2014 Q4 Form 10-Q Financial Statement

#000119312514379470 Filed on October 23, 2014

View on sec.gov

Income Statement

Concept 2014 Q4 2014 Q3 2013 Q3
Revenue $119.8M $76.60M $72.50M
YoY Change 9.11% 5.66% 1.68%
Cost Of Revenue $69.10M $37.30M $37.80M
YoY Change 3.13% -1.32% 2.44%
Gross Profit $50.70M $39.30M $34.70M
YoY Change 18.46% 13.26% 0.87%
Gross Profit Margin 42.32% 51.31% 47.86%
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $10.90M $10.80M $9.600M
YoY Change 5.83% 12.5% 7.87%
% of Gross Profit 21.5% 27.48% 27.67%
Operating Expenses $30.60M $31.90M $29.10M
YoY Change -5.85% 9.62% -1.02%
Operating Profit $20.10M $7.400M $5.600M
YoY Change -6.51% 32.14% 12.0%
Interest Expense -$5.400M -$5.000M -$4.800M
YoY Change 12.5% 4.17% 9.09%
% of Operating Profit -26.87% -67.57% -85.71%
Other Income/Expense, Net -$100.0K -$100.0K -$100.0K
YoY Change 0.0% 0.0% 0.0%
Pretax Income $14.60M $2.300M $700.0K
YoY Change 170.37% 228.57% 40.0%
Income Tax $5.200M $700.0K $100.0K
% Of Pretax Income 35.62% 30.43% 14.29%
Net Earnings $9.400M $1.600M $600.0K
YoY Change -8.74% 166.67% 20.0%
Net Earnings / Revenue 7.85% 2.09% 0.83%
Basic Earnings Per Share
Diluted Earnings Per Share $681.2K $115.9K $43.48K
COMMON SHARES
Basic Shares Outstanding 13.91M shares 13.90M shares 13.78M shares
Diluted Shares Outstanding 13.78M shares

Balance Sheet

Concept 2014 Q4 2014 Q3 2013 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $8.400M $10.10M $12.30M
YoY Change -10.64% -17.89% 29.47%
Cash & Equivalents $8.400M $10.10M $12.30M
Short-Term Investments
Other Short-Term Assets $5.200M $7.200M $4.500M
YoY Change 8.33% 60.0% 4.65%
Inventory $7.400M $7.600M $1.200M
Prepaid Expenses
Receivables $60.70M $41.60M $35.20M
Other Receivables $15.00M $14.50M $12.80M
Total Short-Term Assets $145.2M $112.4M $111.5M
YoY Change 3.71% 0.81% 4.21%
LONG-TERM ASSETS
Property, Plant & Equipment $733.7M $706.0M $647.0M
YoY Change 10.23% 9.12% 10.52%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $13.70M $12.80M $15.80M
YoY Change -8.05% -18.99% -7.06%
Total Long-Term Assets $121.3M $98.10M $136.7M
YoY Change 5.48% -28.24% -8.56%
TOTAL ASSETS
Total Short-Term Assets $145.2M $112.4M $111.5M
Total Long-Term Assets $121.3M $98.10M $136.7M
Total Assets $997.0M $916.5M $895.2M
YoY Change 8.3% 2.38% 6.33%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $44.20M $19.30M $21.50M
YoY Change 16.01% -10.23% 11.98%
Accrued Expenses $3.500M $5.400M $5.400M
YoY Change 12.9% 0.0% 0.0%
Deferred Revenue
YoY Change
Short-Term Debt $29.30M $1.400M $43.60M
YoY Change -51.33% -96.79% 80.91%
Long-Term Debt Due $4.000M $2.500M $600.0K
YoY Change 60.0% 316.67% 20.0%
Total Short-Term Liabilities $129.4M $76.00M $115.5M
YoY Change -10.57% -34.2% 21.58%
LONG-TERM LIABILITIES
Long-Term Debt $328.9M $326.7M $286.9M
YoY Change 15.48% 13.87% -0.21%
Other Long-Term Liabilities $3.700M $4.100M $4.600M
YoY Change 131.25% -10.87% 35.29%
Total Long-Term Liabilities $268.6M $245.9M $238.7M
YoY Change 18.9% 3.02% 15.59%
TOTAL LIABILITIES
Total Short-Term Liabilities $129.4M $76.00M $115.5M
Total Long-Term Liabilities $268.6M $245.9M $238.7M
Total Liabilities $398.0M $321.9M $354.2M
YoY Change 7.39% -9.12% 17.48%
SHAREHOLDERS EQUITY
Retained Earnings $38.40M $33.80M $22.60M
YoY Change 16.72% 49.56%
Common Stock $234.7M $233.9M $231.3M
YoY Change 1.12% 1.12% -7.81%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $273.3M $267.9M $254.1M
YoY Change
Total Liabilities & Shareholders Equity $1.000B $916.5M $895.2M
YoY Change 8.65% 2.38% 6.33%

Cashflow Statement

Concept 2014 Q4 2014 Q3 2013 Q3
OPERATING ACTIVITIES
Net Income $9.400M $1.600M $600.0K
YoY Change -8.74% 166.67% 20.0%
Depreciation, Depletion And Amortization $10.90M $10.80M $9.600M
YoY Change 5.83% 12.5% 7.87%
Cash From Operating Activities $1.400M $19.00M $13.80M
YoY Change -88.52% 37.68% 53.33%
INVESTING ACTIVITIES
Capital Expenditures -$31.90M $31.60M $27.60M
YoY Change 28.11% 14.49% -217.45%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$31.90M -$31.60M -$27.60M
YoY Change 28.11% 14.49% 17.45%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 28.80M 10.70M 19.00M
YoY Change 193.88% -43.68% 10.47%
NET CHANGE
Cash From Operating Activities 1.400M 19.00M 13.80M
Cash From Investing Activities -31.90M -31.60M -27.60M
Cash From Financing Activities 28.80M 10.70M 19.00M
Net Change In Cash -1.700M -1.900M 5.200M
YoY Change -41.38% -136.54% 92.59%
FREE CASH FLOW
Cash From Operating Activities $1.400M $19.00M $13.80M
Capital Expenditures -$31.90M $31.60M $27.60M
Free Cash Flow $33.30M -$12.60M -$13.80M
YoY Change -10.24% -8.7% -142.46%

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us-gaap Increase Decrease In Accounts Receivable
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us-gaap Regulated And Unregulated Operating Revenue
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us-gaap Capital Expenditures Incurred But Not Yet Paid
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us-gaap Dividends
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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 Proceeds From Issuance Of Common Stock
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utl Increase Decrease In Gas Inventory Financing
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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
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us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
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us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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dei Document Period End Date
DocumentPeriodEndDate
2014-09-30
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
1.035
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
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dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 12px"><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
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StockIssuedDuringPeriodValueNewIssues
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us-gaap Repayments Of Short Term Debt
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16500000
us-gaap Regulated Operating Revenue Electric Non Nuclear
RegulatedOperatingRevenueElectricNonNuclear
162200000
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IncomeTaxesPaidNet
1200000
us-gaap Stock Issued During Period Value Restricted Stock Award Gross
StockIssuedDuringPeriodValueRestrictedStockAwardGross
1100000
us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
900000
us-gaap Regulated Operating Revenue Gas
RegulatedOperatingRevenueGas
139300000
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
400000
us-gaap Payments Of Dividends
PaymentsOfDividends
14400000
us-gaap Other Sales Revenue Net
OtherSalesRevenueNet
4500000
us-gaap Increase Decrease In Unbilled Receivables
IncreaseDecreaseInUnbilledReceivables
-25200000
us-gaap Operating Income Loss
OperatingIncomeLoss
39900000
us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-15500000
us-gaap Increase Decrease In Other Current Assets And Liabilities Net
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-7000000
us-gaap Increase Decrease In Other Receivables
IncreaseDecreaseInOtherReceivables
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us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
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us-gaap Interest Paid Net
InterestPaidNet
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us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
60700000
us-gaap Net Income Loss
NetIncomeLoss
15300000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-10600000
us-gaap Regulated And Unregulated Operating Revenue
RegulatedAndUnregulatedOperatingRevenue
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us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
1700000
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
8200000
us-gaap Dividends
Dividends
14400000
us-gaap Increase Decrease In Regulatory Liabilities
IncreaseDecreaseInRegulatoryLiabilities
3300000
us-gaap Utilities Operating Expense Purchased Power
UtilitiesOperatingExpensePurchasedPower
101500000
us-gaap Utilities Operating Expense
UtilitiesOperatingExpense
266100000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
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us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
8800000
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
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us-gaap Utilities Operating Expense Depreciation And Amortization
UtilitiesOperatingExpenseDepreciationAndAmortization
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us-gaap Utilities Operating Expense Taxes
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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 Length Of Pipeline
LengthOfPipeline
86 mi
utl Change In Deferred Regulatory And Other Charges
ChangeInDeferredRegulatoryAndOtherCharges
5100000
utl Proceeds From Repayments Of Debt And Capital Lease Obligations
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utl Increase Decrease In Gas Inventory Financing
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CY2013Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
13800000 shares
CY2013Q3 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.345
CY2013Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
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UtilitiesOperatingExpenseDepreciationAndAmortization
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UtilitiesOperatingExpenseTaxes
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UtilitiesOperatingExpenseMaintenanceAndOperations
15500000
CY2014Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
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CommonStockDividendsPerShareDeclared
0.345
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EarningsPerShareBasicAndDiluted
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RegulatedOperatingRevenueElectricNonNuclear
54200000
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RegulatedOperatingRevenueGas
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CY2014Q3 us-gaap Other Sales Revenue Net
OtherSalesRevenueNet
1500000
CY2014Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
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CY2014Q3 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
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CY2014Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
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OtherNonoperatingIncomeExpense
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PaymentsToAcquirePropertyPlantAndEquipment
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NetIncomeLoss
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UtilitiesOperatingExpensePurchasedPower
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UtilitiesOperatingExpense
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CY2014Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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UtilitiesOperatingExpenseGasAndPetroleumPurchased
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UtilitiesOperatingExpenseDepreciationAndAmortization
10800000
CY2014Q3 us-gaap Utilities Operating Expense Taxes
UtilitiesOperatingExpenseTaxes
4200000
CY2014Q3 us-gaap Utilities Operating Expense Maintenance And Operations
UtilitiesOperatingExpenseMaintenanceAndOperations
16900000

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