Unitil Reports Second Quarter Results
Hampton, NH – July 27, 2010: Unitil Corporation (“Company”) (NYSE: UTL) ( www.unitil.com ) today announced a net loss of
($2.1) million for the second quarter of 2010, compared to earnings of $0.2 million for the second quarter of 2009. For the six
months ended June 30, 2010, the Company reported net income of $4.4 million compared to $9.3 million for the same period of
2009. Results for the second quarter were driven primarily by higher depreciation and interest expense and lower gas sales
margins due to warmer regional temperatures.
Earnings (loss) per common share (EPS) were ($0.19) and $0.41 for the three and six month periods ended June 30, 2010
compared with $0.03 and $1.10 for the same periods of 2009. The Company’s results of operations for 2010 are not directly
comparable with 2009 due to the issuance of 5.0 million common shares between December 2008 and June 2009 to complete the
financing of the Company’s acquisition of Northern Utilities Inc. (Northern Utilities) and Granite State Gas Transmission, Inc.
(Granite), the (“Acquisition”).
“2010 is an important transition year for the Company as we initiate the process of resetting rates in each of our regulatory
jurisdictions,” said Bob Schoenberger, Unitil’s Chairman and Chief Executive Officer. “This regulatory agenda, which we expect
to complete over the next twelve to eighteen months, will support our ongoing investment in the reliability and safety of our gas
and electric distribution systems.”
The Company filed two base rate cases in the second quarter of 2010, one for its New Hampshire electric distribution utility,
Unitil Energy Systems, Inc. (Unitil Energy) and one for its natural gas pipeline subsidiary, Granite. The New Hampshire Public
Utilities Commission has approved a temporary rate increase of $5.2 million on an annual basis, including recovery of 2008 ice
storm costs, for Unitil Energy effective July 1, 2010. A decision from the Federal Energy Regulatory Commission on