The decline in earnings for the second quarter of 2008 was primarily due to additional planned and unplanned extended maintenance outages at the company’s lower-cost power plants. Revenues increased 9% or $36 million to $451.2 million in the second quarter of 2008, compared to second quarter of 2007.
The earnings for the six months ended June 30, 2008, were increased by a one-time tax benefit recorded in the first quarter of 2008 of $39.4 million or $0.40 per share, resulting from the completion of a federal income tax audit covering multiple years.
Without the tax benefit, earnings for the first six months of 2008 were $27.1 million or $0.27 per share, compared to earnings of $62.4 million or $0.70 per share in the first six months of 2007.
The revenues for the six months ended June 30, 2008, were $858 million, an increase of $72.6 million or 9%, compared to the same period of 2007.
