EPCOR Utilities Inc. in Edmonton reports annual results

Edmonton (Canadian News Wire) EPCOR Utilities Inc. has filed its annual and fourth quarter results for 2002.

EPCOR reported net income of $184.4 million on total revenues of $2.7 billion in the year ending December 31, 2002, compared to net income of $226.9 million on revenues of $3.7 billion in the previous year. For the quarter ended December 31, 2002 net income was $25.4 million compared to net income of $36.8 million for the fourth quarter of 2001.

“It was a demanding year to be in the utility industry,” said President and CEO Don Lowry. “We experienced volatility in the energy sector, changing regulatory environments and the challenge of integrating customer billing systems. Despite the market turbulence, EPCOR’s consolidated earnings remained solid, our cash flow was stable, and we continued to provide our shareholder with increasing dividends while making significant capital investments for future growth.”

Select financial highlights:

· Net income $184.4 million on total revenues of $2.7 billion;
· Dividend payment increases $10 million to $100.5 million;
· Capital spending reaches $696.4 million, including major construction and acquisitions.

Mr. Lowry went on to say: “Our earnings and revenue reflect the value of our integrated business strategy, which blends both our regulated and non- regulated business. The successes in water, generation and distribution and transmission helped offset lower performance in energy services and power development. We are optimistic that our ongoing actions to improve billing systems, focus on operational excellence, and build for the future will help us meet our performance targets in 2003 and future years.”

“Beyond financial performance, there were other notable achievements. Our water business remained world class. Our power generating units led the country when it came to reliability. Construction of our Genesee Phase 3 project remained on time and on budget. Our retail operations served over 1.9 million Canadian customers. And once again we were selected as one of Canada’s Top 100 Employers.”

Highlights of EPCOR’s 2002 performance is available online through SEDAR (www.sedar.com) and on EPCOR’s web-site (www.epcor.ca).

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