Operating revenues increase to $72.4m
Chesapeake Utilities has reported a net income of $4.41m for the fourth quarter ended December 31, 2008, compared to $4.08m for the same period of 2007.
Chesapeake Utilities has reported operating revenues of $72.4m for the fourth quarter ended December 31, 2008, compared to $70.84m for the same period of 2007.
The company has reported a net income of $13.61m for the year ended December 31, 2008, compared to $13.19m for the year 2007.
Chesapeake Utilities has reported operating revenues of $291.44m for the year ended December 31, 2008, compared to $258.29m for the year 2007.
Enhancements in sales contract terms, customer growth and margins from spot sales for the company’s natural gas marketing subsidiary provided for a period-over-period increase of 104% in its gross margin.
John Schimkaitis, president and CEO of Chesapeake Utilities, said: Our team delivered record net income and earnings per share, despite incurring several non-recurring charges related to an unconsummated acquisition and the significant impact that declining commodity prices had on our propane distribution business. Consistent with our growth strategy, our natural gas operations provided a stable base of earnings, generating increased operating income of $3.4m, which offset these costs.