UniSource Energy Corp. (UNS, Financial) filed Quarterly Report for the period ended 2010-03-31.
Unisource Energy Corp. has a market cap of $1.22 billion; its shares were traded at around $33.78 with a P/E ratio of 11.4 and P/S ratio of 0.9. The dividend yield of Unisource Energy Corp. stocks is 4.6%. Unisource Energy Corp. had an annual average earning growth of 0.2% over the past 10 years.UNS is in the portfolios of Stanley Druckenmiller of Duquesne Capital Management, LLC, Jim Simons of Renaissance Technologies LLC, George Soros of Soros Fund Management LLC, First Pacific Advisors of First Pacific Advisors, LLC, Steven Cohen of SAC Capital Advisors.
In the first three months of 2010, net cash flows from operating activities were $29 million lower than the same period last year due primarily to: a $22 million decrease in cash flows from electric and gas retail sales, net of fuel and purchased power costs, resulting in part from customer refunds of over-collected fuel and purchased power costs; a $7 million increase in proceeds from the operating of Springerville Units 3 and 4; a $4 million decrease in operations and maintenance costs; and $15 million of income tax refunds received in 2009.
Net cash flows used for investing activities decreased by $14 million in the first three months of 2010. Investing activities in 2010 included: $21 million of lease debt principal received; a $22 million decline in capital expenditures; and the purchase of Sundt Unit 4 for $52 million. Investing activities in 2009 included: a $31 million investment in Springerville lease debt; the sale of an interest in a Millennium investment that resulted in $5 million of proceeds; and insurance proceeds of $4 million.
Net cash flows from financing activities were $23 million higher in the first three months of 2010 compared with the same period last year due primarily to: a $39 million increase in net borrowings under revolving credit facilities; $40 million of proceeds from the issuance of long-term debt; partially offset by a $25 million increase in payments on TEPs capital lease obligations; a $30 million decrease in proceeds from short-term debt; and a $4 million increase in dividends paid to UniSource Energy shareholders. See TEP, Liquidity and Capital Resources, Financing Activities, TEP Term Loan, and Other Non-Reportable Business Segments, Results of Operations, UED below for more information.
The UniSource Credit Agreement, which expires in August 2011, consists of a $30 million amortizing term loan facility and a $70 million revolving credit facility. Principal payments of $1.5 million on the outstanding term loan are due quarterly, with the balance due at maturity. At March 31, 2010, there was $8 million outstanding under the term loan facility and $45 million outstanding under the UniSource Energy revolving credit facility at a weighted average interest rate of 1.49%. We have the option of paying interest on the term loan and on borrowings under the revolving credit facility at adjusted LIBOR plus 1.25% or the sum of the greater of the federal funds rate plus 0.5% or the agent banks reference rate and 0.25%.
At March 31, 2010, UniSource Energy had federal AMT credit carryforwards of $41 million, including $25 million for TEP, which do not expire. UniSource Energy has a capital loss carryforward of $12 million which expires in December 31, 2015. A $2 million valuation allowance has been recorded against the deferred tax asset generated by the capital loss carryforward. See Financial Statements Note 5. Income Taxes, for more information.
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Unisource Energy Corp. has a market cap of $1.22 billion; its shares were traded at around $33.78 with a P/E ratio of 11.4 and P/S ratio of 0.9. The dividend yield of Unisource Energy Corp. stocks is 4.6%. Unisource Energy Corp. had an annual average earning growth of 0.2% over the past 10 years.UNS is in the portfolios of Stanley Druckenmiller of Duquesne Capital Management, LLC, Jim Simons of Renaissance Technologies LLC, George Soros of Soros Fund Management LLC, First Pacific Advisors of First Pacific Advisors, LLC, Steven Cohen of SAC Capital Advisors.
Highlight of Business Operations:
UniSource Energy reported net income of $20 million in the first quarter of 2010 compared with $5 million in the first quarter of 2009. The increase in UniSource Energys net income in the first three months of 2010 is due primarily to: a $4 million increase in pre-tax operating benefits received by TEP primarily related to Springerville Unit 4; a $4 million increase in TEPs wholesale transmission revenues as TEP provided temporary transmission capacity to the owner of Springerville Unit 4; a $3 million decrease in depreciation resulting from lower depreciation rates on TEPs transmission assets compared with 2009; a $9 million decrease in TEPs base O&M expense due to fewer planned maintenance outages compared to the first quarter of 2009; and a $1 million increase in net income at Millennium related to the sale of an investment.In the first three months of 2010, net cash flows from operating activities were $29 million lower than the same period last year due primarily to: a $22 million decrease in cash flows from electric and gas retail sales, net of fuel and purchased power costs, resulting in part from customer refunds of over-collected fuel and purchased power costs; a $7 million increase in proceeds from the operating of Springerville Units 3 and 4; a $4 million decrease in operations and maintenance costs; and $15 million of income tax refunds received in 2009.
Net cash flows used for investing activities decreased by $14 million in the first three months of 2010. Investing activities in 2010 included: $21 million of lease debt principal received; a $22 million decline in capital expenditures; and the purchase of Sundt Unit 4 for $52 million. Investing activities in 2009 included: a $31 million investment in Springerville lease debt; the sale of an interest in a Millennium investment that resulted in $5 million of proceeds; and insurance proceeds of $4 million.
Net cash flows from financing activities were $23 million higher in the first three months of 2010 compared with the same period last year due primarily to: a $39 million increase in net borrowings under revolving credit facilities; $40 million of proceeds from the issuance of long-term debt; partially offset by a $25 million increase in payments on TEPs capital lease obligations; a $30 million decrease in proceeds from short-term debt; and a $4 million increase in dividends paid to UniSource Energy shareholders. See TEP, Liquidity and Capital Resources, Financing Activities, TEP Term Loan, and Other Non-Reportable Business Segments, Results of Operations, UED below for more information.
The UniSource Credit Agreement, which expires in August 2011, consists of a $30 million amortizing term loan facility and a $70 million revolving credit facility. Principal payments of $1.5 million on the outstanding term loan are due quarterly, with the balance due at maturity. At March 31, 2010, there was $8 million outstanding under the term loan facility and $45 million outstanding under the UniSource Energy revolving credit facility at a weighted average interest rate of 1.49%. We have the option of paying interest on the term loan and on borrowings under the revolving credit facility at adjusted LIBOR plus 1.25% or the sum of the greater of the federal funds rate plus 0.5% or the agent banks reference rate and 0.25%.
At March 31, 2010, UniSource Energy had federal AMT credit carryforwards of $41 million, including $25 million for TEP, which do not expire. UniSource Energy has a capital loss carryforward of $12 million which expires in December 31, 2015. A $2 million valuation allowance has been recorded against the deferred tax asset generated by the capital loss carryforward. See Financial Statements Note 5. Income Taxes, for more information.
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