Avista Corp. (AVA, Financial) filed Quarterly Report for the period ended 2010-06-30.
Avista Corp. has a market cap of $1.16 billion; its shares were traded at around $21.18 with a P/E ratio of 13.8 and P/S ratio of 0.8. The dividend yield of Avista Corp. stocks is 4.7%. Avista Corp. had an annual average earning growth of 2.5% over the past 5 years.AVA is in the portfolios of Kenneth Fisher of Fisher Asset Management, LLC, Jim Simons of Renaissance Technologies LLC.
The net loss for these operations was less than $0.1 million for the three months ended June 30, 2010 compared to a net loss of $0.8 million for the three months ended June 30, 2009. The net loss for these operations was $0.5 million for the six months ended June 30, 2010 compared to a net loss of $1.5 million for the six months ended June 30, 2009. The net loss for both year-to-date periods was primarily due to losses on long-term venture fund investments.
In March 2010, we amended our accounts receivable financing facility to extend the termination date to March 2011 and reduce the amount of the facility to $50.0 million from $85.0 million. We reduced the amount of the facility based on our forecasted liquidity needs. Based upon calculations of our eligible accounts receivable under this agreement, we had the ability to borrow up to $50.0 million as of June 30, 2010. We had not borrowed any funds under this facility as of June 30, 2010.
As of June 30, 2010, we had a combined $335.9 million of available liquidity under our $320.0 million committed line of credit, $75.0 million committed line of credit, and $50.0 million revolving accounts receivable financing facility.
In addition to the remarketing or refunding of the $83.7 million of Pollution Control Bonds, we expect to issue up to $45 million of common stock in 2010 in order to maintain our capital structure at an appropriate level for our business. After considering the refunding of our Pollution Control Bonds and issuances of common stock during 2010, we expect net cash flows from operating activities, together with cash available under our committed line of credit agreements and accounts receivable financing facility (which have a total maximum availability of $445.0 million) to provide adequate resources to fund:
In June 2009, we entered into an all-party settlement stipulation in our electric and natural gas general rate cases that were filed with the IPUC in January 2009. This settlement stipulation was approved by the IPUC in July 2009. The new electric and natural gas rates became effective on August 1, 2009. As agreed to in the settlement, base electric rates for our Idaho customers increased by an average of 5.7 percent, which was designed to increase annual revenues by $12.5 million. Offsetting the base electric rate increase was an overall 4.2 percent decrease in the Power Cost Adjustment (PCA) surcharge, which was designed to decrease annual PCA revenues by $9.3 million, resulting in a net increase in annual revenues of $3.2 million. Base natural gas rates for our Idaho customers increased by an average of 2.1 percent, which was designed to increase annual revenues by $1.9 million. Offsetting the natural gas rate increase for residential customers was an equivalent Purchased Gas Adjustment (PGA) decrease of 2.1 percent. Large general services received a PGA decrease of 2.4 percent and interruptible services received a PGA decrease of 2.8 percent. The overall PGA decrease resulted in a $2.0 million decrease in annual PGA revenues, resulting in a net decrease in annual revenues of $0.1 million. The PGAs are designed to pass through changes in natural gas costs to our customers with no change in gross margin or net income.
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Avista Corp. has a market cap of $1.16 billion; its shares were traded at around $21.18 with a P/E ratio of 13.8 and P/S ratio of 0.8. The dividend yield of Avista Corp. stocks is 4.7%. Avista Corp. had an annual average earning growth of 2.5% over the past 5 years.AVA is in the portfolios of Kenneth Fisher of Fisher Asset Management, LLC, Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:
Advantage IQ had net income attributable to Avista Corporation of $1.5 million for the three months ended June 30, 2010, an increase from $1.3 million for the three months ended June 30, 2009. Advantage IQ had net income attributable to Avista Corporation of $3.0 million for the six months ended June 30, 2010, an increase from $2.4 million for the six months ended June 30, 2009. The increase for each period of 2010 as compared to 2009 was primarily due to the acquisition of Ecos Consulting, Inc. (Ecos) effective August 31, 2009. Advantage IQs earnings continue to be moderated by low short-term interest rates (which limits interest revenue on funds held for customers) and economic conditions that have limited organic growth.The net loss for these operations was less than $0.1 million for the three months ended June 30, 2010 compared to a net loss of $0.8 million for the three months ended June 30, 2009. The net loss for these operations was $0.5 million for the six months ended June 30, 2010 compared to a net loss of $1.5 million for the six months ended June 30, 2009. The net loss for both year-to-date periods was primarily due to losses on long-term venture fund investments.
In March 2010, we amended our accounts receivable financing facility to extend the termination date to March 2011 and reduce the amount of the facility to $50.0 million from $85.0 million. We reduced the amount of the facility based on our forecasted liquidity needs. Based upon calculations of our eligible accounts receivable under this agreement, we had the ability to borrow up to $50.0 million as of June 30, 2010. We had not borrowed any funds under this facility as of June 30, 2010.
As of June 30, 2010, we had a combined $335.9 million of available liquidity under our $320.0 million committed line of credit, $75.0 million committed line of credit, and $50.0 million revolving accounts receivable financing facility.
In addition to the remarketing or refunding of the $83.7 million of Pollution Control Bonds, we expect to issue up to $45 million of common stock in 2010 in order to maintain our capital structure at an appropriate level for our business. After considering the refunding of our Pollution Control Bonds and issuances of common stock during 2010, we expect net cash flows from operating activities, together with cash available under our committed line of credit agreements and accounts receivable financing facility (which have a total maximum availability of $445.0 million) to provide adequate resources to fund:
In June 2009, we entered into an all-party settlement stipulation in our electric and natural gas general rate cases that were filed with the IPUC in January 2009. This settlement stipulation was approved by the IPUC in July 2009. The new electric and natural gas rates became effective on August 1, 2009. As agreed to in the settlement, base electric rates for our Idaho customers increased by an average of 5.7 percent, which was designed to increase annual revenues by $12.5 million. Offsetting the base electric rate increase was an overall 4.2 percent decrease in the Power Cost Adjustment (PCA) surcharge, which was designed to decrease annual PCA revenues by $9.3 million, resulting in a net increase in annual revenues of $3.2 million. Base natural gas rates for our Idaho customers increased by an average of 2.1 percent, which was designed to increase annual revenues by $1.9 million. Offsetting the natural gas rate increase for residential customers was an equivalent Purchased Gas Adjustment (PGA) decrease of 2.1 percent. Large general services received a PGA decrease of 2.4 percent and interruptible services received a PGA decrease of 2.8 percent. The overall PGA decrease resulted in a $2.0 million decrease in annual PGA revenues, resulting in a net decrease in annual revenues of $0.1 million. The PGAs are designed to pass through changes in natural gas costs to our customers with no change in gross margin or net income.
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