$UTL
UNITIL CORP

2014 Q1 Form 10-K Financial Statement

#000119312514025354 Filed on January 29, 2014

View on sec.gov

Income Statement

Concept 2014 Q1 2013 2012 Q4
Revenue $156.1M $366.9M $98.80M
YoY Change 32.06% 3.91% 4.33%
Cost Of Revenue $98.80M $199.7M $59.90M
YoY Change 45.72% 0.1% 26.64%
Gross Profit $57.30M $167.2M $38.90M
YoY Change 13.69% 8.85% -17.93%
Gross Profit Margin 36.71% 45.57% 39.37%
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $10.20M $38.50M $10.10M
YoY Change 7.37% 6.94% 48.53%
% of Gross Profit 17.8% 23.03% 25.96%
Operating Expenses $31.90M $113.7M $20.00M
YoY Change 11.93% 7.16% -25.09%
Operating Profit $25.40M $53.50M $18.90M
YoY Change 15.98% 12.63% 31.25%
Interest Expense -$5.200M $22.00M -$4.200M
YoY Change 13.04% -1.35% -4.55%
% of Operating Profit -20.47% 41.12% -22.22%
Other Income/Expense, Net -$100.0K -$400.0K $0.00
YoY Change 0.0% 100.0%
Pretax Income $20.10M $34.30M $14.70M
YoY Change 16.86% 17.47% -9.82%
Income Tax $7.500M $12.65M $5.700M
% Of Pretax Income 37.31% 36.89% 38.78%
Net Earnings $12.60M $21.60M $9.000M
YoY Change 16.67% 18.68% -10.0%
Net Earnings / Revenue 8.07% 5.89% 9.11%
Basic Earnings Per Share
Diluted Earnings Per Share $913.0K $1.565M $652.2K
COMMON SHARES
Basic Shares Outstanding 13.84M shares 13.77M shares 13.77M shares
Diluted Shares Outstanding 13.78M shares

Balance Sheet

Concept 2014 Q1 2013 2012 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $14.30M $9.400M $9.800M
YoY Change 90.67% -4.08% 30.67%
Cash & Equivalents $14.30M $9.400M $9.800M
Short-Term Investments
Other Short-Term Assets $5.200M $4.800M $4.200M
YoY Change -1.89% 14.29% -6.67%
Inventory $5.700M $6.200M $5.200M
Prepaid Expenses
Receivables $69.50M $108.8M $47.70M
Other Receivables $1.300M $10.80M $9.400M
Total Short-Term Assets $145.6M $140.0M $139.7M
YoY Change 12.87% 0.21% 8.46%
LONG-TERM ASSETS
Property, Plant & Equipment $666.8M $665.6M $601.2M
YoY Change 9.62% 10.71% 7.9%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $19.10M $115.0M $16.80M
YoY Change 4.95% -24.04% -9.19%
Total Long-Term Assets $115.6M $780.6M $151.4M
YoY Change -22.0% 3.72% -5.79%
TOTAL ASSETS
Total Short-Term Assets $145.6M $140.0M $139.7M
Total Long-Term Assets $115.6M $780.6M $151.4M
Total Assets $928.0M $920.6M $892.3M
YoY Change 4.8% 3.17% 4.23%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $31.80M $38.10M $32.70M
YoY Change 17.34% 16.51% 23.86%
Accrued Expenses $5.400M $3.100M $3.100M
YoY Change 0.0% 0.0%
Deferred Revenue
YoY Change
Short-Term Debt $59.20M $60.20M $49.40M
YoY Change 81.6% 21.86% -43.8%
Long-Term Debt Due $2.500M $2.500M $500.0K
YoY Change 400.0% 400.0% 0.0%
Total Short-Term Liabilities $131.7M $144.7M $131.1M
YoY Change 26.76% 10.37% -21.4%
LONG-TERM LIABILITIES
Long-Term Debt $284.7M $285.0M $287.3M
YoY Change -0.87% -0.8% -0.17%
Other Long-Term Liabilities $1.600M $152.5M $2.400M
YoY Change -70.37% -12.66% -48.94%
Total Long-Term Liabilities $237.6M $437.5M $213.3M
YoY Change 2.46% -5.28% 7.51%
TOTAL LIABILITIES
Total Short-Term Liabilities $131.7M $144.7M $131.1M
Total Long-Term Liabilities $237.6M $437.5M $213.3M
Total Liabilities $369.3M $655.4M $344.4M
YoY Change 9.98% 3.75% -5.7%
SHAREHOLDERS EQUITY
Retained Earnings $40.70M $30.40M
YoY Change 28.8%
Common Stock $233.1M $230.0M
YoY Change 1.04% 19.98%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $274.0M $265.2M $260.4M
YoY Change
Total Liabilities & Shareholders Equity $928.0M $920.6M $892.3M
YoY Change 4.8% 3.17% 5.39%

Cashflow Statement

Concept 2014 Q1 2013 2012 Q4
OPERATING ACTIVITIES
Net Income $12.60M $21.60M $9.000M
YoY Change 16.67% 18.68% -10.0%
Depreciation, Depletion And Amortization $10.20M $38.50M $10.10M
YoY Change 7.37% 6.94% 48.53%
Cash From Operating Activities $28.70M $96.30M $4.800M
YoY Change -29.66% 44.38% -223.08%
INVESTING ACTIVITIES
Capital Expenditures $9.200M $89.50M -$21.10M
YoY Change -36.11% 30.66% 46.53%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$9.200M -$89.50M -$21.10M
YoY Change -36.11% 30.66% 46.53%
FINANCING ACTIVITIES
Cash Dividend Paid $4.800M $19.10M
YoY Change 0.0% 11.05%
Common Stock Issuance & Retirement, Net $300.0K $1.100M
YoY Change 0.0% -98.35%
Debt Paid & Issued, Net $100.0K $500.0K
YoY Change 0.0% 0.0%
Cash From Financing Activities -14.60M -7.200M 16.60M
YoY Change -49.13% -275.61% -7.26%
NET CHANGE
Cash From Operating Activities 28.70M 96.30M 4.800M
Cash From Investing Activities -9.200M -89.50M -21.10M
Cash From Financing Activities -14.60M -7.200M 16.60M
Net Change In Cash 4.900M -400.0K 300.0K
YoY Change -313.04% -117.39% -175.0%
FREE CASH FLOW
Cash From Operating Activities $28.70M $96.30M $4.800M
Capital Expenditures $9.200M $89.50M -$21.10M
Free Cash Flow $19.50M $6.800M $25.90M
YoY Change -26.14% -477.78% 146.67%

Facts In Submission

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57100000
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57100000
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1300000
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188100000
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1600000
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159200000
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4300000
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16300000
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352800000
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500000
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26400000
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7400000
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500000
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5500000
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500000
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1600000
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CY2011 us-gaap State And Local Income Tax Expense Benefit Continuing Operations
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8700000
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CashAndCashEquivalentsPeriodIncreaseDecrease
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CY2011 us-gaap Dividends
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5000000
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691000
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6200000
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29300000
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1400000
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CY2011 utl Increase Decrease In Gas Inventory Financing
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4600000
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200000
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1000000
CY2011 utl Change In Discount Rate Assumption
ChangeInDiscountRateAssumption
0.0025 pure
CY2013 dei Trading Symbol
TradingSymbol
UTL
CY2013 dei Entity Registrant Name
EntityRegistrantName
UNITIL CORP
CY2013 dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
CY2013 dei Amendment Flag
AmendmentFlag
false
CY2013 dei Entity Filer Category
EntityFilerCategory
Accelerated Filer
CY2013 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2013
CY2013 dei Document Type
DocumentType
10-K
CY2013 dei Document Period End Date
DocumentPeriodEndDate
2013-12-31
CY2013 dei Entity Central Index Key
EntityCentralIndexKey
0000755001
CY2013 dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
No
CY2013 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2013 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
FY
CY2013 dei Entity Voluntary Filers
EntityVoluntaryFilers
No
CY2013 us-gaap Public Utilities Property Plant And Equipment Disclosure Of Composite Depreciation Rate For Plants In Service
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0.0359 pure
CY2013 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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13775245 shares
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2000 shares
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0.34 pure
CY2013 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Shares Purchased For Award
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CY2013 us-gaap Defined Benefit Plan Narrative Description Of Basis Used To Determine Overall Expected Long Term Rate Of Return On Assets Assumption
DefinedBenefitPlanNarrativeDescriptionOfBasisUsedToDetermineOverallExpectedLongTermRateOfReturnOnAssetsAssumption
The desired investment objective is a long-term rate of return on assets that is approximately 5 - 6% greater than the assumed rate of inflation as measured by the Consumer Price Index.
CY2013 us-gaap Stock Issued During Period Shares New Issues
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39559 shares
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0.37 pure
CY2013 us-gaap Net Cash Provided By Used In Operating Activities
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96300000
CY2013 us-gaap Prior Period Reclassification Adjustment Description
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<div> <p style="margin-top:0px;margin-bottom:0px; text-indent:4%"> <font style="font-family:Times New Roman" size="2"><b>Reclassifications</b>&#x2014;Certain amounts previously reported have been reclassified to improve the financial statements&#x2019; presentation and to conform to current year presentation. Most significant has been the reclassification of certain regulatory tracker mechanisms from Accrued Revenue and Other Current Liabilities to Regulatory Liabilities, the reclassification of exchange gas amounts from Gas Inventory to Exchange Gas Receivable on the Company&#x2019;s Consolidated Balance Sheets, as discussed above in Regulatory Accounting and Exchange Gas Receivable, respectively. Also, energy efficiency program expenses, which were previously presented as Conservation&#xA0;&amp; Load Management on the Company&#x2019;s Consolidated Statements of Earnings are now included in Cost of Gas Sales and Cost of Electric Sales.</font></p> </div>
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CY2013 us-gaap Common Stock Dividends Per Share Cash Paid
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1.38
CY2013 us-gaap Use Of Estimates
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<div> <p style="MARGIN-TOP: 0px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Use of Estimates</b>&#x2014;The preparation of financial statements in conformity with generally accepted accounting principles in the United States of America requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities, and requires disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</font></p> </div>
CY2013 us-gaap Earnings Per Share Basic And Diluted
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1.57
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CY2013 us-gaap Weighted Average Number Of Shares Outstanding Basic
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2900000
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3200000
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34300000
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CY2013 utl Increase Decrease In Gas Inventory Financing
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14800000
CY2013 utl Number Of Segments
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4 Segment
CY2013 utl Deferred Regulatory And Other Charges
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CY2013 utl Number Of Subsidiaries
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CY2012 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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3000 shares
CY2012 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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1.38
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400000
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187000000
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300000
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66800000
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CY2012 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
9085000
CY2012 us-gaap Utilities Operating Expense Taxes
UtilitiesOperatingExpenseTaxes
14000000
CY2012 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
1759000
CY2012 us-gaap Pension Expense
PensionExpense
6300000
CY2012 us-gaap Federal Income Tax Expense Benefit Continuing Operations
FederalIncomeTaxExpenseBenefitContinuingOperations
9085000
CY2012 us-gaap Utilities Operating Expense Depreciation And Amortization
UtilitiesOperatingExpenseDepreciationAndAmortization
35100000
CY2012 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
1300000
CY2012 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-68500000
CY2012 us-gaap Utilities Operating Expense Maintenance And Operations
UtilitiesOperatingExpenseMaintenanceAndOperations
57000000
CY2012 us-gaap Interest Expense Other
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500000
CY2012 utl Effective Income Tax Rate Reconciliation Domestic Income Tax Rate Differential
EffectiveIncomeTaxRateReconciliationDomesticIncomeTaxRateDifferential
-0.02 pure
CY2012 utl Common Stock Issued During Period Public Offering Shares
CommonStockIssuedDuringPeriodPublicOfferingShares
2760000 shares
CY2012 utl Provision For Environmental Liabilities
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CY2012 utl Increase Decrease In Gas Inventory Financing
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-3800000
CY2012 utl Average Interest Rate On Debt
AverageInterestRateOnDebt
0.0204 pure
CY2012 utl Stock Repurchase Program Fees And Expenses Related To Tender Offer
StockRepurchaseProgramFeesAndExpensesRelatedToTenderOffer
200000
CY2012 utl Common Stock Issued During Period Public Offering Value
CommonStockIssuedDuringPeriodPublicOfferingValue
65700000
CY2012 utl Preferred Stock Repurchased And Retired During Period Value
PreferredStockRepurchasedAndRetiredDuringPeriodValue
1800000
CY2012 utl Accrued Environmental Loss Contingencies Noncurrent Beginning Balance
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14700000
CY2012 utl Deferred Regulatory And Other Charges
DeferredRegulatoryAndOtherCharges
5400000
CY2012 utl Change In Discount Rate Assumption
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0.0025 pure
CY2013Q1 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.345
CY2013Q1 us-gaap Earnings Per Share Basic And Diluted
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0.79
CY2013Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
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10800000
CY2013Q1 us-gaap Regulated And Unregulated Operating Revenue
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118200000
CY2013Q1 us-gaap Operating Income Loss
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21900000
CY2012Q1 us-gaap Common Stock Dividends Per Share Cash Paid
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0.345
CY2012Q1 us-gaap Earnings Per Share Basic And Diluted
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CY2012Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
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19300000
CY2012Q2 us-gaap Common Stock Dividends Per Share Cash Paid
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0.345
CY2012Q2 us-gaap Earnings Per Share Basic And Diluted
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CY2012Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2012Q2 us-gaap Regulated And Unregulated Operating Revenue
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68800000
CY2012Q2 us-gaap Operating Income Loss
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4300000
CY2013Q2 us-gaap Common Stock Dividends Per Share Cash Paid
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0.345
CY2013Q2 us-gaap Earnings Per Share Basic And Diluted
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CY2013Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2013Q2 us-gaap Regulated And Unregulated Operating Revenue
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66400000
CY2013Q2 us-gaap Operating Income Loss
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4500000
CY2012Q3 us-gaap Common Stock Dividends Per Share Cash Paid
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0.345
CY2012Q3 us-gaap Earnings Per Share Basic And Diluted
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0.03
CY2012Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
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500000
CY2012Q3 us-gaap Regulated And Unregulated Operating Revenue
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CY2012Q3 us-gaap Operating Income Loss
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5000000
CY2013Q3 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.345
CY2013Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
0.04
CY2013Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
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600000
CY2013Q3 us-gaap Regulated And Unregulated Operating Revenue
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72500000
CY2013Q3 us-gaap Operating Income Loss
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5600000
CY2012Q4 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.345
CY2012Q4 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
0.66
CY2012Q4 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
9000000
CY2012Q4 us-gaap Regulated And Unregulated Operating Revenue
RegulatedAndUnregulatedOperatingRevenue
98800000
CY2012Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
18900000
CY2013Q4 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.345
CY2013Q4 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
0.75
CY2013Q4 us-gaap Net Income Loss Available To Common Stockholders Basic
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10300000
CY2013Q4 us-gaap Regulated And Unregulated Operating Revenue
RegulatedAndUnregulatedOperatingRevenue
109800000
CY2013Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
21500000

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