AJAX, ON, June 24, 2014 /CNW/ - During its annual shareholders' meeting
held today in Ajax, Veridian Corporation Chair Doug Dickerson together
with company President and CEO Michael Angemeer provided shareholders
with an update on Veridian's business operations and announced that the
utility achieved consolidated net earnings of $11.9 million in 2013.
"We are extremely pleased with the company's financial performance over
the past year," said Dickerson. "Strong growth in shareholders' equity,
while maintaining robust interest and dividend payments and reasonable
customer rates, has been the long term trend at Veridian. Additionally,
the company's reliability indices are competitive when compared to
other electric utilities in Ontario, and an annual improvement measured
against historical results remain a key business goal."
Highlights from Veridian's 2013 financial results include:
A total of $8.2 million in interest and dividend payments to
Electricity distribution revenues, excluding smart meter activities,
have increased $3.8 million to $49.0 million from 2009.
Shareholder equity has increased $12.6 million since 2011, or by six per
cent, which is double the growth rate from 2009 to 2011.
The Board of Directors has approved a dividend policy for the years 2012
to 2016 with base dividends of $4.7 million each year, subject to
Adding to Veridian's financial results, Angemeer reported that the
company recorded exceptional operational performance in a number of key
areas in 2013. "Our employees continue to be industry leaders when it
comes to customer service and workplace safety - recording a 93 per
cent customer satisfaction rating and working more than 400,000 hours
without a lost-time injury," he noted. "These are outstanding
achievements that show the dedication and commitment to performance
excellence among our employees."
Angemeer also pointed out the recognition the company received in 2013.
"We were thrilled to be named one of Canada's Greenest Employers for a
fourth consecutive year - a designation that recognizes our leadership
in creating a culture of environmental awareness in our workplace, and
honoured to have received the Smart Commute Workplace - Silver
designation for our efforts in providing enhanced commuter options for
our employees and promoting sustainable transportation."
What might be remembered most about 2013 is the severe thunderstorm that
ripped through Gravenhurst in mid-July and the ice storm that hit
southern Ontario in late December. Both Dickerson and Angemeer
applauded the efforts and dedication shown by employees, other
assisting utilities and contractors during both storms, as they worked
long days, in difficult conditions and sacrificed precious time with
their families to support the company's power restoration and customer
communications efforts. "The storm relief work and support by staff was
truly inspiring, and a reminder of what makes Veridian such a great
place to work and a valuable community asset," said Angemeer.
The theme of Veridian's 2013 Annual Report is "Delivering Peace of
Mind". Customers and stakeholders can be assured that many
recommendations flowing from stakeholder engagements as a result of the
ice storm have been or will be implemented. "Whether its restoring 80
per cent of a large feeder outage in less than five minutes with
distribution automation controlled by operators in our 24/7 control
centre or responding better to a prolonged natural disaster with
multiple outages, we commit to getting the power back on faster and
improving communication with our customers," said Angemeer.
Dickerson and Angemeer are optimistic about the business opportunities
that lie ahead for Veridian, and remain committed to its strategic
objectives of growth and improvement in its core distribution business,
financial strength and solid returns, providing excellent customer
service and reliability, and ensuring an engaging and safe workplace
for its employees. Both agree that Veridian has the people, plans,
partnerships and strategic investments that are building stronger, more
resilient communities. "Through the leadership of its Boards of
Directors, shareholder communities and executive management team,
Veridian is well positioned to continue its track record of strong
financial performance and operational excellence," said Dickerson.
A copy of Veridian's 2013 annual report is available at: www.veridiancorporation.ca
Veridian Corporation, the seventh largest municipal electricity company
in Ontario, owns and operates two subsidiary companies that distribute
electricity and provide energy services to more than 117,000 customers
located in nine municipalities in east central Ontario. Together, our
employees focus on providing reliable, efficient, sustainable energy
solutions and services, and equally share the job of making employee
and public health and safety our number one priority. We are an
important fixture in the communities that we serve. In addition to
providing reasonable electricity rates, we promote economic growth,
community building and sustainable living. Veridian Corporation is
committed to providing value and healthy financial returns to our
shareholders - the City of Pickering, the Town of Ajax, the
Municipality of Clarington and the City of Belleville. For more
information, visit www.veridiancorporation.ca.