"The decline in third quarter results was due primarily to resolution of a state income tax issue in 2009, which contributed 11 cents per share," said Jimmy Addison, Senior Vice President and Chief Financial Officer. "The earnings drivers for the third quarter were improved electric margins resulting from electric base rate increases under the Base Load Review Act and the retail electric rate case, which offset higher interest expense, higher property taxes, slightly higher operations and maintenance expenses and dilution during this quarter."
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