marketing expenses to maintain
customer base (5,002) (5,026)
------- -------
Cash available for distribution
after customer replacement 24,755 $0.23 26,465 $0.25
------- -------
Marketing expenses to add
new customers (5,687) (5,705)
------- -------
Cash available for distribution $19,068 $0.18 $20,760 $0.19
------- -------
------- -------
Reconciliation to Statements
of Cash Flow
Cash inflow from operations $4,379 $26,046
Add:
Increase (decrease) in non-cash
working capital 18,577 (6,117)
Tax effect on distributions paid
to the holders of Class A
preference shares 800 831
Current income tax recovery (4,688) -
------- -------
$19,068 $20,760
------- -------
------- -------
Distributions
Unitholder distributions $24,580 $21,675
Class A preference share
distributions 2,214 2,301
Unit appreciation rights
distributions 93 64
------- -------
26,887 24,040
Non-cash distributions - deferred
unit grants 4 3
------- -------
Total distributions $26,891 $0.25 $24,043 $0.22
------- -------
------- -------
Diluted average number of
units outstanding 107.4m 106.9m
For the six months ended September 30
(thousands of dollars except per unit amounts)
2006 2005
------- -------
Per Unit Per Unit
-------- --------
Cash available for distribution
Gross margin per financial
statements $72,465 $0.67 $60,226 $0.56
Adjustments required to reflect
net cash receipts from gas sales 19,893 21,781
------- -------
Seasonally adjusted gross margin $92,358 $0.86 $82,007 $0.77
------- -------
General and administrative (21,490) (16,801)
Capital tax expense (360) (414)
Bad debt expense (3,718) (2,178)
Income tax recovery - 1,170
Interest and other bank charges (1,084) (29)
------- -------
(26,652) (18,252)
------- -------
Cash available for distribution
before marketing expenses 65,706 $0.61 63,755 $0.60
Marketing expenses to maintain
customer base (10,465) (10,115)
------- -------
Cash available for distribution
after customer replacement 55,241 $0.51 53,640 $0.50
------- -------
Marketing expenses to add new
customers (14,684) (11,315)
------- -------
Cash available for distribution $40,557 $0.38 $42,325 $0.40
------- -------
------- -------
Reconciliation to Statements
of Cash Flow
Cash inflow from operations $39,088 $36,702
Add:
Increase in non-cash working
capital 7,311 3,980
Tax effect on distributions paid
to the holders of Class A
preference shares 1,640 1,643
Current income tax recovery (7,482) -
------- -------
$40,557 $42,325
------- -------
------- -------
Distributions
Unitholder distributions $47,712 $42,833
Class A preference share
distributions 4,539 4,549
Unit appreciation rights
distributions 192 119
------- -------
52,443 47,501
Non-cash distributions - deferred
unit grants 7 5
------- -------
Total distributions $52,450 $0.49 $47,506 $0.44
------- -------
------- -------
Diluted average number of
units outstanding 107.4m 106.9m
Sales and gross margin analysis
-------------------------------
Sales and gross margin - Per financial statements
For the three months ended September 30
(thousands of dollars)
2006 2005
------ ------
United United
Sales Canada States Total Canada States Total
Gas $79,629 $13,559 $93,188 $71,786 $6,031 $77,817
Electricity 130,579 12,360 142,939 102,194 38 102,232
--------------------------------------------------------------------
$210,208 $25,919 $236,127 $173,980 $6,069 $180,049
Increase 21% NMF(1) 31%
United United
Gross Margin Canada States Total Canada States Total
Gas $11,734 $1,898 $13,632 $13,594 $766 $14,360
Electricity 16,834 839 17,673 8,747 17 8,764
--------------------------------------------------------------------
$28,568 $2,737 $31,305 $22,341 $783 $23,124
--------------------------------------------------------------------
Increase 28% NMF(1) 35%
(1) Not Meaningful Figure.
Sales and gross margin - Per financial statements
For the six months ended September 30
(thousands of dollars)
2006 2005
------ ------
United United
Sales Canada States Total Canada States Total
-----
Gas $221,610 $32,257 $253,867 $208,807 $12,643 $221,450
Electricity 246,431 21,379 267,810 192,966 38 193,004
-----------------------------------------------------------------
$468,041 $53,636 $521,677 $401,773 $12,681 $414,454
-----------------------------------------------------------------
Increase 16% NMF1 26%
United United
Gross Margin Canada States Total Canada States Total
------------
Gas $36,241 $3,587 $39,828 $39,330 $1,707 $41,037
Electricity 31,346 1,291 32,637 19,172 17 19,189
-----------------------------------------------------------------
$67,587 $4,878 $72,465 $58,502 $1,724 $60,226
-----------------------------------------------------------------
Increase 16% NMF(1) 20%
(1) Not Meaningful Figure.
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