EX-99.1 2 c70006exv99w1.htm EXHIBIT 99.1 exv99w1
 

Exhibit 99.1
(FLORIDA PUBLIC UTILITIES LOGO)
     
 
  P O Box 3395 
 
  West Palm Beach,
 
  FL 33402-3395 
 
   
IMMEDIATE RELEASE
   
 
   
 
  George M. Bachman
 
  CFO, Treasurer and
 
  Corporate Secretary
 
  561.838.1731 
Florida Public Utilities Announces Second Quarter Results for 2006
West Palm Beach, FL, August 10. Florida Public Utilities (AMEX: FPU) reported net income for the second quarter ended June 30, 2006 of $738,000 or $.12 per share, compared with $851,000 or $.14 per share for the same period last year. Net income for the six months ended June 30, 2006 was $2,959,000 or $.49 per share, compared to the same period last year of $3,204,000 or $.54 per share.
Total revenues increased $1,549,000 in the second quarter of 2006 over the same period in 2005. The increase was mainly due to higher fuel costs recovered through revenue pass through. Fuel costs remain at historically high levels and may have impacted normal energy use in 2006.
Operating expenses were also higher by $589,000 in the second quarter of 2006 compared to the same period in 2005. In addition to inflationary impacts on operating expenses, we experienced increases in payroll from additional personnel and annual pay raises, and higher insurance premiums.
Florida Public Utilities is primarily in the business of providing natural gas, electric and propane gas distribution services throughout Florida.
Key operating results for the second quarter and year to date 2006 and 2005 are summarized below:
Florida Public Utilities
(Dollars in thousands except per share data)
                                 
    Three Months Ended     Six Months Ended  
    June 30,     June 30,  
    2006     2005     2006     2005  
Total Revenues
  $ 29,878     $ 28,329     $ 73,226     $ 63,767  
Net Income
  $ 738     $ 851     $ 2,959     $ 3,204  
Earnings for Common Stock
  $ 731     $ 844     $ 2,945     $ 3,190  
Earnings per Common Share — basic & diluted
  $ .12     $ .14     $ .49     $ .54  
Average Shares Outstanding
    5,985,162       5,945,697       5,982,599       5,943,226