Cap Rock Energy Reports Third Quarter Earnings for 2005
November 18 2005 - 12:49PM
PR Newswire (US)
MIDLAND, Texas, Nov. 18 /PRNewswire-FirstCall/ -- Cap Rock Energy
Corporation (AMEX:RKE) reported net income for the third quarter of
2005 of $1,861,000, or $1.10 per common share, diluted, as compared
to $22,000, or $.01 per common share, diluted, for the same period
in 2004. Detailed below are unaudited financial highlights for Cap
Rock Energy Corporation and subsidiaries for the three and nine
months ended September 30, 2005 and 2004: Cap Rock Energy
Corporation (unaudited) ($ in thousands except share and per share
amounts) Three Months Ended Nine Months Ended September 30,
September 30, 2005 2004 2005 2004 Operating revenues $27,136
$22,351 $66,207 $65,471 Operating income 3,673 1,614 4,139 11,821
Net Income 1,861 22 98 4,811 Earnings per share: Basic $1.13 $0.01
$0.06 $3.10 Diluted $1.10 $0.01 $0.06 $2.99 Weighted average shares
of Common stock outstanding: Basic 1,653,552 1,527,857 1,635,894
1,553,072 Diluted 1,696,120 1,584,172 1,683,030 1,609,387 The
consumption and demand for electricity within the Company's service
areas can be greatly impacted by weather conditions and
temperatures. Weather conditions and the cost of fuel used to
generate electricity are the major factors affecting operating
expenses. Purchased power expense normally moves in relation to
electric demand and consumption. Power cost recovery revenues
increased $3,849,000 and $65,000, respectively, for the comparative
three and nine month periods, and wholesale sales and kWh sales
increased $1,033,000 and $1,072,000 respectively, for the
comparative periods. Purchased power increased $2,003,000 and
$2,367,000 for the comparative three and nine month periods,
because of an increase in power costs. Operations and maintenance
expenses increased because of increased salaries and benefits,
maintenance of substation equipment and overhead lines, and
expenditures for outsourced and professional services. Interest
expense decreased $585,000 and $1,618,000 for the comparative three
and nine month periods because of the net effect of increased
interest rates offset by the effect of the extinguishment of the
Beal Bank note in November 2004 and amortization of those related
fees and costs. General and administrative expenses decreased
$988,000 for the comparative three month periods, but increased
$822,000 for the comparative nine month periods because of the
increased costs of legal and professional services, IT support and
outsourced IT functions, salaries and related benefits, offset by
increased overhead allocations for the 2005 period from general and
administrative to operations, maintenance and capitalized items.
Cap Rock Energy provides electric distribution services to over
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
Cap Rock Energy may be different from those expressed 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
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