Total revenues of $63,128 in 2012 increased by $3,140 or 5% compared to 2011. Rentals revenue for the period increased slightly to $46,125, primarily due to the January rate increase and improved billing performance by DE, partially offset by the impact of net attrition. Sub-metering revenues improved by $3,040 or 22% in 2012, due to increases in the number of Billable units and increased pass-through commodity changes.
Investment income was $180, marginally greater than in 2011, primarily due to investment of the proceeds of the 2012 Note offering prior to the redemption of the 2010 Notes in December 2012.
Selling, General & Administrative Expenses
SG&A expenses increased by $532 or 5% from 2011 to $11,002. Sub-metering costs increased by $491, primarily as a result of further costs associated with the implementation of a new billing and customer care platform and bad debt provisions. Rentals and corporate costs decreased by $41, comparatively flat to 2011.
Amortization expense of $25,175 was $1,059 lower than in 2011, primarily the result of cumulative portfolio attrition in the rentals business, offset by additions to amortization in the sub-metering business.
Loss on Disposal of Equipment
Loss on disposal of equipment for the period was $3,523, a decrease of $1,357 or 28% over 2011. The net decreased loss was primarily the result of lower attrition and exchanged assets during the period.
An impairment provision of $458 was taken on certain Sub-metering assets during the fourth quarter of 2011. The provision covered assets in work in progress which were no longer proceeding forward under a contract and some equipment which may never have become income generating property for EnerCare.
In 2012, interest expense of $11,937 was $1,560 higher than in 2011, primarily as a result of a $1,920 make-whole payment on the redemption of the 2010 Notes, additional interest expense associated with the issuance of the 2012 Notes, partially offset by the repayment of the 2009-1 Notes and lower convertible debenture interest payments stemming from the conversion of debentures into Shares.
Losses before income taxes in 2012 were $1,034, $1,331 better than 2011, as previously described. Net losses decreased marginally by $160 in 2012, primarily as a result of higher current taxes as a result of decreased loss carry forwards available to shelter taxable income in the rentals business, partially offset by the timing of deferred tax reversals.
EnerCare continued to experience improved customer retention in the Rentals business during the fourth quarter of 2012. Overall, we are encouraged by the positive trend in the last half of 2012. We expect that we will see Attrition levels continue to have mild volatility from quarter to quarter. Going forward we continue to believe that the factors that have led to the decline in Attrition over the last three years, including improving consumer awareness, will create a more favourable environment for further improvement in customer retention. We will continue to explore new initiatives and modifications of existing programs, as well as enhanced customer product offerings and service programs.
We continued to have additional expenses in the fourth quarter in association with the completion of the transition to our new customer care and billing system and expect some continuation of transition costs in the first 120 days of 2013. However, we have shown a reduction in costs to administer sub-metering customer accounts from the third quarter of 2012 and expect that we will see further sustained cost reduction going forward.
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