Enbridge Energy Management L.L.C. (EEQ, Financial) filed Quarterly Report for the period ended 2009-09-30.
Enbridge Energy Management is a Delaware limited liability company. They manage and control the business and affairs of Enbridge Partners. They have no assets or operations other than those related to their interest in Enbridge Partners. Enbridge Energy Management L.l.c. has a market cap of $735 million; its shares were traded at around $45.79 with and P/S ratio of 0.1.
For the nine months ended September 30, 2009, our net income decreased by $10.1 million as compared to the same period in 2008. The decrease is primarily attributable to the $9.2 million decrease in equity income from the Partnership resulting from the decrease in its net income in relation to the same period in 2008, coupled with $6.4 million of pre-tax net gains we recognized during the nine months ended September 30, 2008 for capital account adjustments, discussed below. We did not recognize similar gains for unit issuances by the Partnership during the nine months ended September 30, 2009. The decrease was offset by a decrease in income taxes of $5.5 million associated with the decrease in our net income.
Our income tax expense of $2.6 million for the three months ended September 30, 2009 is $3.3 million less than the $5.9 million we incurred for the same period in 2008. The decrease in income tax expense for the three months ended September 30, 2009 was due to the decrease in our taxable income primarily associated with lower equity income from the Partnership.
For the nine months ended September 30, 2009, our income tax expense decreased by $5.5 million to $10.3 million as compared to the $15.8 million that we incurred for the same period in 2008. The decrease in income tax expense for the nine months ended September 30, 2009 was due to the decrease in our taxable income primarily associated with the lower equity income from the Partnership coupled with the decrease in gains we recognized from the Partnerships sale of its Class A common units.
Read the The complete ReportEEQ is in the portfolios of Ruane Cunniff of Ruane & Cunniff & Goldfarb Inc.
Enbridge Energy Management is a Delaware limited liability company. They manage and control the business and affairs of Enbridge Partners. They have no assets or operations other than those related to their interest in Enbridge Partners. Enbridge Energy Management L.l.c. has a market cap of $735 million; its shares were traded at around $45.79 with and P/S ratio of 0.1.
Highlight of Business Operations:
Our earnings decreased by $6.2 million for the three months ended September 30, 2009 as compared to the same period in 2008, primarily due to a $9.5 million decrease in equity income from the Partnership resulting from the decrease in its net income in relation to the same period in 2008. This decrease was offset by a decrease in income taxes of $3.3 million associated with the decrease in our net income.For the nine months ended September 30, 2009, our net income decreased by $10.1 million as compared to the same period in 2008. The decrease is primarily attributable to the $9.2 million decrease in equity income from the Partnership resulting from the decrease in its net income in relation to the same period in 2008, coupled with $6.4 million of pre-tax net gains we recognized during the nine months ended September 30, 2008 for capital account adjustments, discussed below. We did not recognize similar gains for unit issuances by the Partnership during the nine months ended September 30, 2009. The decrease was offset by a decrease in income taxes of $5.5 million associated with the decrease in our net income.
Our income tax expense of $2.6 million for the three months ended September 30, 2009 is $3.3 million less than the $5.9 million we incurred for the same period in 2008. The decrease in income tax expense for the three months ended September 30, 2009 was due to the decrease in our taxable income primarily associated with lower equity income from the Partnership.
For the nine months ended September 30, 2009, our income tax expense decreased by $5.5 million to $10.3 million as compared to the $15.8 million that we incurred for the same period in 2008. The decrease in income tax expense for the nine months ended September 30, 2009 was due to the decrease in our taxable income primarily associated with the lower equity income from the Partnership coupled with the decrease in gains we recognized from the Partnerships sale of its Class A common units.
Read the The complete ReportEEQ is in the portfolios of Ruane Cunniff of Ruane & Cunniff & Goldfarb Inc.
