2014 Q3 Form 10-Q Financial Statement

#000119312514276324 Filed on July 23, 2014

View on sec.gov

Income Statement

Concept 2014 Q3 2014 Q2 2013 Q2
Revenue $76.60M $73.30M $66.40M
YoY Change 5.66% 10.39% -3.49%
Cost Of Revenue $37.30M $36.70M $29.70M
YoY Change -1.32% 23.57% -15.38%
Gross Profit $39.30M $36.60M $36.70M
YoY Change 13.26% -0.27% 8.9%
Gross Profit Margin 51.31% 49.93% 55.27%
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $10.80M $10.20M $9.100M
YoY Change 12.5% 12.09% 4.6%
% of Gross Profit 27.48% 27.87% 24.8%
Operating Expenses $31.90M $29.50M $24.80M
YoY Change 9.62% 18.95% -15.65%
Operating Profit $7.400M $7.100M $4.500M
YoY Change 32.14% 57.78% 4.65%
Interest Expense -$5.000M -$5.300M -$4.600M
YoY Change 4.17% 15.22% 0.0%
% of Operating Profit -67.57% -74.65% -102.22%
Other Income/Expense, Net -$100.0K -$100.0K -$100.0K
YoY Change 0.0% 0.0%
Pretax Income $2.300M $1.700M -$200.0K
YoY Change 228.57% -950.0% -33.33%
Income Tax $700.0K $600.0K -$100.0K
% Of Pretax Income 30.43% 35.29%
Net Earnings $1.600M $1.100M -$100.0K
YoY Change 166.67% -1200.0% -66.67%
Net Earnings / Revenue 2.09% 1.5% -0.15%
Basic Earnings Per Share
Diluted Earnings Per Share $115.9K $79.71K -$7.143K
COMMON SHARES
Basic Shares Outstanding 13.90M shares 13.89M shares 13.77M shares
Diluted Shares Outstanding 13.77M shares

Balance Sheet

Concept 2014 Q3 2014 Q2 2013 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $10.10M $12.00M $7.100M
YoY Change -17.89% 69.01% 4.41%
Cash & Equivalents $10.10M $12.00M $7.100M
Short-Term Investments
Other Short-Term Assets $7.200M $8.400M $5.600M
YoY Change 60.0% 50.0% -6.67%
Inventory $7.600M $6.900M $6.200M
Prepaid Expenses
Receivables $41.60M $44.90M $40.80M
Other Receivables $14.50M $8.300M $7.600M
Total Short-Term Assets $112.4M $113.9M $105.6M
YoY Change 0.81% 7.86% 4.87%
LONG-TERM ASSETS
Property, Plant & Equipment $706.0M $681.7M $625.4M
YoY Change 9.12% 9.0% 20.27%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $12.80M $16.90M $17.30M
YoY Change -18.99% -2.31% -13.93%
Total Long-Term Assets $98.10M $105.0M $143.2M
YoY Change -28.24% -26.68% -7.85%
TOTAL ASSETS
Total Short-Term Assets $112.4M $113.9M $105.6M
Total Long-Term Assets $98.10M $105.0M $143.2M
Total Assets $916.5M $900.6M $874.2M
YoY Change 2.38% 3.02% 6.0%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $19.30M $20.50M $21.70M
YoY Change -10.23% -5.53% 24.71%
Accrued Expenses $5.400M $3.100M $3.100M
YoY Change 0.0% 0.0%
Deferred Revenue
YoY Change
Short-Term Debt $1.400M $35.00M $24.50M
YoY Change -96.79% 42.86% 390.0%
Long-Term Debt Due $2.500M $2.500M $600.0K
YoY Change 316.67% 316.67% 20.0%
Total Short-Term Liabilities $76.00M $102.6M $90.60M
YoY Change -34.2% 13.25% 28.69%
LONG-TERM LIABILITIES
Long-Term Debt $326.7M $284.6M $287.0M
YoY Change 13.87% -0.84% -0.21%
Other Long-Term Liabilities $4.100M $5.600M $4.700M
YoY Change -10.87% 19.15% 20.51%
Total Long-Term Liabilities $245.9M $242.6M $238.6M
YoY Change 3.02% 1.68% 13.62%
TOTAL LIABILITIES
Total Short-Term Liabilities $76.00M $102.6M $90.60M
Total Long-Term Liabilities $245.9M $242.6M $238.6M
Total Liabilities $321.9M $345.2M $329.2M
YoY Change -9.12% 4.86% 17.4%
SHAREHOLDERS EQUITY
Retained Earnings $33.80M $37.00M $26.80M
YoY Change 49.56% 38.06%
Common Stock $233.9M $233.6M $231.0M
YoY Change 1.12% 1.13% -9.31%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $267.9M $270.8M $258.0M
YoY Change
Total Liabilities & Shareholders Equity $916.5M $900.6M $874.2M
YoY Change 2.38% 3.02% 6.0%

Cashflow Statement

Concept 2014 Q3 2014 Q2 2013 Q2
OPERATING ACTIVITIES
Net Income $1.600M $1.100M -$100.0K
YoY Change 166.67% -1200.0% -66.67%
Depreciation, Depletion And Amortization $10.80M $10.20M $9.100M
YoY Change 12.5% 12.09% 4.6%
Cash From Operating Activities $19.00M $34.90M $29.50M
YoY Change 37.68% 18.31% 31.11%
INVESTING ACTIVITIES
Capital Expenditures $31.60M $19.90M $22.60M
YoY Change 14.49% -11.95% -252.7%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$31.60M -$19.90M -$22.60M
YoY Change 14.49% -11.95% 52.7%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 10.70M -17.30M -7.300M
YoY Change -43.68% 136.99% -19.78%
NET CHANGE
Cash From Operating Activities 19.00M 34.90M 29.50M
Cash From Investing Activities -31.60M -19.90M -22.60M
Cash From Financing Activities 10.70M -17.30M -7.300M
Net Change In Cash -1.900M -2.300M -400.0K
YoY Change -136.54% 475.0% -71.43%
FREE CASH FLOW
Cash From Operating Activities $19.00M $34.90M $29.50M
Capital Expenditures $31.60M $19.90M $22.60M
Free Cash Flow -$12.60M $15.00M $6.900M
YoY Change -8.7% 117.39% -81.5%

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us-gaap Dividends
Dividends
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us-gaap Increase Decrease In Regulatory Liabilities
IncreaseDecreaseInRegulatoryLiabilities
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us-gaap Utilities Operating Expense Purchased Power
UtilitiesOperatingExpensePurchasedPower
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us-gaap Utilities Operating Expense
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us-gaap Cash And Cash Equivalents Period Increase Decrease
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us-gaap Income Tax Expense Benefit
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us-gaap Restricted Stock Expense
RestrictedStockExpense
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us-gaap Utilities Operating Expense Gas And Petroleum Purchased
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us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
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us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
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us-gaap Utilities Operating Expense Depreciation And Amortization
UtilitiesOperatingExpenseDepreciationAndAmortization
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us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
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us-gaap Utilities Operating Expense Taxes
UtilitiesOperatingExpenseTaxes
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us-gaap Increase Decrease In Accounts Payable
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us-gaap Utilities Operating Expense Maintenance And Operations
UtilitiesOperatingExpenseMaintenanceAndOperations
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utl Change In Deferred Regulatory And Other Charges
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utl Proceeds From Repayments Of Debt And Capital Lease Obligations
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utl Increase Decrease In Gas Inventory Financing
IncreaseDecreaseInGasInventoryFinancing
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dei Document Type
DocumentType
10-Q
dei Entity Registrant Name
EntityRegistrantName
UNITIL CORP
dei Trading Symbol
TradingSymbol
UTL
dei Entity Filer Category
EntityFilerCategory
Accelerated Filer
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
63600000
us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
18877 shares
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
13800000 shares
dei Document Period End Date
DocumentPeriodEndDate
2014-06-30
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
dei Entity Central Index Key
EntityCentralIndexKey
0000755001
us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.690
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
0.99
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div> <p style="margin-top:12px;margin-bottom:0px"><font style="font-family:Times New Roman" size="2"><b>Reclassifications &#x2013;</b> Certain amounts previously reported have been reclassified to improve the financial statements&#x2019; presentation and to conform to current year presentation. The Company has reclassified the funding of regulatory-approved major storm cost reserves from Operation and Maintenance expense to Depreciation and Amortization expense on the Company&#x2019;s Consolidated Statements of Earnings. 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>
us-gaap Stock Issued During Period Shares Restricted Stock Award Gross
StockIssuedDuringPeriodSharesRestrictedStockAwardGross
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us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
600000
us-gaap Repayments Of Short Term Debt
RepaymentsOfShortTermDebt
25200000
us-gaap Regulated Operating Revenue Electric Non Nuclear
RegulatedOperatingRevenueElectricNonNuclear
108000000
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100000
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300000
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us-gaap Stock Issued During Period Value Share Based Compensation
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900000
us-gaap Regulated Operating Revenue Gas
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us-gaap Repayments Of Long Term Debt
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200000
us-gaap Payments Of Dividends
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9600000
us-gaap Other Sales Revenue Net
OtherSalesRevenueNet
3000000
us-gaap Increase Decrease In Unbilled Receivables
IncreaseDecreaseInUnbilledReceivables
-23200000
us-gaap Operating Income Loss
OperatingIncomeLoss
32500000
us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-10500000
us-gaap Increase Decrease In Other Current Assets And Liabilities Net
IncreaseDecreaseInOtherCurrentAssetsAndLiabilitiesNet
-3500000
us-gaap Increase Decrease In Other Receivables
IncreaseDecreaseInOtherReceivables
-2500000
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
21800000
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-200000
us-gaap Interest Paid Net
InterestPaidNet
10600000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
29100000
us-gaap Net Income Loss
NetIncomeLoss
13700000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-7300000
us-gaap Regulated And Unregulated Operating Revenue
RegulatedAndUnregulatedOperatingRevenue
229400000
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
400000
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
7700000
us-gaap Dividends
Dividends
9600000
us-gaap Increase Decrease In Regulatory Liabilities
IncreaseDecreaseInRegulatoryLiabilities
3300000
us-gaap Utilities Operating Expense Purchased Power
UtilitiesOperatingExpensePurchasedPower
69900000
us-gaap Proceeds From Long Term Capital Lease Obligations
ProceedsFromLongTermCapitalLeaseObligations
5000000
us-gaap Utilities Operating Expense
UtilitiesOperatingExpense
196900000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
2600000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
8100000
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
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us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
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us-gaap Utilities Operating Expense Depreciation And Amortization
UtilitiesOperatingExpenseDepreciationAndAmortization
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NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-29100000
us-gaap Restricted Stock Expense
RestrictedStockExpense
1200000
us-gaap Utilities Operating Expense Gas And Petroleum Purchased
UtilitiesOperatingExpenseGasAndPetroleumPurchased
65600000
us-gaap Utilities Operating Expense Taxes
UtilitiesOperatingExpenseTaxes
8600000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-17600000
us-gaap Utilities Operating Expense Maintenance And Operations
UtilitiesOperatingExpenseMaintenanceAndOperations
32400000
utl Length Of Pipeline
LengthOfPipeline
86 mi
utl Percentage Of Fully Vested Restricted Stock Units That Directors Will Receive In Cash When Settled
PercentageOfFullyVestedRestrictedStockUnitsThatDirectorsWillReceiveInCashWhenSettled
0.30 pure
utl Change In Deferred Regulatory And Other Charges
ChangeInDeferredRegulatoryAndOtherCharges
-300000
utl Proceeds From Repayments Of Debt And Capital Lease Obligations
ProceedsFromRepaymentsOfDebtAndCapitalLeaseObligations
4700000
utl Increase Decrease In Gas Inventory Financing
IncreaseDecreaseInGasInventoryFinancing
-2200000
utl Percentage Of Fully Vested Restricted Stock Units That Directors Will Receive In Common Shares When Settled
PercentageOfFullyVestedRestrictedStockUnitsThatDirectorsWillReceiveInCommonSharesWhenSettled
0.70 pure
CY2013Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
13800000 shares
CY2013Q2 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.345
CY2013Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.01
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RegulatedOperatingRevenueElectricNonNuclear
42900000
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RegulatedOperatingRevenueGas
22100000
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OtherSalesRevenueNet
1400000
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OperatingIncomeLoss
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CY2013Q2 us-gaap Interest Income Expense Nonoperating Net
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22600000
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NetIncomeLoss
-100000
CY2013Q2 us-gaap Regulated And Unregulated Operating Revenue
RegulatedAndUnregulatedOperatingRevenue
66400000
CY2013Q2 us-gaap Utilities Operating Expense Purchased Power
UtilitiesOperatingExpensePurchasedPower
25000000
CY2013Q2 us-gaap Utilities Operating Expense
UtilitiesOperatingExpense
61900000
CY2013Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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CY2013Q2 us-gaap Utilities Operating Expense Gas And Petroleum Purchased
UtilitiesOperatingExpenseGasAndPetroleumPurchased
8700000
CY2013Q2 us-gaap Utilities Operating Expense Depreciation And Amortization
UtilitiesOperatingExpenseDepreciationAndAmortization
9500000
CY2013Q2 us-gaap Utilities Operating Expense Taxes
UtilitiesOperatingExpenseTaxes
3600000
CY2013Q2 us-gaap Utilities Operating Expense Maintenance And Operations
UtilitiesOperatingExpenseMaintenanceAndOperations
15100000
CY2014Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
13800000 shares
CY2014Q2 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.345
CY2014Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
0.08
CY2014Q2 us-gaap Regulated Operating Revenue Electric Non Nuclear
RegulatedOperatingRevenueElectricNonNuclear
46100000
CY2014Q2 us-gaap Regulated Operating Revenue Gas
RegulatedOperatingRevenueGas
25800000
CY2014Q2 us-gaap Other Sales Revenue Net
OtherSalesRevenueNet
1400000
CY2014Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
7100000
CY2014Q2 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-5300000
CY2014Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
1700000
CY2014Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-100000
CY2014Q2 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
19900000
CY2014Q2 us-gaap Net Income Loss
NetIncomeLoss
1100000
CY2014Q2 us-gaap Regulated And Unregulated Operating Revenue
RegulatedAndUnregulatedOperatingRevenue
73300000
CY2014Q2 us-gaap Utilities Operating Expense Purchased Power
UtilitiesOperatingExpensePurchasedPower
27200000
CY2014Q2 us-gaap Utilities Operating Expense
UtilitiesOperatingExpense
66200000
CY2014Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
600000
CY2014Q2 us-gaap Utilities Operating Expense Gas And Petroleum Purchased
UtilitiesOperatingExpenseGasAndPetroleumPurchased
9500000
CY2014Q2 us-gaap Utilities Operating Expense Depreciation And Amortization
UtilitiesOperatingExpenseDepreciationAndAmortization
10200000
CY2014Q2 us-gaap Utilities Operating Expense Taxes
UtilitiesOperatingExpenseTaxes
4000000
CY2014Q2 us-gaap Utilities Operating Expense Maintenance And Operations
UtilitiesOperatingExpenseMaintenanceAndOperations
15300000

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