Emera has reported net earnings were CAD144.1 million in 2008, excluding the effect of mark-to-market accounting adjustments in Bear Swamp, net earnings were CAD148.9 million in 2008, compared to CAD141.9 million in 2007. Earnings per share were CAD1.29 or CAD1.33 excluding mark-to-market adjustment for 2008 and CAD1.36 or CAD1.28 excluding mark-to-market adjustment for 2007. Consolidated net earnings for the fourth quarter of 2008 were CAD25.3 million compared to CAD36.6 million in the year-ago quarter. Quarterly earnings per share were CAD0.23 in 2008 compared to CAD0.33 in 2007.
Nova Scotia Power Inc. (NSPI), Emera’s subsidiary, contributed CAD105.6 million to for the year-end 2008, consolidated net earnings, compared to CAD100.2 million in the previous year-end. This increase related to the effect of having the April 2007 rate increase in place for the entire year as well as lower income tax expense. NSPI contributed CAD14.4 million to consolidated net earnings for the fourth quarter of 2008, compared to CAD25.2 million in the year-ago quarter. Earnings were lower quarter-over-quarter largely due to higher fuel costs.
Bangor Hydro Electric Company (BHE), Emera’s electricity transmission and distribution utility subsidiary in Maine, contributed CAD23.1 million for the year-end 2008, compared to CAD27.5 million in the previous year-end. This decrease was due primarily due to the benefits received in 2007 related to the construction of the NRI transmission line. BHE contributed CAD6.6 million to consolidated net earnings for the fourth quarter of 2008, compared to CAD6.7 million in the year-ago quarter.
Emera’s other operations contributed CAD15.4 million to consolidated net earnings for the year-end 2008 compared to CAD23.6 million in the previous year-end. Excluding the effect of mark-to-market accounting changes on a long-term contract at the Bear Swamp generating facility, net earnings from other operations was CAD20.2 million for the year-end 2008 compared to CAD14.2 million in the previous year-end.
Consolidated cash provided by operations was CAD237.2 million for the year-end 2008, compared to CAD351.4 million in the previous year-end. This decrease relates mainly due to the settlement of a receivable from a natural gas supplier in the previous year-end.
We are pleased with our 2008 results, said Chris Huskilson, president and chief executive officer of Emera. Positive trends in our portfolio of businesses led to a successful year and an increase in our dividend. NSPI’s rate decision, including a fuel adjustment mechanism, was approved in November, we increased our presence in the Caribbean with our investment in the Grand Bahama Power Company in September, and Brunswick Pipeline construction was completed in January 2009.
