Cap Rock Energy (AMEX:RKE)
Historical Stock Chart
From Jun 2019 to Jun 2024
![Click Here for more Cap Rock Energy Charts. Click Here for more Cap Rock Energy Charts.](/p.php?pid=staticchart&s=A%5ERKE&p=8&t=15)
Cap Rock Energy Corporation Announces 2005 First Quarter Results
MIDLAND, Texas, May 20 /PRNewswire-FirstCall/ -- Cap Rock Energy Corporation
(AMEX:RKE) today reported net income of $234,000, or $.14 per common share,
basic and diluted, in the first quarter of 2005, compared to $2,062,000, or
$1.27 per common share, diluted, for the same quarter in 2004.
Detailed below are unaudited financial highlights for Cap Rock Energy
Corporation and subsidiaries for the three months ended March 31, 2005 and
2004:
Cap Rock Energy Corporation
(unaudited)
($ in thousands except share and per share)
Three Months Ended
March 31,
2005 2004
Operating revenues $18,320 $20,288
Operating income 1,790 4,241
Net income 234 2,062
Earnings per share:
Basic $0.14 $1.32
Diluted $0.14 $1.27
Weighted average shares of
Common stock outstanding:
Basic 1,617,546 1,567,725
Diluted 1,668,071 1,624,040
The consumption and demand for electricity within the Company's service areas
is 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.
Operating revenue between the comparable three month periods decreased
primarily because recovery of power costs were higher in revenues in 2004 which
related to the rate making treatment of capital lease payments associated with
the transmission system which were passed through to customers. An increase in
general and administrative expenses was caused by increased IT and other
expenses. Income tax expense decreased for 2005 because of the decrease in net
taxable income between the two periods.
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. Cap Rock Energy Corporation is the first electric cooperative to convert
to a publicly held corporation and the first electric utility to become a
public company in over 60 years.
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