FortisBC Electric
The Government of British Columbia has alleged breaches of the Forest Practices Code and negligence relating to a forest fire near Vaseux Lake in 2003, prior to the acquisition of FortisBC Electric by Fortis, and has filed and served a writ and statement of claim against FortisBC Electric dated August 2, 2005. The Government of British Columbia has now disclosed that its claim includes approximately $15 million in damages as well as pre-judgment interest, but that it has not fully quantified its damages. In addition, private landowners have filed separate writs and statements of claim dated August 19, 2005 and August 22, 2005 in relation to the same matter, which claims have now been settled. FortisBC Electric and its insurers continue to defend the claim by the Government of British Columbia. The outcome cannot be reasonably determined and estimated at this time and, accordingly, no amount has been accrued in the interim unaudited consolidated financial statements.
The Government of British Columbia filed a claim in the British Columbia Supreme Court in June 2012 claiming on its behalf, and on behalf of approximately 17 homeowners, damages suffered as a result of a landslide caused by a dam failure in Oliver, British Columbia in 2010. The Government of British Columbia alleges in its claim that the dam failure was caused by the defendants', which includes FortisBC Electric, use of a road on top of the dam. The Government of British Columbia estimates its damages and the damages of the homeowners, on whose behalf it is claiming, to be approximately $15 million. While FortisBC Electric has not been served, the utility has retained counsel and has notified its insurers. The outcome cannot be reasonably determined and estimated at this time and, accordingly, no amount has been accrued in the interim unaudited consolidated financial statements.
SUMMARY OF QUARTERLY RESULTS
The following table sets forth unaudited quarterly information for each of the eight quarters ended June 30, 2011 through March 31, 2013. The quarterly information has been obtained from the Corporation's interim unaudited consolidated financial statements. The timing of the recognition of certain assets, liabilities, revenue and expenses as a result of regulation may differ from that otherwise expected using US GAAP for non-regulated entities. These financial results are not necessarily indicative of results for any future period and should not be relied upon to predict future performance.
----------------------------------------------------------------------------Summary of Quarterly Results(Unaudited) Net Earnings Attributable to Common Equity Revenue Shareholders Earnings per Common ShareQuarter Ended ($ millions) ($ millions) Basic ($) Diluted ($)--------------------------------------------------------------------------------------------------------------------------------------------------------March 31, 2013 1,113 151 0.79 0.76December 31, 2012 999 87 0.46 0.45September 30, 2012 714 45 0.24 0.24June 30, 2012 792 62 0.33 0.33March 31, 2012 1,149 121 0.64 0.62December 31, 2011 1,034 82 0.44 0.43September 30, 2011 699 56 0.30 0.30June 30, 2011 846 57 0.32 0.32--------------------------------------------------------------------------------------------------------------------------------------------------------
